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THE Ministry of Law (MinLaw) has accepted the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring, which aim to improve Singapore's effectiveness in facilitating international debt restructuring.
The 17 recommendations centre around three key areas: enhancing the legal framework for restructurings by creating bespoke rules and procedures, deepening the bench with specialist insolvency judges and increasing the use of Alternative Dispute Resolution processes; creating a restructuring-friendly ecosystem through increased availability of rescue financing and strengthening the insolvency profession here; addressing the perception gap by raising international awareness of Singapore's restructuring capabilities, with increased involvement in international insolvency organisations and/or providing thought leadership through research.
Regional law firms have experienced a sizeable increase in insolvency and debt-restructuring work, with global corporate defaults at their highest levels since the 2008 global financial crisis, said MinLaw in a release on Wednesday.
As a key financial, legal and business hub in the Asia-Pacific, Singapore is well placed to coordinate multi-jurisdictional restructurings.