Insolvency Practitioner's Licence (IP)

Apply for Insolvency Practitioner’s Licence (IP)

Ministry of Law (MINLAW)

For Individual Users only

This licence is only for individuals with no Unique Entity Number (UEN).

Apply on GoBusiness Dashboard

Application Details

Application to hold an insolvency practitioner's licence to undertake insolvency or debt restructuring work in Singapore.

FAQ

1. How do I log in to GoBusiness to apply for an insolvency practitioner’s licence if I do not have a Singpass account as a foreigner?

Foreigners without a Singpass account can request for a foreign user account to submit their licence application.

2. What are the criteria to hold an insolvency practitioner's licence?

Section 50(3) of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”) requires an applicant to be a “qualified person” who is a:
a. Solicitor;
b. Public accountant; or
c. Chartered accountant.

You must also fulfil the other requirements imposed by the Licensing Officer. For more details, please refer to Minlaw’s

Note:

"Solicitor" means an advocate and solicitor of the Supreme Court.
"Public accountant" means a person who is registered or deemed to be registered in accordance with the Accountants Act (Cap. 2) as a public accountant.
"Chartered accountant" means a person who is registered or deemed to be registered as a Chartered Accountant of Singapore under the Singapore Accountancy Commission Act 2013.

3. What supporting documents do I need to submit?

The following documents are required for your application:
a. Evidence that you are a qualified person within the meaning of section 50(3) of the Insolvency, Restructuring and Dissolution Act 2018;
b. Professional Membership(s) in any local or foreign professional bodies relating to your qualification; and
c. Proof of relevant work experience and curriculum vitae (excluding previous appointments and work experience in members’ voluntary winding up or schemes of arrangement).

4. How long does it take for my application to be processed?

Depending on the complexity of the application, Minlaw may take about 2 to 3 weeks to process your application. Please note that the processing time may take a longer time if the application or documents submitted are not in order.

5. What are the fee(s) payable to obtain an insolvency practitioner's licence?

An application fee (strictly non-refundable) of $650.00 is payable for any application to apply for a new insolvency practitioner's licence, whereas an application fee of $600.00 is payable to renew the insolvency practitioner's licence.

6. How long does a new insolvency practitioner's licence remain valid for after it is granted?

A new insolvency practitioner's licence remains in force until 30 June in the third year following the year in which the licence was granted.

For example, a licence that is granted on 1 July 2020 will expire on 30 June 2023 (i.e. 2020 + 3 years).

7. Who can I contact for further details?

You may contact the Licensing Officer via the following modes:
a. Contact Us @ OneMinLaw
b. Fax to 6325 1417
c. Mail to 45 Maxwell Road, #07-11. The URA Centre (East Wing), Singapore 069118

Resources

Insolvency, Restructuring and Dissolution Act 2018
Insolvency, Restructuring and Dissolution (Insolvency Practitioners) Regulations 2020

Additional Information

• Fee

  Application fee (strictly non-refundable) of $650.00 (for New Application) or $600.00 (for Renew Application)

Documents Needed

• Curriculum Vitae
  Curriculum Vitae
  File format: doc, docx, pdf, jpg, gif, png, bmp
  Maximum upload per application: 5 MB
• Professional Accreditations
  Documentary proof evidencing that you are a qualified Accountant or Solicitor.
  File format: doc, docx, pdf, jpg, gif, png, bmp
  Maximum upload per application: 5 MB
• Professional Membership(s)
  Documentary proof evidencing your membership in any local/foreign professional bodies
  File format: doc, docx, pdf, jpg, gif, png, bmp
  Maximum upload per application: 5 MB
• Relevant Work Experience
  Other documentary proof evidencing your work experiences to be eligible for the grant or renewal of a licence. For e.g. Court Orders, Resolutions etc.
  File format: doc, docx, pdf, jpg, gif, png, bmp
  Maximum upload per application: 5 MB
• Details of Declaration(s)
  Documents relating to declaration(s) which you have stated “Yes" under the declaration page
  File format: doc, docx, pdf, jpg, gif, png, bmp
  Maximum upload per application: 5 MB
• Others
  Any other documents which you wish to provide
  File format: pdf, jpg, gif, png, bmp
  Maximum upload per application: 5 MB