On 14 July 2015, the Bankruptcy (Amendment) Bill 2015 (the “Bill”) was passed in Parliament. It is not yet in force. The Bill will amend the Bankruptcy Act to create a more rehabilitative regime for bankrupts and ensure better utilisation of public resources.

When the Bill comes into force, it will effect the following changes to the Bankruptcy Act:

Between 16 January 2015 and 24 February 2015, the Ministry of Law (the “MinLaw”) conducted a public consultation to seek feedback on proposed amendments to the Bankruptcy Act (the “Act”) which principally sets out Singapore’s bankruptcy regime. Set out below is a summary of the key proposed amendments.

Institutional creditor must appoint private trustee

On 11 May 2015, the Bankruptcy (Amendment) Bill 2015 (the “Bill”) was tabled in Parliament for first reading. Essentially, the Bill seeks to amend the Bankruptcy Act to create a more rehabilitative regime for bankrupts, ensure better utilisation of public resources and encourage creditors to exercise financial prudence when extending credit.

Re Vanguard Energy Pte Ltd [2015] SGHC 156

Beluga Chartering GmbH (in liquidation) & Ors v Beluga Projects (Singapore) Pte Ltd (in liquidation) & Anor (deugro (Singapore) Pte Ltd, non-party) [2014] SGCA 14

On 6 May 2014, the Ministry of Law ("MinLaw") issued its response to the feedback received from the public consultation on the final report (the "final report") of the Insolvency Law Review Committee (the "Committee") in relation to proposed recommendations affecting Singapore's personal and corporate insolvency regimes.

Jetivia S.A. & Anor v Bilta (UK) Limited (in liq) & Ors [2015] UKSC 23