Toastmasters is like that. Everything is timed, with the majority of prepared speeches in the 5 to 7 minute time range for example.
But I found that Toastmasters members in general don't make great debaters, even if some of them are brilliant speakers.
The ethos of Toastmasters is to encourage people, with a kiss-kick-kiss approach to speech evaluations for example ie. say something good about the speech, then a suggestion for improvement, followed by a positive summary.
But in debating you're trying to cut the other bloke off at the knees, which is the complete opposite to the positive encouragement TM members are expected to provide.
In formal debating ad hominem attacks are in theory not allowed, but Australian politicians don't seem to quibble over that rule. Any old mud slinging seems to be the rule.