Corporate insolvency in Singapore is governed by the Insolvency, Restructuring and Dissolution Act 2018 (‘IRDA’), and is enacted when a corporation or business cannot pay its debts in full. This is based entirely on liquidity rather than assets. there are four main formal corporate insolvency or restructuring mechanisms:

• Judicial Management is a corporate rescue mechanism that appoints an insolvency practitioner from a firm like Rodgers Rodgers to manage its affairs and finances and is often a step between restructuring and insolvency. Judicial management can be entered into either voluntarily, by a creditors resolution or it can be court-ordered.
• Schemes of Arrangement can be initiated either by any company requiring debt reconstruction, or any creditor of the company in question. This is court regulated and requires a vote as required under IRDA or any such number a court may order. For many companies, this is preferable to Judicial Management because it keeps the company’s issues private and also leaves control with the existing management.
• Receivership is what is known as a contract based enforcement remedy, and is
  generally used to protect a debtors rights.
• Liquidation can be either voluntary or court-ordered and involves recovering the
  business’s assets.