Vol 21 (2024) - Issue 2

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Singapore: International Debt Restructuring Hub or More To Do?

Synopsis
As the world's economy continues to recover postpandemic against the challenging economic climate of rising inflation and interest rates, a robust insolvency regime will be critical to ensure Singapore's economy remains healthy and thriving. The Insolvency Restructuring and Dissolution Act 2018 (IRDA) came into force on 30 July 2020. It is therefore a timely occasion to review how far Singapore has come in its goal of establishing itself as an international hub for debt restructuring.
This article examines the impact of the IRDA and other complementary initiatives in establishing Singapore as a key nodal jurisdiction for cross-border restructuring and insolvency and considers possible areas of growth moving forward.