Legal Aspects of Insolvency
An intensive 14-hour CPE programme that covers both personal and corporate insolvency with a focus on legal & pratical issues.
Part i: 25 Nov 2008
Part II: 26 Nov 2008
About the seminar
Insolvency law is relevant to virtually all aspects of commercial activity because of the potential for both personal and corporate indebtedness to arise, especially in the present economic climate. You may be affected either as the debtor (the indebted party) or as the creditor (in trying to recover payment from a debtor). We have seen, in recent times, the impact that insolvencies - large and small - can have on shareholders, employees, creditors and the community. This Programme is a two-day course that will provide an introduction to the legal aspects of insolvency covering practical insights into the legal issues, considerations and pitfalls to be aware of during an insolvency process. You will understand your basic legal rights and liabilities, both as a debtor and a creditor. The topics to be covered relate to both personal and corporate insolvency.
Outline
Legal aspects of the roles, rights and obligations of administrators (in bankruptcy) and receivers, judicial
managers and liquidators (in corporate insolvency).
Priority of debts and distribution including employee
entitlements
Key concepts in winding up (liquidation) proceedings, powers of recovery, pari passu principle, avoidance of
transactions, proofs of debts, and set-off
Receivership, judicial management and schemes of arrangement as alternative procedures to the liquidation of a company.
Case studies
Who should attend
New entrants into the fi eld of insolvency practice: Accounting Practitioners, Auditors, Business Advisors, Company Secretaries, Chartered Secretaries, Accountants; also Directors
Facilitator
Mrs. Margaret George is an Advocate and Solicitor of the Supreme Court of Singapore. She has been in legal practice since 1986, and is a Consultant in a local law fi rm. Her main area of practice is general litigation, involving company law/directors¡¯ duties/shareholders¡¯ claims, construction-related claims, contractual claims, debt recovery, defamation, negligence, principal-agency claims, landlord-tenancy claims, and probate and estate matters. She had been a trainer with the Institute of Banking and Finance for about 13 years, and now conducts ad-hoc or in-house training for banks and other fi nancial institutions in subjects such as Agency
Law, Banking Law, Cheques and Negotiable Instruments, Secured Lending by Banks, Contract Law, Defamation, Insolvency Law, Probate, Wills and Estates and Negligence.
DAY 1
25 Nov 2008
MEANING OF INSOLVENCY
- Some Tests for Determining Insolvency
- Question of Fact
- Presumption of Insolvency
COMPANIES:
- RECEIVERSHIP
The Receiver
- Qualifications of a Receiver
- Appointment of a Receiver
- Effect of Placing a Company under Receivership
- Receiver - Whose Agent?
- Receiver's Duties and Liabilities
- Receiver's Accounts
Debenture and Charges
- Creation of Floating Charge
- Crystallization of Floating Charge
- Requirement for Registration of Charges
- Effect of Non-Registration
- Priorities
- Distress and Enforcement of Judgments
- Set-Off
- JUDICIAL MANAGEMENT
- Basis for Application for Judicial Management Order
- Appointment of Judicial Manager
- Effect of Judicial Management Order
- Position of Directors
- Role, Duties and Liabilities of a Judicial Manager
- Proposals by Judicial Manager
- Powers of Judicial Manager
- Position of Secured Creditors
- Creditors¡¯ Right of Set-Off
- Employees¡¯ CPF
- Discharge of Judicial Manager
- SCHEME OF ARRANGEMENT
- Nature and Types of Schemes of Arrangement
- Meetings of Members and Creditors
- Requirement for Court¡¯s Approval
- Company¡¯s Role and Duty
- Effect of a Scheme of Arrangement
- Employee¡¯s CPF
- Position of Third Parties
Day2
26 Nov 2008
- WINDING UP
- Types of Winding Up - Voluntary and Compulsory
- Distinction between Members¡¯ and Creditors¡¯
- Voluntary Winding Up
- Parties Who May Present Petition for Winding Up
- Grounds for Winding Up
- Statutory Demand
- Commencement of Winding Up
- Powers, Duties and Liabilities of Liquidator
- Directors¡¯ Liabilities
- Transfer of Shares
- Uncompleted Execution
- Avoidance of Dispositions
- Undue/Unfair Preferences
- Transactions at an Undervalue
- Proofs of Debt
- Provable/Unprovable Debts
- Secured Creditors
- Set-Off
- Collection and Distribution of Company¡¯s Assets
- Realisation of Assets
- Disclaimer of Onerous Property
- Priority in Distribution
- Declaration of Dividend
- Dissolution and Striking off from the Register of Companies
INDIVIDUALS - BANKRUPTCY
- Grounds for Presenting Bankruptcy Petition
- Who May Present a Petition for Bankruptcy
- Statutory Demand
- Bankruptcy Petition
- Bankruptcy Order
- Commencement and Duration of Bankruptcy
- Effect of Bankruptcy Order
- Offi cial Assignee as Interim Receiver/Receiver
- Bankrupt¡¯s Statement of Affairs
- Duties, Disqualifi cation and Disabilities of a Bankrupt
- Examination of Bankrupt
- Unenforceability of lien on books, etc
- Proof of Debt
- Priority of Debts
- Composition or Scheme of Arrangement
- Transactions at an Undervalue
- Unfair Preferences
- Distribution by Means of Dividend
- Annulment and Discharge - by Court/by Certificate of Official Assignee
Click here to register for this seminar. Complete the registration form and fax to (65) 65090292.