The International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL), a global network of national associations for accountants and lawyers, who specialize in turnaround and insolvency, is opening its first international office in Singapore.

INSOL has been headquartered in London since its establishment in 1982. According to a release from Singapore’s Ministry of Law, the new office will act as INSOL’s Asian hub. Through it, INSOL plans to engage with entities in Asia, and offer more opportunities for the education and training of practitioners. It plans to assist in the development of insolvency and restructuring systems in Asia, and strengthen relations with government agencies, regulators, the judiciary and global agencies operating on the ground.

Singapore has not made secret of its desire to become a regional insolvency and restructuring hub. On May 23, 2017, the island nation implemented the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency through the Companies (Amendment) Act 2017.

INSOL currently has 44 member associations worldwide, with over 10,500 professionals.

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