The Companies Act and the Bankruptcy Act in Singapore
Currently, the legal framework for corporate insolvency, liquidation, judicial management, receivership and structuring schemes in Singapore is set out by the Companies Act.
In the same time, the bankruptcy of individual debtors, the process for individual voluntary arrangements and debt repayment plans are provided by the Bankruptcy Act.
The insolvency rules, as well as the avoidance provisions, the directive of insolvency practitioners and cross-border insolvency in Singapore are reviewed by the Insolvency Law Review Committee (ILRC) from within the Ministry of Law of Singapore.
Insolvency and Public Trustee’s Office in Singapore
Company insolvency in Singapore
Individual insolvency in Singapore
IPTO works to assist the public officer and the officer of the court (the Official Assignee) to exercise his or her duties in accordance with the Bankruptcy Act. IPTO roles include the realization of the bankrupt’s assets for the payment of the creditors, adjudication of the creditors’ entitlements and the payment of dividends to the creditors.
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