Transplanting chapter 11 of the US bankruptcy code into Singapore's restructuring and insolvency laws: Opportunities and challenges

• Main Authors: MCCORMACK, Gerald, WAN, Wai Yee
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2019
• Subjects: Insolvency and restructuring; Schemes of arrangement; Chapter 11 of US Bankruptcy Code; Singapore; Pre-packs; Asian Studies; Banking and Finance Law; Securities Law
• Online Access: https://ink.library.smu.edu.sg/sol_research/2777; https://ink.library.smu.edu.sg/context/sol_research/article/4735/viewcontent/Revised_Paper_submission_to_JCLS_TITLE_PAGE_REV_keywords.pdf
• Institution: Singapore Management University

In 2017, Singapore introduced wide-ranging reformsto its insolvency and restructuring laws with a view to enhancing itsattractiveness as an international centre for debt restructuring. Central tothese reforms is the transplantation (with modification) of certain provisionsfrom Chapter 11 of the US Bankruptcy Code including the automatic moratorium, cross-creditorcram-down, rescue financing and pre-packs. Drawing upon the US experience andsimilar reform proposals in the EU (including the UK), we critically evaluate theimpact of the new Singapore law. We argue that there remain challenges inensuring that the transplantation works well and highlight the possibleunintended consequences of such transplantation.