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.
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.