Knowledge & Insights

Just under a year has passed since the major overhaul of Singapore's insolvency and corporate restructuring laws through the Companies (Amendment) Act 2017 ("CAA 2017"). By incorporating proven and effective restructuring mechanisms available in other established insolvency regimes, Singapore has sought to create a conducive environment for novel corporate rescue and rehabilitation approaches. This was a significant step in the overall push to develop Singapore as a debt restructuring hub in the Asia Pacific region.

While the tools for restructuring introduced by CAA 2017 have not been fully utilised and some of the radical changes remain untested before the Singapore courts (there are presently only two reported cases that address the new amendments: Re Zetta Jet Pte Ltd and others [2018] SGHC 16 and Re Attilan Group Ltd [2017] SGHC 283), there still exists a healthy interest in these enhanced restructuring mechanisms, with a number of attempts to utilise these mechanisms seen by the end of 2017.

This Update takes a brief look at recent developments in respect of CAA 2017.
 

If you have any queries or would like to know more about how these changes may impact you, please contact:

Joel CHNG
Partner – Banking & Financial Disputes Practice
d +65 6416 8707
e joel.chng@wongpartnership.com
Click here to see Joel's CV.

Stephanie YEO
Senior Associate – Banking & Financial Disputes Practices 
d +65 6517 3796
e stephanie.yeo@wongpartnership.com

Muhammad Ismail NOORDIN
Senior Associate – Banking & Financial Disputes Practices 
d +65 6517 3760
e Muhammedismail.KONoordin@wongpartnership.com