- No. Please consult your solicitors for legal advice on such matters.
What is the role of the Licensing & Regulation of Insolvency Practitioners Division?
The division assists the Licensing Officer to oversee the licensing and regulation of insolvency practitioners to ensure fair and responsible administration of insolvency and debt restructuring matters in Singapore.
What will happen to the cases for which I am appointed if my licence application is not approved?
In the event that your application for an insolvency practitioner’s licence is not successful, you will no longer be allowed to continue the administration of the insolvency or debt restructuring cases which had commenced under the Act. Also, the vacancy in the appointment(s) arising from the inability to obtain a licence will need to be filled according to the relevant provisions in the Act.
Please note that it is an offence under section 48(2) of the Act to act as an insolvency practitioner for an individual or corporation without a valid licence.
Do previous appointments in members' voluntary winding up or arrangement schemes under Companies Act
No. Such appointments and experience from these appointments do not meet the requirement of "relevant work experience" for the purposes of the Regulations.Am I required to hold an insolvency practitioner's licence to be appointed to act in cases commenced
Yes, you are required to hold a valid insolvency practitioner’s licence in order to be appointed to act in insolvency or debt-restructuring cases commenced under the Act. Failure to do so would constitute an offence under section 48(2) of the Act. Section 527(1) of the Act, however, provides a 6-month transitional period effective from 30 July 2020 to 30 January 2021, that allows you to undertake insolvency or debt restructuring work commenced under the Act without an insolvency practitioner’s licence, while you apply to MinLaw to be registered as an insolvency practitioner. This is also provided that you possess the necessary qualifications to do the same under the Companies Act (Cap. 50) and / or Bankruptcy Act (Cap. 20). Scenario 1: If you are an approved liquidator registered with the Accounting and Corporate Regulatory Authority (“ACRA”) but not a public accountant, you will only be allowed to undertake appointments in winding up and receivership cases commenced under the Act. Scenario 2: If you are a public accountant, you will only be allowed to undertake appointments in judicial management, bankruptcy and voluntary arrangement cases commenced under the Act. Scenario 3: If you are a qualified solicitor, you will only be allowed to undertake appointments in bankruptcy or voluntary arrangement cases commenced under the Act. If you intend to undertake insolvency or debt restructuring appointments under the Act, you should submit your licence application early and within the transitional period with MinLaw to avoid acting without a valid insolvency practitioner's licence. At the end of the transitional period, you must hold an insolvency practitioner’s licence before you are allowed to undertake new appointments, or continue acting in your appointment as an insolvency practitioner in insolvency or debt restructuring cases commenced under the Act.
Are there any other qualifications to be eligible to apply for an insolvency practitioner’s licence?
No.what will happen to insolvency and debt restructuring cases but have yet to complete administration?
The Bankruptcy Act (Cap. 20) and Companies Act (Cap. 20) will continue to apply to:a) Existing insolvency and debt restructuring cases which commenced under the Bankruptcy Act (Cap. 20) and Companies Act (Cap. 50); andb) Pending Court applications made before the date of commencement of the Act.Will I automatically be granted an insolvency practitioner’s licence?
No. You will need to apply for the insolvency practitioner’s licence and satisfy all the requirements imposed by the Licensing Officer before the licence is granted to you.Please refer to our webpage on the Licence Application Process for details.How do I find out who is the insolvency practitioner appointed for a specific insolvency case?
You may conduct the following paid insolvency searches via https://eservices.mlaw.gov.sg/io/:i. Individual Insolvency Search for persons; andii. Corporate Insolvency Search for companies that have been compulsorily wound up by the Court. For companies that were not wound up by the Court, you may wish to conduct an ACRA Bizfile search.Am I required to hold an insolvency practitioner’s licence to administer cases commenced?
Yes, you are required to hold a valid insolvency practitioner’s licence in order to administer insolvency or debt restructuring cases commenced under the Act.
Must I hold an insolvency practitioner’s licence to administer insolvency/debt restructuring cases?
You are not required to hold an insolvency practitioner’s licence if you do not intend to undertake insolvency officeholder appointments under the Act, and only intend to continue with and complete the administration of the cases commenced under the Bankruptcy Act (Cap. 20) and / or Companies Act (Cap. 50) under your care. However, you will need to continue to maintain the necessary qualifications required under the Bankruptcy Act (Cap. 20) and / or Companies Act (Cap. 50) to do so.