A committee set up to look into strengthening Singapore as an international centre for debt restructuring has made a slew of recommendations and is asking the public for their views on these proposals.
These recommendations focus on three main areas: enhancing Singapore’s legal framework for debt restructuring, creating a restructuring-friendly ecosystem and addressing a perception gap of Singapore’s debt restructuring services.
Some of the specific recommendations include creating bespoke rules and procedures for restructuring and increasing the use of alternative dispute resolution solutions such as mediation or arbitration.
The committee also suggested strengthening the quality of insolvency professionals and deepening th…
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