Response to feedback received from Public Consultation of the report of the Insolvency Law Review Committee
7 Oct 2013 to 2 Dec 2013
The Ministry of Law held a public consultation from 7 October 2013 to 2 December 2013 on the report of the Insolvency Law Review Committee. We received submissions from various sources including industry associations, members of the industry and lay persons. The submissions were generally supportive of the Committee’s report. There was some feedback that disagreed with certain recommendations in the report as well as proposals made on issues not considered by the Committee. In addition, there were inputs to fine-tune recommendations in the report.
We thank all respondents for their feedback. The Ministry of Law considered the suggestions in detail and will be incorporating the feedback in the drafting of the omnibus Insolvency Bill. Our consolidated responses to the report and the feedback received are provided in ANNEX A. We did not reflect the recommendations for which no feedback was received and where the Ministry of Law was in agreement.