Singapore's efforts to be positioned as a major restructuring and insolvency hub received a boost in London on Wednesday when it was named the Most Improved Jurisdiction, fending off the likes of Germany, India and other nominees at an international awards event.
The inaugural award by the Global Restructuring Review (GRR) recognised recent ground-breaking legislative changes made by Singapore to its debt restructuring framework, resulting in a hybrid regime that incorporates the best features of the world's leading regimes, said the Law Ministry yesterday.
Senior Minister of State for Law Indranee Rajah said the recognition was significant because "we are positioning Singapore as a restructuring centre in Asia and it is the first time we have won these awards".
She added on the sidelines of the ground-breaking ceremony for Maxwell Chambers Suites: "In the past few years, we've seen many companies which have had difficulties. There's Swiber, there's Ezra, there's Hanjin Shipping. There's clearly a need in Asia for a place where such companies can be restructured, and Singapore has positioned itself to be such a place."
GRR is a daily information service providing cross-border insolvency and restructuring news, features and events.
Singapore also received the award for Most Important Overall Development, for the guidelines on cross-border insolvency matters that were drawn up and released by the Judicial Insolvency Network (JIN).
GROWING NEED FOR SUCH WORK
In the past few years, we've seen many companies which have had difficulties. There's Swiber, there's Ezra, there's Hanjin Shipping. There's clearly a need in Asia for a place where such companies can be restructured, and Singapore has positioned itself to be such a place.
SENIOR MINISTER OF STATE FOR LAW INDRANEE RAJAH
The JIN, made up of judges from 10 jurisdictions, including the Singapore Supreme Court, met in Singapore last year to discuss and draw up the guidelines.
Two Singapore High Court decisions were also nominated for Most Important Recognition Decision and Cross Border Cooperation in a Specific Insolvency or Restructuring Matter.
The inaugural GRR Awards celebrate the most important firms, cases and marketplace developments in cross-border restructuring and insolvency, said the ministry.
In awarding Singapore the Most Improved Jurisdiction prize, accepted by Justice Kannan Ramesh at the event, the organisers noted that the Republic had made changes to its Companies Act relating to restructuring and insolvency. It had also introduced refinements to its scheme of arrangement incorporating elements from abroad.
The Law Ministry thanked all local and international contributors who had made the results possible. and said it "looks forward to extending these strong partnerships as we continue to strengthen Singapore as a centre for international debt restructuring in Asia".
•Additional reporting by Prisca Ang