Smitha Menon, Clayton Chong and Muhammed Ismail Noordin, WongPartnership LLP
This is an extract from the second edition of GRR's The Art of the Ad Hoc. The whole publication is available here.
In brief
Simplified Insolvency Programme (“SIP”)
This article is produced by CMS Holborn Asia, a Formal Law Alliance between CMS Singapore and Holborn Law LLC.
Meiyen Tan, Keith Han, Angela Phoon and Zephan Chua, Oon & Bazul LLP
This is an extract from the 2021 edition of GRR's the Asia-Pacific Restructuring Review. The whole publication is available here.
In summary
This chapter discusses certain recent developments and issues that have emerged in Singapore’s fast-developing debt restructuring regime.
As business and commerce becomes increasingly cross-border in nature, it is important for businesses to have knowledge of restructuring and insolvency regimes of foreign jurisdictions. This is particularly relevant in the Southeast Asia region, given the close connection and links amongst the Southeast Asian states.
In brief
Simplified Insolvency Programme (“SIP”)
In the latest edition of Going concerns, Stephenson Harwood's Asia restructuring and insolvency team touch on key changes in Singapore brought about by the recent Singapore Insolvency, Restructuring and Dissolution Act 2018 (and where applicable, the impact on the shipping industry), and the positions in Singapore and Hong Kong on winding up petitions vs arbitration clauses.
Content
Get to know the Insolvency, Restructuring and Dissolution Act 2018 ("IRDA") Winding up petitions vs arbitration clauses (SG) The prima facie standard of review prevails
Recent insolvency law reforms in the UK, Singapore and Australia impact upon the ability of a party to a construction contract to terminate it due to the other party's insolvency.
Background
Micro and small companies will be able to use a “Simplified Insolvency Programme” to be introduced by proposed amendments to Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 (IRDA).