Amendments to Singapore’s corporate debt restructuring legislation were tabled in Parliament yesterday, as the Government pushes to update the insolvency framework to help a growing number of ailing companies work out their debts in a weak economic climate.
It is also part of efforts to position Singapore as a debt restructuring hub and augment its position as a global financial centre.
The Ministry of Law (MinLaw) also submitted the Trustees (Amendment) Bill for first reading in Parliament. The amendments to the Trustees Act are aimed at strengthening Singapore’s trusts regime to ensure that trusts are not misused for money laundering, terrorism financing or tax evasion.
The amendments require trustees to maintain beneficia…
Read the full article at: http://www.straitstimes.com/business/companies-markets/updating-corporate-insolvency-laws-to-help-ailing-firms
