All company owners leave their companies at some point or other. In this second of a two-part series, we discuss the alternative of striking off.
For business owners who have done well, reasons for leaving their companies may include retirement, passing the baton to the next generation of leaders and owners; growth and handing over to a professional management team; or sale of the business.
In Part I of our blog post, Victor Goh, our Restructuring and Recovery Partner touched on changes for institutional creditors and what to look out for when appointing a private trustee, as part of the Bankruptcy (Amendment) Act. In Part II of this blog post, he further discusses the role of a private trustee as part of the differentiated discharge framework.
A Bankruptcy (Amendment) Bill was introduced in May 2015, aimed at improving the process for all: encouraging creditors to exercise greater financial prudence when extending credit; creating a more rehabilitative regime for bankrupts; and appointing private trustees to administer bankruptcy to help optimise public resources.