08-10-2013, 10:09 AM
Will be interesting to know the final outcome...
Panel recommends insolvency laws be consolidated into Act
SINGAPORE — The Insolvency Law Review Committee has recommended that Singapore’s insolvency laws for both personal bankruptcy and corporate insolvency be consolidated into a new Insolvency Act, which it said would enhance clarity to insolvency laws.
It also recommended expediting bankruptcy procedures, excusing bankrupts from criminal liability if they have no knowledge or reason to believe they have been made bankrupts and enhancing the court’s power to examine discharged bankrupts to establish that any assets that should have been turned in have been done so, for the benefit of creditors.
In a 244-page report, which it submitted to the Ministry of Law on Friday, the committee also proposed improvements to the judicial management regime to better help companies in trouble.
The ministry said yesterday it will consider the committee’s recommendations and invited interested parties to provide their views and feedback to the ministry.
Currently, Singapore’s insolvency laws are mainly found in the Companies Act and the Bankruptcy Act, with certain aspects of bankruptcy laws — such as provisions relating to the proof of debts and avoidance of pre-bankruptcy transactions — made applicable to companies in judicial management and liquidation through provisions in the Companies Act.
...
http://www.todayonline.com/singapore/pan...idated-act
Panel recommends insolvency laws be consolidated into Act
SINGAPORE — The Insolvency Law Review Committee has recommended that Singapore’s insolvency laws for both personal bankruptcy and corporate insolvency be consolidated into a new Insolvency Act, which it said would enhance clarity to insolvency laws.
It also recommended expediting bankruptcy procedures, excusing bankrupts from criminal liability if they have no knowledge or reason to believe they have been made bankrupts and enhancing the court’s power to examine discharged bankrupts to establish that any assets that should have been turned in have been done so, for the benefit of creditors.
In a 244-page report, which it submitted to the Ministry of Law on Friday, the committee also proposed improvements to the judicial management regime to better help companies in trouble.
The ministry said yesterday it will consider the committee’s recommendations and invited interested parties to provide their views and feedback to the ministry.
Currently, Singapore’s insolvency laws are mainly found in the Companies Act and the Bankruptcy Act, with certain aspects of bankruptcy laws — such as provisions relating to the proof of debts and avoidance of pre-bankruptcy transactions — made applicable to companies in judicial management and liquidation through provisions in the Companies Act.
...
http://www.todayonline.com/singapore/pan...idated-act