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New law to boost S'pore debt revamp prowess

Move on bankruptcy, insolvency comes amid highest global corporate default rates since 2008 crisis

Published Thu, Aug 24, 2017 · 09:50 PM

Singapore

A NEW LAW to consolidate Singapore's personal bankruptcy and corporate insolvency regimes will be introduced in 2018 to further boost the Republic's status as a leading centre for cross-border debt restructuring, Home Affairs and Law Minister K Shanmugam said on Thursday.

The omnibus Insolvency Bill, which is expected to be enacted in the second half of 2018, will streamline and update the laws to provide consistency and clarity, said Mr Shanmugam, who was speaking at the start of the Singapore Insolvency Conference 2017.

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