Murali Pillai on Insolvency, Restructuring and Dissolution (Amendment) Bill

The proposed changes under the Insolvency, Restructuring and Dissolution (Amendment) Bill aim to provide more efficient use of the Public Service by focusing on the regulatory role of the Government and decanting non-regulatory service functions to the private sector, said MP Murali Pillai. He sees this as the "final move" in an orderly transformation of insolvency and bankruptcy processes that commenced in 2016. He described the proposed changes as "little drops" that "make a mighty sea". They make the administration of the insolvency process leaner, simpler and less costly, he said. Speaking in Parliament on Monday (Jan 9), he pointed out that while public interest is served by a fair administration of all Government services to the people, there is good reason for the private sector to come on board. He said the key is to ensure that an architecture of incentives is set up so that private trustees in bankruptcy, even as they pursue private commercial ends, can bend to the public interest as a key performance indicator.