News Archives

The IPAS Board would like to seek your comments on Sections 1 to 6 of the Proposed Code.

This Code establishes the fundamental principles of professional ethics for insolvency practitioners who are associates and fellows of the Insolvency Practitioners Association of Singapore Limited (IPAS) and provides a conceptual framework for applying those principles.

The comment period for the Sections 1 to 6 of the Proposed Code will end on Monday, 15 September 2008.

The Board will consider all comments received in writing to technical@icpas.org.sg.

The importance of financial statements to the insolvency practitioners cannot be over-emphasized. As insolvency practitioners who are involved in Corporate Insolvency work, some of their objectives are to ensure a fair distribution of the company's assets among creditors and contributories of a company that is under liquidation and/or to terminate the company's existence by its eventual dissolution. Insolvency practitioners must, thus, understand and be able to analyse and interpret financial statements in order to make sound decisions.

This seminar seeks to give the participants an understanding of what financial statements are all about – their uses, structure, format and contents.

Participants will, after this module, be able to make their clients feel more confident that as insolvency practitioners, they also fully understand financial statements and they can best maximize the interest of the creditors and the contributories.

For the seminar outline or more details or to register, please click here.

This is the 5th in our series of seminars conducted by IPAS for the insolvency professionals.

Conducted by highly qualified leaders in their respective fields, this series offers participants an insightful hands-on & practical approach by examining the various aspects of insolvency from various angles in the topics offered.

Seminar Outline

• A back to basics study of the law and procedure for Judicial Management
• Discussion on administrative procedures and managing issues involved
  in administering a Judicial Mangement
• Recent case law development

For the seminar outline or more details or to register, please click here.

At the end of the seminar, participants should have a good understanding of:

• Definition and Objectives of Receivership
• Relevant sections in the Companies Act governing receivership and debenture documents
• Types of charges and appointments
• Rights and duties of a receivers/receivers and managers
• Action prior to and during appointment
• Disposal of assets/sale of business as a going concern/hiving down
• Treatment of preferential creditors in different types of appointments
• Filing and notices requirements

For more details or to register, please click here.

At the end of the seminar, participants should have a good understanding of:

• the differences between voluntary and compulsory liquidation;
• the steps and procedures to place a company in Creditors’ Voluntary Liquidation;
• the grounds and procedures involved in placing a company under a Court Winding Up;
  - the liquidators’ powers and duties in a Creditors’ Voluntary Liquidation / Court Winding-Up;
• the administrative procedures involved in administering a Creditors’ Voluntary Liquidation / Court Winding-Up from commencement of the liquidation to conclusion of the liquidation

For more details or to register, please click here.

In the upcoming changes to the Companies Act, Cap 50, the knowledge and concept on the step, procedures and compliance to a Members’ Voluntary Liquidation for the accounting and financial professionals would entail them to understand effectively and be able to apply the adequate procedures resulting to a fair distribution of the Company’s assets among the creditors and contributories of the Company and to make sound decisions.

The participants in this seminar would have the opportunity to broaden and possess the knowledge and know-how, and to focus and maximize the interest of the creditors and contributories. This lecture brings the experience of the Liquidators / practitioners to discuss some of the aspects of liquidation and practice together with practical solutions to problems arising out of the conduct of the liquidation.

For more details or to register, please click here.

The Ministry of Law and the Insolvency & Public Trustee’s Office (IPTO) have issued a public consultation paper on the proposed Debt Repayment Scheme (“DRS’) to help wage-earner debtors with relatively small unsecured debts not exceeding $100,000 avoid bankruptcy.

The deadline for the public consultation paper has been extended from 1 June 2007 to 11 June 2007 for IPAS associates and fellows. IPAS would like to seek comments from its associates and fellows on the public consultation paper.

The public consultation paper on the scheme can also be found at the IPTO’s website www.ipto.gov.sg, the Ministry of Law’s website www.minlaw.gov.sg, and the Government Consultation Portal www.reach.gov.sg.

Comments on the public consultation should be made in writing to technical@icpas.org.sg by 11 June 2007.

The Insolvency Practitioners Association of Singapore Limited (IPAS) will be organising a series of seminars on corporate insolvency bearing the theme "Maximising Value Through Restructuring". This seminar, supported by the Insolvency & Public Trustee's Office, will focus on a comparative study of the insolvency and corporate restructuring regimes in England & Wales, Australia and the United States and also touch on legal reforms in the various jurisdictions. The intention is to generate discussion on possible reforms in Singapore.

The speakers are Mr Hubert Picarda QC, a leading insolvency law expert in the UK; Mr Richard Fisher, a partner in Blake Dawson Waldron; and Professor Gerard McCormack, Professor of Law at the University of Manchester and Visiting Professor at the National University of Singapore.

Topics include: "Insolvency And Corporate Restructuring Reforms In England And Wales", "The Australian Reforms" and "Chapter 11 & The Singapore System - A Comparative Study". The seminar will conclude with a panel discussion and forum comprising the speakers and leading practitioners.

For more details or to register, please click here.

On behalf of the Board of Directors of the Insolvency Practitioners Association of Singapore Limited (IPAS), I am pleased to launch this informational website in conjunction with the Official Launch of IPAS.

It is our hope that this website will serve as a portal for insolvency information – to communicate important developments and issues impacting our fellows, associates, practitioners in general and other industry stakeholders, as well as to update the industry of our networking, continuing education and training events.

Of course, as IPAS and the industry develop, so would the features and resources available on our website. Feel free to browse the site and let us hear from you on any ideas and suggestions you may have. We value the feedback and contributions of our members in enhancing the relevance and usefulness of our website and making it an important port-of-call for the industry.

Don Ho
Chairman & Director
Insolvency Practitioners Association of Singapore Limited
2 November 2006