Troubled firms wait too long to restructure and bounce back: lawyer

Singapore

ASIAN societies' aversion to failure has given bankruptcy a bad name it does not deserve, according to a top lawyer.

This stigma surrounding corporate restructuring and insolvency means ailing companies often wait too long to call in the experts, says Patrick Ang, the deputy managing partner of Rajah & Tann Singapore.

"Almost every company in trouble calls us too late," says Mr Ang, who has over 25 years' experience handling restructuring and insolvency cases.

"It's a very cultural thing... because (Asian societies) regard failure as something terrible."

Instead of going to lawyers for restructuring advice, for example, some companies might simply wai…