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Recent amendments to the bankruptcy laws now offers insolvency practitioners more opportunities for revenue.
The objective of an insolvency procedure is to maximise the returns to creditors. The mechanism used to achieve this will depend on circumstances and the availability of assets. In many cases, an insolvency practitioner will attempt to rescue the business if this will provide a better return for the creditors.
As the Singapore court appears to be taking a more proactive approach in protecting insolvent companies, parties who find themselves dealing with a contractual counterparty in financial difficulty are also acting swiftly to protect their position, and to have the best chances of minimising losses and maximising chances of recovery.
This highly practical workshop will look at what insolvency protection means to the various stakeholders, and will be relevant to insolvency practitioners, directors and managers. It will provide practical pointers on how suppliers, contractors and customers of an insolvent company can protect themselves. Directors and Managers will also learn how they can protect their companies’ assets against insolvency and rescue methods available when insolvent.
- Contract risks: non-performance, non-payment
- Protection against non-payment: credit checks, guarantees, performance bonds, letters of credit
- Protection against non - performance: corporate guarantees, bank guarantees, instalment payments, escrow payments, hold back monies, third party certification
- Dispute resolution methods: litigation, arbitration and mediation
- Asset protection: risk isolation, trusts, licensing, use of separate companies, mistakes leading to lifting the corporate veil
- Introduction to insolvency procedures: applications for winding up, priorities in winding up
- Corporate rescue: schemes of arrangement, judicial management
- Cross-border problems: foreign creditors and lawsuits, overseas liquidations
- Recent updates to insolvency law: litigation funding, Chapter 11 provisions incorporated into Singapore law
- Case Studies: Relevant legislation and cases will be discussed
This workshop qualifies for 7.0 CPE hours Insolvency and Restructuring (Category 4).
What you will learn
- Be updated on recent changes in bankruptcy and insolvency laws
- Understand how insolvency procedures work in real life and the pitfalls to avoid
- Insolvency practitioners
- Directors and Managers
- Suppliers, Contractors and Customers of an insolvent company
LLM, LLB (Hons)
Terence is an Advocate and Solicitor for over 20 years , and was formerly Asst Professor in the Law Faculty of NUS where he taught Insolvency Law, Company Law and Computer Law.
Terence was named in Parliament in 1995 by the then Minister of Law for his comments on a loophole in the proposed Bankruptcy Act. His comments on bankruptcy legislation were expressly discussed by the High Court and the Court of Appeal.
Besides contributing articles in legal journals, Terence also regularly provides legal training and education for professional organizations, overseas universities and MNCs.
This is a face-to-face event to be conducted on 17 Oct 2023. ACCA members will enjoy the members' fee of $374.00 (before prevailing GST rate). Kindly key in the promo code "ACCA23" during registration. You will be requested to furnish your ACCA membership number upon receipt of our confirmation.