It proposes a new regulatory regime for said schemes.
The Ministry of Law submitted a bill to update insolvency and debt restructuring laws for first reading in the Parliament, an announcement revealed.
Upon the bills passage, the Bankruptcy Act will be repealed whilst the provisions in the Companies Act relating to corporate insolvency and restructuring will be removed.
The proposed bill will also launch a new regulatory regime for practitioners acting as officeholders in the various types of restructuring and insolvency proceedings that will impose minimum qualifications and conditions for the grant and renewal of licences.
Set to be under the MinLaws Insolvency and Public Trustees Office, the regulatory regime will administe…
Read the full article at: https://sbr.com.sg/economy/news/minlaw-unveils-bill-update-insolvency-and-debt-restructuring-laws
