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, Restructuring and Dissolution Act 2018 (IRDA) to make it clear that judicial management is a rehabilitative process, with the first reading of the Bill…