The act ensures Singapore’s insolvency and restructuring laws remain progressive and modern, while balancing the interests of debtors, creditors and other stakeholders, says the ministry.
The Ministry of Law has introduced new laws regarding insolvency and restructuring, including an increase in the maximum debt threshold in personal bankruptcy cases and new regulations for insolvency practitioners. The new legislation will come into effect on July 30, 2020.
The Insolvency, Restructuring and Dissolution Act consolidates Singapore’s personal and corporate insolvency and debt restructuring laws into a single piece of legislation, says the ministry in a July 23 release.
