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

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.