Bill tabled to integrate insolvency, bankruptcy and debt revamp laws

Singapore

AN omnibus Bill that consolidates personal and corporate insolvency and debt restructuring laws into a single piece of legislation was tabled for first reading in Parliament on Monday.

The Insolvency, Restructuring and Dissolution Bill introduced by Senior Minister of State for Law Edwin Tong, seeks to unify personal and corporate bankruptcy and debt restructuring laws, enhance the law to further strengthen the debt restructuring regimes, as well as regulate insolvency practitioners.

Currently, personal and corporate bankruptcies are governed respectively by two separate statutes - Bankruptcy Act and Companies …