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THE SINGAPORE EXPERIENCE

Discover the robust administration of insolvency in Singapore, featuring pre and post-bankruptcy proceedings, corporate winding up, and the role of the Official Receiver. Learn about the key principles of good insolvency law that promote commercial morality and honest trading.

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THE SINGAPORE EXPERIENCE

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  1. THE SINGAPORE EXPERIENCE IN THE ADMINISTRATION OF INSOLVENCY REGIME

  2. Good Insolvency Law • Honest administration • fair and speedy distribution of bankrupt’s assets • Promote • commercial morality • honest trading

  3. INDIVIDUAL INSOLVENCY

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

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

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

  7. CORPORATE INSOLVENCY

  8. 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

  9. 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

  10. 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

  11. 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

  12. THANK YOU Insolvency & Public Trustee’s Office Ministry of Law, Singapore website : http://www.gov.sg/minlaw/ipto/ipto.html

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