In 2016 the Ministry of Law unveiled plans to strengthen Singapore as an international centre for debt restructuring. Pursuant to these plans, numerous complex legislative changes were introduced to Singapore's debt restructuring and insolvency laws. This article focuses on Singapore's experience of transplanting the US Chapter 11 debtor-in-possession financing provisions into the 2017 amendments to the Companies Act.
In these unprecedented times, small and medium-sized enterprises (SMEs) and their owners require swift and cost-effective methods to sustainably manage and restructure their debt burdens, so that they can focus on transforming their businesses to meet the challenges of the post-COVID-19 economy. This article examines the legislative action taken by the government thus far, with a specific focus on its impact on SMEs.
Otonomos BCC Pte Ltd is one of the first technology companies specialising in blockchain technology to be wound up by the Singapore courts. As there are likely to be more insolvency and restructuring cases dealing with cryptocurrency in the near future, this article examines the legal nature of cryptocurrency in the insolvency and restructuring sphere, the feasibility of using cryptocurrency as security and the potential challenges faced by insolvency practitioners relating to cryptocurrency.
Singapore is positioning itself as a hub for insolvency and restructuring. Imminent changes to Singapore's mediation landscape suggest that mediation will soon become one of the tools available to insolvency and restructuring practitioners in resolving their clients' concerns. Similarly, there is room for employing arbitration in specific types of dispute, which will assist with insolvency and restructuring matters and help to resolve them more expediently.
An online travel platform recently obtained Singapore's first super priority order for rescue financing pursuant to Section 211E(1)(b) of the Companies Act. This groundbreaking decision provides valuable guidance to insolvency practitioners regarding future applications for super priority rescue financing, which will hopefully increase the attractiveness of distressed financing as an investment opportunity in Singapore, fostering its development as an insolvency and restructuring hub.