s 72D Appointment of qualified persons and Restructuring Advisers
72D.—(1) A company may appoint any qualified person to be its Restructuring Adviser to advise the company in matters relating to its entry into the simplified debt restructuring programme.[Act 3 of 2025 wef 29/01/2026] (2) [Deleted by Act 3 of 2025 wef 29/01/2026] (3) A qualified person may not be appointed as a Restructuring Adviser of a company unless he or she consents to be so appointed. [39/2020] [Act 3 of 2025 wef 29/01/2026] (4) When more than one Restructuring Adviser is appointed for a company, any power given to a Restructuring Adviser under this Part may be exercised by any one or more of them as provided by agreement between the company and him, her or them (as the case may be) at the time of the appointment or appointments.[Act 3 of 2025 wef 29/01/2026] (5) The Official Receiver is to take cognizance of the conduct of a Restructuring Adviser in the performance of the Restructuring Adviser’s duties under this Part, and if —(a) the Restructuring Adviser 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 Adviser’s duties under this Part; or[Act 3 of 2025 wef 29/01/2026] (b) any complaint is made to the Official Receiver by any creditor or contributory in relation to the conduct of the Restructuring Adviser in the performance of the Restructuring Adviser’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. [39/2020] [Act 3 of 2025 wef 29/01/2026] (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 Adviser under section 72L. [39/2020] [Act 3 of 2025 wef 29/01/2026] (7) In this section, “qualified person” means any person —(a) who —(i) is a public accountant; (ii) is a chartered accountant within the meaning of section 2(1) of the Accounting and Corporate Regulatory Authority Act 2004; or (iii) possesses any other qualification or any relevant experience as the Minister may prescribe by regulations made under section 72V; and (b) who is a licensed insolvency practitioner.[Act 3 of 2025 wef 29/01/2026] (8) The following must not be appointed, and must not act, as a Restructuring Adviser of a company:(a) an undischarged bankrupt; (b) the holder of a charge or other security over any property of the company; (c) an auditor of the company; (d) a director, secretary or employee of the company, or of any company that is the holder of a charge or other security over the property of the company.[Act 3 of 2025 wef 29/01/2026]