20 Jul 2016 Posted in Press releases
- The Ministry of Law (MinLaw) welcomes and accepts the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring, which aim to enhance Singapore’s effectiveness in facilitating international debt restructuring.
- Regional law firms have seen a significant increase in insolvency and debt restructuring work, with global corporate defaults at their highest levels since the 2008 global financial crisis. As a major financial, legal and business hub within the Asia-Pacific region, Singapore combines a convenient location, efficiency, expertise, and a clear and certain legal framework for businesses to coordinate multi-jurisdictional restructurings.
- To further strengthen Singapore’s position as an international debt restructuring centre, the Committee has made 17 recommendations, which MinLaw has broadly accepted.
- The Committee’s recommendations address three key areas:
- Enhancing the legal framework for restructurings, by creating bespoke rules and procedures, deepening the bench with specialist insolvency judges, and increasing the use of Alternative Dispute Resolution processes;
- Creating a restructuring friendly ecosystem, through increased availability of rescue financing and strengthening the insolvency profession in Singapore; and
- Addressing the perception gap, by raising international awareness of Singapore’s restructuring capabilities, with increased involvement in international insolvency organisations and/or providing thought leadership through research.
- A full list of the Committee’s recommendations can be found in Annex A.
Annex A - Full list of the Committee’s recommendations (0.2MB)
MINISTRY OF LAW
20 JULY 2016
Last updated on 20 Jul 2016