Business Bankruptcy and Insolvency Lawyers in Singapore

In difficult situations, seek professional help

Insolvency is rarely an area of expertise for many business owners or chief executives. When faced with the prospect of insolvency, our efficient and highly competent bankruptcy team will advise and guide you through the process of negotiating with creditors and restructuring the company. Knowledge of your legal position will enable you to make informed decisions going forward. Where necessary we involve other fellow professionals such as accountants or engineers.

Speak to our team of professionals to plan and discuss how the company can be kept afloat. You may be surprised at the range of options that are available. All discussions with a law firm are not only confidential, but subject to legal professional privilege, meaning that they cannot be disclosed even in a Court of law. It is advised that companies seek legal advice at the earliest sign of trouble, as this actually helps to keep overall costs down.

Examples of the areas we regularly advise on are:

  1. Dealing with pending law suits and demands for payment (E.g. where the company has been receiving letters of demand, writ of summonses, etc.)
  2. Crisis management and security of assets (E.g. where the company is facing enforcement proceedings or cash flow crises)
  3. Management of the timeline for winding up proceedings
  4. Schemes of arrangement
  5. Liquidation
  6. Judicial management
  7. Receivership
  8. Voluntary arrangements
 
Business Bankruptcy and Insolvency
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Areas of focus

  • Individual & corporate bankruptcy
  • Company restructuring
  • Issues of insolvency
 

Why Choose IRB Law

Proven Legal Expertise

Our experienced team has a strong track record of achieving favourable outcomes across diverse areas of law.

 

Client-Centric, Solutions-Focused Approach

We provide clear, practical guidance aimed at resolving matters efficiently while reducing stress and conflict.

 

Transparent and Fair Fees

We offer competitive, fully transparent pricing with no hidden charges—giving you clarity from the start.

 

Our Dedicated Bankruptcy, Insolvency and Restructuring Team

Mohamed Baiross

Founding & Managing Partner, IRB Law LLP

Mohamed Baiross is the managing partner of IRB Law and one of the nation's leading lawyers in multiple practice areas, including civil, corporate, and commercial law. With over three decades of experience as a business lawyer, Mohamed Baiross has built a renowned corporate law firm in Singapore, providing expert legal services to global corporations and local businesses.

Kulvinder Kaur

Partner

Kulvinder Kaur is a prominent commercial and corporate lawyer and an expert in litigation matters. Kaur is well-known in all courts of Singapore for strong legal representation in the most complex cases across multiple practice areas.

FAQs

What is corporate insolvency in Singapore?
Corporate insolvency occurs when a company is unable to pay its debts as they fall due or when its liabilities exceed its assets. In such cases, creditors or the company itself may initiate formal insolvency processes such as winding up or judicial management.
When should a company consider insolvency or winding up?
A company should consider insolvency options when it consistently fails to meet financial obligations, creditors are threatening legal action, or cash flow is insufficient for operations. Early legal advice helps protect directors from personal liability.
What are the main types of corporate insolvency procedures in Singapore?
The common procedures include:

  • Voluntary winding up
  • Compulsory winding up by the court
  • Judicial management
  • Scheme of arrangement

Each serves different objectives depending on whether the goal is restructuring or liquidating the company.

Can directors be personally liable for company debts?
Yes, in certain situations. Directors may face personal liability for wrongful trading, fraudulent trading, or breaching fiduciary duties. It is important for directors to seek legal advice early if the company is facing financial distress.
What happens to employees when a company is wound up?
Employees become creditors of the company. Salary arrears, retrenchment benefits, and CPF contributions are considered preferential debts in insolvency, meaning they are paid ahead of ordinary unsecured creditors.
What is the difference between judicial management and winding up?
  • Judicial management aims to rehabilitate the company and allow it to continue operating.
  • Winding up involves liquidating the company’s assets and closing the business permanently. Judicial management is suitable when the business still has potential to recover.
How long does the corporate insolvency process take?
Timelines vary based on the complexity of the company’s financial situation. A winding-up process may take months to years, while judicial management and restructuring schemes depend on creditor cooperation and court approval.
Can creditors initiate winding-up proceedings against a company?
Yes. A creditor may file a winding-up application if the company owes at least $15,000 and has failed to pay after receiving a statutory demand. The court may order the company to be wound up if insolvency is proven.
What documents are required for corporate insolvency applications?
Documents typically include financial statements, a statement of affairs, creditor lists, corporate resolutions, statutory demands, and supporting affidavits. IRB Law assists with preparing all required documents for court submission.
How can IRB Law assist companies facing financial difficulties?
IRB Law advises directors and shareholders on insolvency risks, assists with corporate restructuring, negotiates with creditors, prepares court applications for judicial management or winding up, and represents clients throughout insolvency proceedings.
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