SINGAPORE INSOLVENCY, RESTRUCTURING AND DISSOLUTION BILL PASSED
On 1 October 2018, The Insolvency, Restructuring and Dissolution Bill was passed in Singapore.
This will consolidate personal and corporate insolvency laws into the Insolvency, Restructuring and Dissolution Act, with the Bankruptcy Act to be repealed and the relevant corporate insolvency provisions in the Companies Act being removed.
On 1 October 2018, the Singapore Parliament passed the Insolvency, Restructuring and Dissolution Bill (the "Bill"), an omnibus legislation which will consolidate Singapore's personal insolvency, corporate insolvency and restructuring laws, which are currently under separate legislative regimes.
The overhaul follows recent amendments to the corporate insolvency and restructuring provisions of the Singapore Companies Act, and is part of a wider effort to boost the debt restructuring ecosystem in Singapore.
Key provisions introduced by the bill
Dispute Resolution
Singapore
Newsletter
December 2018
In This Issue:
Key Legal Developments
1. Arbitration 2. Construction
3. Commercial Litigation
4. Restructuring & Insolvency
5. Reforms to Singapore's civil justice system
Upcoming Events
Key Resources
For more information, please contact:
Nandakumar Ponniya Principal +65 6434 2663 nandakumar.ponniya @bakermckenzie.com
Celeste Ang Principal +65 6434 2525 celeste.ang @bakermckenzie.com
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Singapore’s new restrictions on ipso facto clauses are welcome news to the local restructuring community, and a strong step towards establishing it as one of the region’s premier restructuring hubs. But how will these restrictions affect innocent counterparties and existing commercial contracts, ask partner Guan Feng Chen and associate Jonathan Tang at Morgan Lewis Stamford?
New restrictions on ipso facto clauses
Introduction
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After months of public consultations and revision, the Singapore parliament passed the Companies (Amendment) Bill (the "Bill") on 10 March 2017 amending the Singapore Companies Act (the "Companies Act"). The Bill contains, among others, significant and novel changes to Singapore's insolvency laws. This is no doubt a giant step towards positioning Singapore as Asia Pacific's Debt Restructuring Hub with cross-border restructuring capabilities.
Introduction - The Bill
Summary
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