1. TRUSTEES IN BANKRUPTCY : THE BEST PRACTICES AND SUCCESS FACTORS
Patrick Ang, Rajah & Tann Singapore LLP
14– 16 AUGUST 2018

2. Framework for APPOINTMENT OF INSOLVENCY PRACTITIONERS
Selection & Appointment 1 3 4 2
Governance & Enforcement
Professional &
Ethical Standards
Roles & Responsiblities

3. APPOINTMENT OF PRIVATE TRUSTEES IN PERSONAL BANKRUPTCY APPLICATIONS
Amendment of
Bankruptcy Act
minimum amount
Increase in
Appointment of
private trustees
Private Trustees
AUGUST 2016 – Singapore amended its Bankruptcy Act
Minimum amount to be bankrupted – Increased from S$10,000 to S$15,000
All banks and large companies (S$200m turnover employees) - Must appoint private trustees
Private trustees must be public accountants or lawyers

4. ISSUES DURING SALE PROCESS
Valuation of asset and duty to obtain best price
Cross border exposure of assets 04 01 02 03
SALE PROCESS
ISSUES
Tender deposit and data pack
Terms of Sale

5. ISSUES IN SALE OF SPECIALISED ASSETS02 03 01 04
Maintaining the Asset
Working with Management
ISSUES IN SALE OF SPECIALISED ASSETS
Regulatory
Restrictions
(eg banking / water / electricity)
Rescue Finance

6. THANK YOU Rajah & Tann Singapore LLP 9 Battery Road #25-01