The Insolvency, Restructuring and Dissolution Act 2018, (Act No.40 of 2018, the Act) , which came into force on 30 July, marks, for now at least, the final stage in what has been a far-reaching overhaul of Singapores insolvency and debt restructuring regime.
This process had started in 2015 with some amendments to the Bankruptcy Act (Cap 20). Then, in 2017, significant amendments were made to the Companies Act (Cap 50), in respect of both judicial management orders and schemes of arrangement. In particular, aspects of the Chapter 11 procedure of the US Bankruptcy Code were imported into a system that has historically always looked to English company and insolvency law for inspiration if that is the right word and provisions were enact…
Read the full article at: https://www.hellenicshippingnews.com/the-insolvency-restructuring-and-dissolution-act-an-overview/
