Singapore's efficiency even extends to its bankruptcy laws

WHEN it comes to matters legal or bureaucratic, Singapore is swift to act. Bankruptcy, sometimes, can be even faster.

Ezra Holdings, a Singapore publicly-traded oil services group, and two of its affiliates, Ezra Marine Services Pte and Emas IT Solutions Pte, filed for Chapter 11 protection over the weekend in a US bankruptcy court in New York.

On Monday, shares in Nam Cheong, a builder of offshore support vessels, tumbled as much as 33 per cent to a record low after the company on Friday said its auditors raised some financial concerns.