Singapore's updated insolvency kit may see more use next year as government support tapers off

Insolvency, Restructuring and Dissolution Act seen as kinder to firms trying to free themselves from debt

Anita Gabriel

Published Wed, Dec 29, 2021 · 05:50 AM

Singapore

SINGAPORE'S updated legal toolkit for corporate insolvency and debt workouts was rolled out only recently, and amid a pandemic-wrecked business environment. Thus far, its rescue funding, pre-pack scheme and out-of-court restructuring features have offered the most bite.

Even so, experts reckon the Insolvency, Restructuring and Dissolution Act (IRDA), a mammoth statute that came into force end-July 2020, will be tested further as the government tapers its Covid-19 support for certain sectors.