SINGAPORE - Singapore aims to strengthen its position as an international debt restructuring centre to take advantage of the increase in crossborder trade and invetment, Senior Minister of State for Law and Finance Indranee Rajah said on Wednesday (July 20).
To do so, Ms Indranee announced that the Ministry of Law (MinLaw) has accepted 17 recommendations made by the Committee to Strengthen Singapore as an International Centre for Debt Restructuring.
The recommendations fall into three key areas. The first involves enhancing the legal framework for restructuring by creating customised rules and procedures, deepening the bench with specialist insolvency judges and increasing the use of alternative dispute resolution processes.
The second area of recommendation involves creating a restructuring friendly ecosystem through increased availability of rescue financing and strengthening the insolvency profession in Singapore.
The third area is to address the perception gap by raising international awareness of Singapore's restructuring capabilities with increased involvement in international insolvency organisations and providing thought leadership through research.
Said Ms Indranee: "Singapore has a strong basis in the rule of law and a trusted judicial system which places the country in an advantageous position in offering debt restructuring services."
MinLaw said Singapore combines a convenient location, efficiency, expertise and a clear and certain legal framework for businesses to co-ordinate multi-jurisdictional restructuring.