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Singapore Law Watch
4 days ago
- Business
- Singapore Law Watch
MinLaw to propose laws targeting debt consultancy firms exploiting debt repayment scheme
MinLaw to propose laws targeting debt consultancy firms exploiting debt repayment scheme Source: Straits Times Article Date: 10 Jun 2025 Author: David Sun MinLaw said there has been an increasing number of debtors engaging the services of consultancy firms, which encourage debtors to self-petition for bankruptcy with the objective of being placed on the Debt Repayment Scheme. Laws around a scheme to help individuals avoid insolvency may be tightened, with the authorities targeting firms that encourage individuals to borrow money and file for bankruptcy to get a discount off their debts. These consultancy firms are looking to abuse the Debt Repayment Scheme (DRS), a pre-bankruptcy scheme administered by the Ministry of Law (MinLaw). On June 9, MinLaw said there has been an increasing number of debtors engaging the services of consultancy firms, which encourage debtors to self-petition for bankruptcy with the objective of being placed on the DRS. 'This is done not with the intention of being adjudged a bankrupt, but with the intention of abusing the DRS to obtain a discount off their debts,' the ministry said. A debtor can avoid being made bankrupt if he is put on the DRS, but he must file for bankruptcy first before being considered for the scheme. MinLaw said that the consultancy firms are charging debtors sizeable fees and encouraging them to borrow money from creditors to pay for their services. 'Due in part to this trend, there has been an increase in the number of debtor-initiated bankruptcy applications, where debtors borrow irresponsibly to pay for such consultancy firms' services in helping them apply for bankruptcy,' MinLaw said. The Straits Times reported in March that more than half of the bankruptcy applications in 2024 were made by the debtors themselves – the fifth consecutive year since 2020 that the number of self-filed applications was higher than applications by creditors. MinLaw data showed that 2,928 bankruptcy applications were filed by debtors in 2024. That represents 59 per cent of all applications made that year. The DRS is a voluntary, debtor-driven scheme intended to help wage-earning debtors with relatively small debts avoid bankruptcy while helping creditors receive higher repayments than they would otherwise receive in the event of insolvency. Under the DRS, debtors with unsecured debts not exceeding $150,000 can enter a debt repayment plan over a fixed period of not more than five years with their creditors and avoid bankruptcy. When the debtor meets his financial obligations under the DRS, he will be released from his debts. MinLaw said it noticed an increasing number of debtors engaging the services of consultancy firms that encourage debtors to self-petition for bankruptcy with the objective of being placed on the DRS. To address the issue, the ministry is proposing a new law that will make it a crime for businesses to solicit and canvass any person to make a bankruptcy application. Regulated professionals, in particular lawyers, accountants and financial advisers, as well as charitable entities that are institutions of a public character, will be exempted. The offence will be punishable with a $10,000 fine or three years' jail, or both. The DRS was introduced in 2009 as people grappled with the 2008 financial crisis and the Great Recession, which caused many to lose their jobs and take pay cuts. It began with a debt threshold of $100,000, but this was increased to the current $150,000 in 2020 following a review in 2016. Under the scheme, debtors make repayments of their debt by following a structured repayment plan under the supervision of the Official Assignee (OA), an officer of the court appointed by the Law Minister. MinLaw said that as part of a review of the scheme, it is also looking to add two new grounds of unsuitability for the DRS. They include the failure to pay the preliminary fees and incurring of debts with no reasonable ground of expectation of being able to pay. Debtors who are referred to the OA to be assessed for their suitability for the DRS are required to pay preliminary fees totalling $600. In addition, MinLaw is also looking to add as a new ground of failure individuals who incur debts with no reasonable ground of expectation of being able to pay, and imposing a four-week time limit for creditors to file their proofs of debt under the DRS. Members of the public are invited to provide their feedback on the proposed key amendments after viewing the full consultation paper at Those who wish to submit their views and feedback may do so by June 27 at Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
Yahoo
07-03-2025
- Business
- Yahoo
Huawei Releases the Collaborative Platform for the IEEE P2413.2 Power Distribution IoT (PDIoT) Reference Architecture Standards
BARCELONA, Spain, March 7, 2025 /PRNewswire/ -- During MWC Barcelona 2025, at the Huawei Electric Power Summit under the theme of "Thrive with Digital, Accelerate Electric Power Intelligence", Huawei unveiled a collaborative platform for the IEEE P2413.2 PDIoT Reference Architecture Standards. Industry experts and leaders from international standards organizations shared their latest research findings and successful practices to drive digital transformation in the power sector. David Sun, CEO of Huawei Electric Power Digitalization BU, Vice President of Huawei, discussed the challenges faced by power systems, such as traditional line losses, reliability issues, and more. He also spoke about emerging global challenges in this era of new energy, highlighting the importance of innovation. By innovating with cloud computing, edge computing, medium-voltage communication, and HPLC technology, many low- voltage distribution network issues can be effectively addressed. For instance, the power supply center for the Xi'an International Port Zone has seen a significant improvement in low-voltage communication reliability up to 99.9%, following the complete implementation of Huawei HPLC. Now, over 97% of users are proactively contacted by State Grid staff within 3 minutes during a power outage. Passive trouble tickets for low-voltage single households have dropped by almost 50%. Line loss calculation can be completed in just 15 minutes. In addition, a company in Shaanxi has successfully realized full distributed PV integration, coordinated charging for charging piles, and doubled capacity, along with other valuable applications. David Sun also outlined the key elements of successful innovation. These include architectural innovation for open, adaptable, and systematic digital transformation, model innovation with AI capabilities, and ecosystem innovation for cross-industry collaboration. It also includes AI innovation to optimize power production, especially in areas like new energy power forecast, load forecast, and transformer district autonomy. Huawei prioritizes key electric power business scenarios and integration of digital productivity. Through strategic collaboration with the industry ecosystem, Huawei is committed to fostering sustainable growth and intelligent advancements in the sector. During the summit, Bilel Jamoussi, Deputy Director of ITU TSB, Roque Bacani, First Vice President and ICT and Transformation Director of Meralco, and Juan Ortiz Noval, Network Operations and Maintenance Director of E-Distribución Redes Digitales shared their successful practices with Huawei. Oleg Logvinov, Chair of the IEEE P2413.2, P1901.1, and P1901.3 Working Groups, and CEO of IoTecha, presented the IEEE P2413.2 PDIoT standards architecture, along with the strategic initiatives of the IEEE P2413.2 Working Group. He also partnered with Huawei to unveil the IEEE P2413.2 PDIoT Reference Architecture Standards Collaboration Platform. Looking ahead, Huawei will focus on digital technology and AI, continuously refine the process of digital transformation based on gained experience, and collaborate with customers and partners to advance the digital and intelligent transformation of the power industry. For more about the Intelligent Distribution Solution (IDS), please visit: View original content to download multimedia: SOURCE HUAWEI Sign in to access your portfolio
