Starting September, Singapore will heavily reduce the use of public resources in private debt recovery. This is because under the amended Insolvency, Restructuring and Dissolution Act , all bankruptcy proceedings will now be handled by private trustees, except for cases deemed as public interest.
In 2022, t958 bankruptcy orders were made in Singapore. If PTIBs were handling cases back then, each trustee would have approximately six cases, given that there are almost 190 licensed insolvency practitioners in Singapore.underscored that IPs are “free to hire managers and staff to assist them in their duties, especially in respect of operational and/or administrative tasks, therefore the human resources available to administer bankruptcy cases is not limited to these licensees.
Previously, the PTIB’s remuneration could only be determined through an involved multi-stage approval process, which resulted in additional costs for the bankruptcy administration. These costs, in turn, reduced the surplus of assets to distribute to the creditors, according to Lee. For instance, Singapore’s shift to a fully PTIBs-led bankruptcy regime will likely result in “more applications brought by disgruntled debtors or creditors in court to review the omission or decisions of the PTIBs.
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