Singapore steps up efforts to become Asia’s restructuring hub

Singapore’s policymakers are wrapping up the public feedback process on proposed changes to its insolvency law, part of a broader effort to enhance the city state’s appeal as a hub for restructuring in Asia.

A key change would broaden a provision in restructuring plans, known as cross-class cramdowns, to prevent shareholders from dissenting, according to a Ministry of Law report. The proposals would also streamline the process of disposing a debtor’s property or issuing new shares, and recommend building incentives into restructuring managers’ compensation.