SINGAPORE – A new Bill that consolidates Singapore’s personal and corporate insolvency regimes and restructuring laws was introduced on Monday (Sept 10) to augment its position as a global financial centre.
The Insolvency, Restructuring and Dissolution Bill, which was submitted by Marine Parade GRC MP and Senior Minister of State for Law and Health Edwin Tong for first reading in Parliament, will consolidate the provisions, currently in two separate statutes (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When the Bill comes into force, the Bankruptcy Act will be repealed and the provisions in the Companies Act relating to corporate insolvency and restructuring will be deleted.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 th…
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