Tong stressed that premature liquidation could destroy value and that financial distress does not necessarily mean a business is no longer viable
[SINGAPORE] Forty years after judicial management was introduced in Singapore, the process has not always fulfilled its purpose of rescuing beleaguered but viable businesses and preserving their value.
“Too often, it has become a precursor to liquidation, adding time and costs without necessarily achieving meaningful rehabilitation,” said Minister for Law Edwin Tong on Oct 21.
“This is unacceptable,” he added, giving the keynote address at the Singapore Insolvency Conference organised by the Insolvency Practitioners Association of Singapore.
His ministry will amend the Insolvency,…