Appointment of qualified persons and Restructuring Advisors
72D.—(1)  The Official Receiver may appoint any qualified person to advise the Official Receiver on whether to grant an application by a company to be accepted into the simplified debt restructuring programme.
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(2)  The Official Receiver may appoint one or more qualified persons to act as the Restructuring Advisor or Restructuring Advisors of a company (in simplified debt restructuring) on any terms and for any duration as the Official Receiver may specify.
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(3)  A qualified person may not be appointed as a Restructuring Advisor of a company unless he or she consents to be so appointed.
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(4)  When more than one Restructuring Advisor is appointed to act in relation to a company (in simplified debt restructuring), any power given to the Restructuring Advisor under this Part may be exercised —
(a)by any one or more of them as is determined by the Official Receiver at the time of their appointment; or
(b)in default of such determination by any number not less than 2.
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(5)  The Official Receiver is to take cognizance of the conduct of a Restructuring Advisor in the performance of the Restructuring Advisor’s duties under this Part, and if —
(a)the Restructuring Advisor 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 Advisor’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 Advisor in the performance of the Restructuring Advisor’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.
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(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 Advisor under section 72L.
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(7)  In this section, “qualified person” means any person who —
(a)is a public accountant;
(b)is a chartered accountant within the meaning given by section 2(1) of the Singapore Accountancy Commission Act 2013; or
(c)possesses any other qualification or any relevant experience as the Minister may prescribe by regulations made under section 72V.
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