The act will make substantial changes to Singapores corporate insolvency laws in particular, while retaining most existing personal insolvency provisions. It sets out common principles and aligns procedures across the previous regimes under a single law, rationalising existing inconsistencies and minimising uncertainty that has previously existed due to cross-referencing across the various pieces of legislation.
Banking law expert Jia Lin Ho of Pinsent Masons, the law firm behind Out-Law, said the legislation was good news for businesses and practitioners.
The new act is part of a wider effort to enhance Singapores corporate debt restricting regime by giving better support to companies, creditors, and other stakeholders. The consolidati…
Read the full article at: https://www.pinsentmasons.com/out-law/news/singapore-regulatory-regime-for-insolvency-practitioners
