Insolvency, Restructuring and Dissolution Act (IRDA)

The Insolvency, Restructuring and Dissolution Act 2018 ("IRDA") is an omnibus Act that covers corporate and personal insolvency and debt restructuring laws.

Under Section 125(1)(n), the Court may order the winding up of the company if the company "is being used for an unlawful purpose or for purposes prejudicial to public peace, welfare or good order in Singapore or against national security or interest".

If it is the Minister for Finance who is applying to wind up a company on the aforementioned ground, the Minister may also apply under section 125(5) for orders, pending the hearing of the winding up application, to restrain the company and its directors, officers and employees from carrying out specified activities. Contravention of such orders is an offence punishable with a fine not exceeding $10,000 or imprisonment not exceeding 2 years or both. The full text of the IRDA is available here.