History of IPTO
Roles of IPTO
Individual Insolvency
IPTO assists the Official Assignee (OA), who is a public officer and an officer of the court, in the discharge of his / her duties under the Bankruptcy Act. In administering the bankruptcy estate, IPTO realises the bankrupt's assets for the benefit of his creditors, adjudicates creditors’ claims and pays out dividends to them. IPTO also investigates the conduct of bankrupts (where they are found to have flouted the Bankruptcy Act), and in suitable cases, assists bankrupts in attaining a discharge from bankruptcy. Some programmes administered by IPTO include thCorporate insolvency
IPTO assists the Official Receiver (OR), who is a public officer, in exercising his or her duties as the liquidator of companies which are compulsorily wound-up. The OR's duties are to, amongst others, investigate the affairs of the company, realise the company's assets, adjudicate the claims of creditors and distribute the company's assets in accordance with the Companies Act. The OR also oversees the conduct of liquidators in both compulsory and voluntary winding-up by ensuring that liquidators comply with their legal obligations.Public Trustee
The Public Trustee (PT) administers the estates of deceased persons if the value of the estate, excluding monies from the deceased person's CPF account, does not exceed S$50,000. The PT also administers un-nominated CPF funds of a deceased person. Where a beneficiary of an estate or funds administered is a minor, IPTO will hold the minor's share until the minor attains the age of majority. Other roles undertaken by the PT include maintaining the confidential Wills Registry, as well as ensuring that out-of-court settlement sums for personal injuries sustained in road traffic accidents are adequate and that solicitors’ fees are reasonable.Licensing and regulation of moneylenders and pawnbrokers
IPTO assists the Registrar of Moneylenders and the Registrar of Pawnbrokers in licensing and regulatinSee also
*External links
References
{{authority control Organisations of the Singapore Government