THE SINGAPORE EXPERIENCE

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THE SINGAPORE EXPERIENCE

• IN THE
• ADMINISTRATION
• OF INSOLVENCY REGIME

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Good Insolvency Law

• Honest administration
• fair and speedy distribution of bankrupts assets
• Promote
• commercial morality
• honest trading

3
INDIVIDUAL INSOLVENCY
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Pre-bankruptcy proceedings

• Single ground of inability to pay
• Actual or presumption of inability
• Minimum debt of S10,000
• Judgement not required

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Pre-bankruptcy proceedings

• two-tier court orders (receiving and adjudication
  orders) replaced by the single bankruptcy order
• Voluntary arrangement

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Post-bankruptcy proceedings

• Official Assignee has greater powers to enforce
  bankrupts legal obligations and administer
  bankruptcy estates
• Antecedent transactions
• Discharge from bankruptcy

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CORPORATE INSOLVENCY
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Types of Winding Up

• Voluntary winding up
• Require a resolution by the company
• No court involvement
• Compulsory winding up
• Requires an order by the Court

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The Role of the Official Receiver Before Winding
Up Order is Made

• Provisional liquidator where ordered by the Court
• Amicus curiae at winding up proceedings

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The Role of the Official Receiver After the
Winding Up Order

• Administers the case
• Supervises private liquidators
• Institutes legal proceedings, both civil and
  criminal
• Reviews corporate insolvency laws

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Conclusion

• The role of the judiciary is more pronounced in
  the initial stages of the insolvency process
• Once the bankruptcy or winding up order is made,
  it is the OA or OR who takes effective control of
  the case

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THANK YOU

• Insolvency Public Trustees Office Ministry of
  Law, Singapore
• website http//www.gov.sg/minlaw/ipto/ipto.html