New legislation to consolidate Singapore’s personal and corporate insolvency regimes and restructuring laws was introduced yesterday to augment its position as a global financial centre.
The Insolvency, Restructuring and Dissolution Bill was tabled for first reading in Parliament, and will consolidate the provisions currently in two separate statutes – the Bankruptcy Act and Companies Act – into a single Act.
When the Bill comes into force, the Bankruptcy Act will be repealed and the provisions in the Companies Act relating to corporate insolvency and restructuring will be deleted. The provisions on personal bankruptcy in the Bill largely follow the provisions in the Bankruptcy Act, following the last amendment in 2015.
The mos…
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