In forceAmended2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 5A · Simplified Restructuring of Debts

72D. Appointment of qualified persons and Restructuring Advisers

Amended

Last amended by an amending law of 2025. 2 amendments in all.

(1)

A company may appoint any qualified person to be its Restructuring Adviser to advise the company in matters relating to its entry into the simplified debt restructuring programme.

(2)

[Deleted by Act 3 of 2025 wef 29/01/2026]

(3)

A qualified person may not be appointed as a Restructuring Adviser of a company unless he or she consents to be so appointed.

(4)

When more than one Restructuring Adviser is appointed for a company, any power given to a Restructuring Adviser under this Part may be exercised by any one or more of them as provided by agreement between the company and him, her or them (as the case may be) at the time of the appointment or appointments.

(5)

The Official Receiver is to take cognizance of the conduct of a Restructuring Adviser in the performance of the Restructuring Adviser’s duties under this Part, and if —

(a)

the Restructuring Adviser does not faithfully perform his or her duties or duly observe all the requirements imposed on him or her or by any written law or otherwise with respect to the performance of the Restructuring Adviser’s duties under this Part; or

(b)

any complaint is made to the Official Receiver by any creditor or contributory in relation to the conduct of the Restructuring Adviser in the performance of the Restructuring Adviser’s duties under this Part,the Official Receiver is to inquire into the matter, and take such action on the matter as the Official Receiver thinks expedient.

(6)

No liability shall lie against any qualified person with respect to anything done or omitted to be done in good faith and with reasonable care in the discharge or purported discharge of his or her functions and duties under subsection (1) or as a Restructuring Adviser under section 72L.

(7)

In this section, “qualified person” means any person —

(a)

who —

(i)

is a public accountant;

(ii)

is a chartered accountant within the meaning of section 2(1) of the Accounting and Corporate Regulatory Authority Act 2004; or

(iii)

possesses any other qualification or any relevant experience as the Minister may prescribe by regulations made under section 72V; and

(b)

who is a licensed insolvency practitioner.

(8)

The following must not be appointed, and must not act, as a Restructuring Adviser of a company:

(a)

an undischarged bankrupt;

(b)

the holder of a charge or other security over any property of the company;

(c)

an auditor of the company;

(d)

a director, secretary or employee of the company, or of any company that is the holder of a charge or other security over the property of the company.

Terms defined in this Act

bankrupt
Defined · s 2
“bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
Open s 2
charge
Defined · s 61
“charge” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 61
company
Defined · s 2
“company” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
contributory
Defined · s 2
“contributory” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
creditor
Defined · s 273
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy;
Open s 273
director
Defined · s 61
“director” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 61
liability
Defined · s 2
“liability” means a liability to pay money or money’s worth, regardless whether such liability is present or future, certain or contingent or of an amount that is fixed or liquidated or that is capable of being ascertained by fixed rules or as a matter of opinion, and includes any such liability arising —(a)under any written law;(b)under contract, tort or bailment;(c)as a result of a breach of trust by the person liable; or(d)out of an obligation to make restitution;
Open s 2
licensed insolvency practitioner
Defined · s 2
“licensed insolvency practitioner” and “licensee” mean the holder of a licence granted under section 51;
Open s 2
Minister
Defined · s 2
“Minister” means —(a)except as provided in paragraph (b), the Minister charged with the responsibility for administration of affairs of insolvent persons and insolvent companies; and(b)for the purposes of sections 124(1)(g) and (2)(c), 125(5), 127(3) and 198, the Minister charged with the responsibility for registration of companies;
Open s 2
Official Receiver
Defined · s 2
“Official Receiver” means the Official Receiver appointed under section 17(1) and includes a Deputy Official Receiver, a Senior Assistant Official Receiver and an Assistant Official Receiver;
Open s 2
property
Defined · s 2
“property” includes —(a)money, goods, things in action, land and every description of property, wherever situated; and(b)obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property;
Open s 2
public accountant
Defined · s 2
“public accountant” means a person who is registered or deemed to be registered in accordance with the Accountants Act 2004 as a public accountant;
Open s 2
regulations
Defined · s 2
“regulations” means regulations made under section 449;
Open s 2
security
Defined · s 61
“security” means any mortgage, charge, pledge, lien or other security recognised by law;
Open s 61
simplified debt restructuring programme
Defined · s 72A
“simplified debt restructuring programme” means the programme established in section 72C;
Open s 72A