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:
As part of the Singapore Budget 2013, the Ministry of Law has proposed a major review of Singapore's bankruptcy and insolvency regime, with a particular focus on making it easier to discharge personal bankruptcies due to business failure or unsecured consumer credit.
The Insolvency Law Reform Committee will also be finalizing its report on the Omnibus Insolvency Bill soon. This Bill is intended to address certain perceived weaknesses in the existing personal bankruptcy and corporate insolvency mechanisms, resulting in a better and more efficient regime.
The appellant ("Mdm Cheo") commenced divorce proceedings against her hubsand (the "bankrupt") two weeks after he had been served a statutory demand by a bank to pay around US$8.67 million.
The Singapore High Court in Yap Guat Beng v Public Prosecutor laid down the sentencing guidelines for offences of an undischarged bankrupt acting as a director or being involved in the management of a company or a business.
The Existing System
Despite its introduction to the Slovak legal system in 2006, current laws on debt relief within the framework of bankruptcy of natural persons have not been a viable solution.
Basing the legal institute of debt relief on a two-step procedure:
- starting with bankruptcy (i.e. liquidation of (all) the debtor’s assets)
- then followed by a three-year trial period at the end of which the court releases a resolution on the possibility of personal bankruptcy
has in fact hindered debtors from filing.
Are you already a board member or executive of a Slovak company or about to become one? If so, you should know about the proposed amendment to the Slovak Commercial Code. The amendment aims to address the so-called “white horses” and “tunneling (asset stripping)” of the companies.
Patrick Ang, Chin Wei Lin and Jonathan Lee from the Business Finance & Insolvency Practice of Rajah & Tann LLP acted for Standard Chartered bank in successfully overturning a decision of the High Court in Standard Chartered Bank v Loh Chong Yong Thomas [2010] SGCA 2.
Slovakia is getting ready for a major amendment of the Commercial Code, which will also amend the Slovak Act on Bankruptcy and Restructuring. Significant changes are expected in the corporate as well as bankruptcy and restructuring law sector which is underperforming and provides insufficient protection to creditors, despite many previous attempts to improve the regulation of this area.
The economic crisis presents a real-life test for the Slovenian insolvency legislation, unequalled in its young history. Numerous insolvency proceedings against Slovene companies have revealed several serious flaws of the Insolvency Act and forced the legislator into continuous amendments.
As of January 1, 2012, the Slovak Act on Bankruptcy and Restructuring (Act No. 7/2005 Coll.) has been amended to introduce a statutory subordination of claims of related credi-tors (Section 95(3) of the Slovak Bankruptcy Act). The Amendment affects the ability of creditors to obtain satisfaction from companies in bankruptcy by classifying claims by “related” parties as subordinate to other claims.