Author

Min-Tze Lean

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The Singapore Companies (Amendment) Act 2017 (“Act“)[1], which came into force on 23 May 2017, introduced significant new legislative tools to rescue distressed companies and significantly enhanced Singapore’s schemes of arrangement and judicial management processes.

The Act also introduced into Singapore law the UNCITRAL Model Law on Cross Border Insolvency (“Model Law”) facilitating the recognition of cross border insolvency processes in Singapore.

The Singapore Ministry of Law has published for public consultation amendments to the Singapore Companies Act (Cap 50). The amendments, if enacted, have the potential to radically overhaul the existing insolvency and restructuring regime in Singapore. The clear aim of the amendments is to transform Singapore into a hub for cross-border and transnational insolvencies and restructurings.

This update briefly summarises the key amendments which have been proposed and the background to those reforms.