WE REFER to the letter “Singapore is ‘at the forefront’ of restructuring and insolvency thought leadership” by Debby Lim of Dentons Rodyk & Davidson LLP, published in The Business Times on Jul 26, in response to our opinion piece “Singapore’s insolvency and restructuring regime, in the eyes of practitioners”, published on Jul 19.

Five years after the omnibus Insolvency, Restructuring and Dissolution Act (IRDA) came into force, it is timely to take stock of where we are, noting that the IRDA, like all legislation, needs time to adapt to market forces.

The intention behind the study – which is a work in progress – is to obtain qualitative insights into views and perceptions as to the law in practice, from an empirical perspective. We thank the author for responding to our interim findings even as interviews continue.