Insolvency Practitioners Association of Singapore Limited (IPAS)
The Insolvency Practitioners Association of Singapore Limited (IPAS) was incorporated as a company limited by guarantee on 12 April 2005 with the Institute of Singapore Chartered Accountants (ISCA) formerly known as Institute of Certified Public Accountants of Singapore (ICPAS) and the Law Society of Singapore (Law Society) pursuant to the recommendations of the Company Legislation and Regulatory Framework Committee.
IPAS was set up to among other things provide a corporate identity and an organisation for insolvency practitioners and finance and other professionals; to set standards for the insolvency profession; to provide training and continuing professional development to insolvency professionals; to advance the status and interest of insolvency professionals; to protect the character of the insolvency profession; and to frame and establish rules for observance in matters pertaining to codes of professional conduct and practice and the award of certificates and qualifications. It also aims to regulate and exercise professional supervision over insolvency practitioners, associates, fellows and students of IPAS.
- To provide a corporate identity and an organisation for insolvency professionals; to support and advance the status and interest of insolvency professionals; to protect the character of the insolvency profession (“the profession”); to exercise professional supervision over the members, associates and fellows of the Company; to frame and establish rules for observance in matters pertaining to codes of professional conduct and practice and the award of certificates and qualifications.
- To provide recognised qualifications for persons who are employed or otherwise engaged in insolvency or financial duties in commercial, industrial, public sector, non-profit organisations or in the offices of practising accountants or advocates and solicitors; and to promote in the public interest the technical competence of persons who are granted such qualifications.
- To provide a means for considering questions affecting the interests of the profession; to initiate, watch over, petition and take whatever action may seem desirable in relation to legislative or other measures affecting the profession.
- To provide means by examination or otherwise for assessing the knowledge, experience and character of candidates for admission as an associate or fellow.
- To encourage the study of the theory and practice in subjects allied or related to the work performed by insolvency professionals and to the profession; and for that purpose to conduct classes, hold courses or otherwise provide facilities and opportunities for the training, instruction, education and development of insolvency professionals; to promote a forum for discussions; to hold seminars, workshops, conferences and meetings for the reading of papers and the delivery of lectures; and for the acquisition and dissemination by other means of information connected with or of interest to the profession.
- To form a library for the use of members, associates, fellows and registered students; and to collect collate and publish information of service or interest to members, associates and fellows of the Company; to provide information on technical developments; news about the Company, views and opinions of members, associates, fellows and registered students or to advance the objects of the Company.