Earlier this year the Committee to Strengthen Singapore as an International Centre for Debt Restructuring (the "Committee") published, and the Singapore Ministry of Law accepted, recommendations aimed at enhancing Singapore's position as a 'lead centre' for international debt restructuring. Is Singapore now well-positioned to become Asia Pacific's debt restructuring hub?
In 2010, the Insolvency Law Review Committee (the "ILRC") was formed to review Singapore's corporate insolvency and restructuring laws and to provide recommendations for the Omnibus Insolvency Bill, intended to implement a comprehensive framework for corporate insolvency and restructuring in Singapore. A few years after the ILRC published its report, the Committee was formed to promote Singapore as a lead centre for international debt restructuring. The Committee has made a number of recommendations to the Ministry of Law for reform of Singapore's laws, derived mainly from its consideration of the ILRC report and of the UK and US regimes, with particular attention given to Chapter 11 of the US Bankruptcy Code.
This alert provides a comparative analysis of those recommendations against Hong Kong's current corporate insolvency and restructuring regime, comprising the Companies Ordinance (Cap. 622) ("CO"), the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) ("CWMPO") and the reform proffered by the Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 ("Amendment Ordinance"), to help gauge how well Singapore will be positioned to become Asia Pacific's debt restructuring hub.
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