1. Plenary Session 3 From the ASEAN’s Perspective: Private Trustees in Bankruptcy - The Singapore Experience
Goh Yin Dee
Deputy Director
Legal Advisory & Prosecution
Insolvency & Public Trustee’s Office
Ministry of Law, Singapore

2. Appointment of Private Trustees in Bankruptcy2
Appointment of Private Trustees in Bankruptcy
An “institutional creditor” must appoint a Private Trustee to administer the bankruptcy
Rationale for appointing Private Trustees in Bankruptcy
Appointment of Private Trustees
Increase in number of Private Trustees in Bankruptcy Appointments

3. Appointment of Private Trustees in Bankruptcy
Institutional Creditor
Bank
(Licensed under Banking Act)
Finance Company
(Licensed under Finance Companies Act)
Large Company
Annual Sales Turnover > $100 million
> 200 Employees

4. Key Areas of Administration

5. From the Private Trustee in Bankruptcy’s Perspective
Concerns & Challenges
From the Private Trustee in Bankruptcy’s Perspective
From the Regulator’s Perspective
Faster access to Asset Information from Agencies or 3rd Parties
Cost – Security Deposit before administration
Lack of Legal
Expertise
Need to have more players in the market

6. Efforts by Insolvency Office to Address the Concerns
Security deposit per case reduced from $2,000 to $500 to lower barrier to entry. Insurance bond can be provided in lieu of a security deposit
Insolvency Office is in discussions with the relevant authorities to facilitate faster access to asset information
Annual dialogue with Private Trustees

7. Supervision of Private Trustees in Bankruptcy
Official Assignee has powers under the Bankruptcy Act to supervise Private Trustees and conduct investigations into the Private Trustee’s administration of a bankruptcy

8. Role of Official Receiver in Corporate Insolvency
As liquidator
As regulator
As administrator
In compulsory winding up
When the position is vacant or where a previously appointed liquidator is removed
Appointment as “last resort”
Ensuring that liquidators comply with requirements for various statutory filings
Referring liquidators with unsatisfactory conduct to ACRA for disciplinary action
Referring errant directors and other company officers to CAD for prosecution
Maintaining the Companies Liquidation Account
Administering unclaimed monies which arise at the conclusion of a liquidation
Administering assets belonging to defunct companies
Acting as representative of defunct companies

9. New Insolvency Legislation
The personal bankruptcy and corporate insolvency provisions are found in two separate statutes: the Bankruptcy Act and the Companies Act
Existing State of Law
Combines personal bankruptcy and corporate insolvency into a single piece of legislation
Major computerization project in conjunction with implementation of the new Act
New Insolvency Legislation

10. THANK YOU

12. What is the Debt Repayment Scheme (“DRS”)?

13. DRS WORKFLOW

14. Preliminary Assessment of Eligibility
To be eligible for DRS, a debtor should NOT be: