The interaction between the Hong Kong and Singapore insolvency frameworks

Author: | Published: 28 Aug 2018

A recent decision involving Singapore’s CW Group considers the interaction between the Hong Kong and Singaporean insolvency frameworks

Last year, Singapore introduced sweeping changes to its legislative framework for insolvency and restructuring, driven by a desire to position itself as a hub for international debt restructuring. These changes came into effect on May 23 2017, incorporating features of debt restructuring regimes from other jurisdictions, most notably the debtor-in-possession regime of Chapter 11 of the US Bankruptcy Code, where a company that intends to propose a scheme of arrangement to its creditors may apply to the Singapore court for a moratorium under section 211B of the Singapore Companies Act (s.211B moratorium)....