THE SINGAPORE EXPERIENCE IN THE ADMINISTRATION OF INSOLVENCY REGIME

Good Insolvency Law n Honest administration –fair and speedy distribution of bankrupt’s assets n Promote –commercial morality –honest trading

INDIVIDUAL INSOLVENCY

Pre-bankruptcy proceedings n Single ground of inability to pay n Actual or presumption of inability n Minimum debt of S$10,000 n Judgement not required

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

Post-bankruptcy proceedings n Official Assignee has greater powers to enforce bankrupt’s legal obligations and administer bankruptcy estates n Antecedent transactions n Discharge from bankruptcy

CORPORATE INSOLVENCY

Types of Winding Up n Voluntary winding up –Require a resolution by the company –No court involvement n Compulsory winding up –Requires an order by the Court

The Role of the Official Receiver Before Winding Up Order is Made n Provisional liquidator where ordered by the Court n Amicus curiae at winding up proceedings

The Role of the Official Receiver After the Winding Up Order n Administers the case n Supervises private liquidators n Institutes legal proceedings, both civil and criminal n Reviews corporate insolvency laws

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

THANK YOU Insolvency & Public Trustee’s Office Ministry of Law, Singapore website :