Insolvency, Restructuring and Dissolution (Amendment) Bill

The Insolvency, Restructuring and Dissolution (Amendment) Bill aims to amend the 2018 Act by introducing temporary measures to assist companies affected by the COVID-19 pandemic. The bill establishes a simplified debt restructuring program and a simplified winding-up program for eligible companies. It empowers the Minister to exempt individuals from being classified as "qualified persons" to hold insolvency practitioner licenses. The structured processes include criteria for application acceptance, duties of appointed advisors, and guidelines for company discharge from the restructuring or winding-up programs. Additionally, the bill outlines the Official Receiver's responsibilities and procedural aspects of the programs.