Singapore’s Ministry of Law has announced that it has accepted recommendations made by an expert committee that could pave the way for the city-state to become a regional hub for international debt restructuring.
The recommendations broadly laid emphasis on enhancing the legal framework for restructurings by creating modified rules and procedures, having specialist insolvency judges on the bench and increasing the use of alternative dispute resolution processes.
The law ministry is also keen to strengthen the insolvency profession in Singapore through rescue financing and addressing the perception gap by raising international awareness about the country’s restructuring capabilities, with increased involvement in international insolvency organisations.
