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
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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.
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