SINGAPORE (March 27): When it comes to matters legal or bureaucratic, Singapore is swift to act. Bankruptcy, sometimes, can be even faster.

Ezra Holdings, a Singapore publicly traded oil services group, and two of its affiliates, Ezra Marine Services Pte and EMAS IT Solutions, filed for Chapter 11 protection over the weekend in a U.S. bankruptcy court in White Plains, New York. On Monday, shares in Nam Cheong, a builder of offshore support vessels, tumbled as much as 33% to a record low after the company on Friday said its auditors raised some financial concerns.

Ezra's financial situation had been unraveling fast. Two vessel owners canceled their charter agreements with a subsidiary last week and invoices were piling up. Chapter 11, which halts all claims against a firm so it can continue to operate while it works out a deal with creditors, was a good solution. Pity Ezra couldn't have waited a bit longer, because quite soon, similar protection will be available in Singapore, and perhaps will even come with some enhancements.

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