Responses to Feedback received from Public Consultation on the Exclusions under Section 440(5)(a) of the Insolvency, Restructuring and Dissolution Act 2018

23 JUL 2020

Responses to Feedback received from Public Consultation on the Exclusions under Section 440(5)(a) of the Insolvency, Restructuring and Dissolution Act 2018

Consultation Period:
23 Mar 2020 to 13 Apr 2020

  1. The Ministry of Law would like to thank all respondents to the public consultation of the draft subsidiary legislation to be promulgated to exclude certain categories of financial contracts under section 440(5)(a) of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”), which took place from 23 March 2020 to 13 April 2020. Please click here for the web-page hosting the public consultation.

  2. We received feedback from various respondents including regulators, financial institutions, industry associations, lawyers and members of the industry. Most respondents were supportive of the proposed categories of exclusion. Respondents provided views on substantive policy issues and requested additional exemptions, as well as drafting suggestions.

  3. We have carefully considered all the suggestions received in detail and have incorporated much of the feedback into the Insolvency, Restructuring and Dissolution (Prescribed Contracts Under Section 440) Regulations 2020.

  4. The Ministry of Law’s detailed responses (in the Annex) only address the feedback relevant to key substantive policy matters.

Last updated on 23 Jul 2020