An alternative paradigm for Singapore jurisdiction in cross-border insolvency?

SINGAPORE aims to become a hub for international corporate and debt restructuring. The foundations for Singapore’s ambitions were first laid through the omnibus Insolvency, Restructuring and Dissolution Act 2018 (IRDA). More recently, legislative changes were made to allow the Singapore International Commercial Court to hear and decide cross-border restructuring and insolvency cases.

Since the introduction of the IRDA, more, and more complex, cross-border restructuring cases have come before the Singapore courts. Recent examples include the restructuring of crypto companies like Vauld and Zipmex.

The Zipmex restructuring : further refinement?

Under the IRDA, foreign companies that are not registered with the Accounting and Corporate Regulatory Authority must have a “substantial connection” with Singapore if they wish to apply to the Singapore courts for a moratorium on their debts and legal proceedings.