22 Jun 2017 Posted in Press releases
Singapore was recognised as the “Most Improved Jurisdiction” at the inaugural Global Restructuring Review (GRR) Awards last night. The award recognised recent ground-breaking legislative amendments Singapore has made to its debt restructuring framework, resulting in a hybrid regime that incorporates the best features of the world’s leading regimes.
In addition, guidelines released by the Judicial Insolvency Network (JIN), of which the Singapore Supreme Court is a member, won the award for “Most Important Overall Development”, while Singapore law firm WongPartnership LLP was included in the GRR 30 ranking, which ranks the 30 top cross-border restructuring law practices in the world. Two Singapore High Court decisions were also nominated for “Most Important Recognition Decision” and “Cross-Border Cooperation in a Specific Insolvency or Restructuring Matter”.
The inaugural GRR Awards held in London celebrate the most important firms, cases and marketplace developments in cross-border restructuring and insolvency. The GRR is a leading publication on cross-border restructuring and insolvency.
Strengthening Singapore’s position as a leading centre for international debt restructuring in Asia
- In March 2017, the Companies (Amendment) Bill was passed in Singapore’s Parliament, containing amendments that would enhance Singapore’s debt restructuring and corporate rescue framework. Key changes implemented through the legislative amendments were:
- Provisions to support creditor schemes of arrangements, such as enhanced moratoriums against creditor action, rescue finance provisions, and cram-down provisions.
- Provisions to enable companies to apply for a judicial management order more easily and for rescue financing in judicial management.
- Provisions to facilitate cross-border insolvency and restructuring.
- More details on Singapore’s measures to strengthen itself as a leading centre for international debt restructuring in Asia can be found in the Annex.
- In addition to the enhanced framework, Singapore, along with Delaware, was among the first jurisdictions to adopt the Judicial Insolvency Network Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency Matters (JIN Guidelines). The guidelines were developed in an inaugural JIN meeting hosted by Singapore in October 2016 and is the first time a common framework has been adopted for courts to communicate and coordinate with each other in cross-border insolvency matters on a global level.
- The GRR Awards and nominations demonstrate international recognition of the broad range of strengths that Singapore has to offer in the debt restructuring space. The Ministry of Law thanks all local and international contributors who have made these results possible and looks forward to extending these strong partnerships as we continue to strengthen Singapore as a centre for international debt restructuring in Asia.
Last updated on 20 Jul 2017