New Insolvency Act proposed to merge both personal and corporate insolvency laws
A new Insolvency Act that incorporates both the personal and corporate insolvency regimes has emerged as the main recommendation of a committee tasked to review and update Singapore's laws on insolvency, or the inability to repay debts.
Issuing its report today, the Insolvency Law Review Committee recommended that the current Bankruptcy Act be incorporated into the new Insolvency Act.
The new act will consolidate and set out common principles and procedures to deal with both personal and corporate insolvency.
Other recommendations include retaining the receivership regime and enhancing the judicial management process.