Edwin Tong on Insolvency, Restructuring and Dissolution (Amendment) Bill
Reducing the use of public resources involved in private debt recovery, while ensuring that bankruptcy cases are managed in an orderly way - this is the aim of a Bill put up for debate in Parliament on Monday (Jan 9). It mandates that all bankruptcy cases be administered by private trustees in bankruptcy (PTIBs), except in cases of public interest such as where there is misuse of public funds or debts owed to the Government. With the new regime, the Official Assignee (OA) takes on a more regulatory role to ensure PTIBs’ competencies and legislative compliance in bankruptcy administration. The Bill also provides support to the PTIB industry by improving operational flexibility for determining PTIBs’ remuneration and introduces measures to better protect people dealing with bankrupts in commercial transactions. The details were outlined by Second Minister for Law Edwin Tong.
Reducing the use of public resources involved in private debt recovery, while ensuring that bankruptcy cases are managed in an orderly way - this is the aim of a Bill put up for debate in Parliament on Monday (Jan 9). It mandates that all bankruptcy cases be administered by private trustees in bankruptcy (PTIBs), except in cases of public interest such as where there is misuse of public funds or debts owed to the Government. With the new regime, the Official Assignee (OA) takes on a more regulatory role to ensure PTIBs’ competencies and legislative compliance in bankruptcy administration. The Bill also provides support to the PTIB industry by improving operational flexibility for determining PTIBs’ remuneration and introduces measures to better protect people dealing with bankrupts in commercial transactions. The details were outlined by Second Minister for Law Edwin Tong.
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