Business Recovery Services

Delivering corporate insolvency solutions

Businesses can encounter financial challenges for a number of reasons. A combination of inflationary pressures, supply chain disruptions, labour shortages and economic instability are all creating a turbulent market for companies today. Whilst insolvency or restructuring is never an option that companies would want to consider, it is a reality that an increasing number of companies are having to experience.

When facing uncertainty, decisive and timely actions count; insolvency or restructuring can be a challenging time for all stakeholders impacted and requires a sensitive approach.

At PwC, we focus on collaborating with management utilising their business knowledge alongside our cross-domain and situational experience, to ensure we maximise recoveries for creditors and minimise costs when navigating different insolvency or restructuring options.

Leading mid-market deal maker internationally

Ranked by Mergermarket as the top financial advisory firm by deal count in 2022, PwC has been the most active advisor in the private equity market in Southeast Asia. With over 900 deal professionals in Asia Pacific, this means that you can enjoy a single point of contact across regions coupled with consistency in service delivery and reporting standards.

Meeting your needs

Some of the common insolvency or restructuring processes are:


Receivership is when secured creditors appoint a receiver for the purpose of realising the security and applying the proceeds of sale towards the discharge of debts owed.

Scheme of arrangement

A Scheme of arrangement (“Scheme”) is a court-sanctioned compromise made between a Company and its creditors. The majority of the creditors are required to vote in favour of the Scheme. The Scheme will be binding on all creditors if the Court approves the Scheme.

A Scheme grants companies in financial distress temporary relief from their debt obligations and provides the Company with an opportunity to turnaround.

Judicial management

Judicial management is another debt restructuring method where an independent manager is appointed by the Court to manage the affairs, business and property of the Company in financial distress.

The Company is temporarily shielded from legal proceedings, which gives the Company an opportunity to rehabilitate.


Liquidation is used in situations where the Company cannot meet the objects of a Scheme of arrangement, judicial management, or where the Company has no commercial prospect of a turnaround.

There are three types of liquidation: A Compulsory Liquidation where the Court orders the Company to be wound up. A Creditors’ Voluntary Liquidation where the Company asks the creditors to consider its proposal for a voluntary winding up of the Company. A Members’ Voluntary Liquidation is where the Company’s members pass a resolution to have the Company wound up.

Informal restructuring

When a Company is underperforming, an informal restructuring may be appropriate. Informal restructuring encourages cooperation and collaboration amongst the Company, directors and creditors to work out a solution that would optimise the return for all stakeholders outside formal court processes.

Strategic business review

Underperforming companies that are struggling with their solvency may proactively seek assistance to evaluate their financial health, before it is too late to turnaround and recover.

Case studies

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Transaction type

  • Advisory
  • Insolvency appointments

Financial adviser to the perpetual securities and preferential shares. Worked with Securities Investors and Associations of Singapore.

Ryobi Kiso Holdings

Independent financial advisor of a leading piling and ground construction company listed on SGX.

Nam Cheong

Lead restructuring advisor, an OSV builder listed on SGX.

Hin Leong

Financial advisor to the a major oil and gas trading company. Subsequently, appointed as judicial managers and liquidators.

Samtrade FX Ltd

Court appointed judicial managers and liquidators.

Greatearth Group

Creditors’ Voluntary Liquidation of a major construction group.

Kyen Resources

Court appointed liquidators for a commodity trading company.

MP & Silva

Provisional liquidators and court appointed liquidators of a global sports agency and media company.

Jones The Grocer

Appointed as judicial managers and subsequently as liquidators of restaurant organisation.

Treasure Resort

Appointed as receivers and managers of a luxury resort in Sentosa Island.

Contact us

Ling Tok Hong

Deals Leader, PwC Singapore

+65 9690 0802


Chan Kheng Tek

Partner, PwC Singapore

+65 9616 9820


Sam Kok Weng

Markets and Financial Services Leader, PwC Singapore

+65 9367 3340


Lie Kok Keong

Valuation Leader, PwC Singapore

+65 9770 5788


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