London awards boost to Singapore's efforts to be global insolvency and restructuring hub

Singapore beat several countries including Germany, India and the United Arab Emirates to bag the award for the Most Improved Jurisdiction.
Singapore beat several countries including Germany, India and the United Arab Emirates to bag the award for the Most Improved Jurisdiction.ST PHOTO: LIM YAOHUI

SINGAPORE - The Global Restructuring Review (GRR) handed out several awards to Singapore at a ceremony in London on Wednesday (June 21).

It beat several countries including Germany, India and the United Arab Emirates to bag the award for the Most Improved Jurisdiction.

In a statement, the Law Ministry (MinLaw) said the award recognises recent ground-breaking legislative changes Singapore made to its debt restructuring framework. MinLaw said the changes has resulted in a hybrid regime that incorporates the best features of the world's leading regimes.

In addition, guidelines released by the Judicial Insolvency Network (JIN), of which the Singapore Supreme Court is a member, won the award for Most Important Overall Development.

Two Singapore High Court decisions were also nominated for the Most Important Recognition Decision and CrossBorder Cooperation in a Specific Insolvency or Restructuring Matter awards.

The GRR is a leading global legal publication on restructuring and insolvency.

The inaugural GRR Awards celebrate the most important firms, cases and marketplace developments in cross-border restructuring and insolvency, added MinLaw.

Singapore law firm WongPartnership LLP was included in the GRR 30 ranking, which ranks the 30 top cross-border restructuring law practices in the world.

In awarding Singapore the Most Improved Jurisdiction prize, the organisers said "via amendments to its Companies Act, the city state adopted the UNCITRAL Model Law, outlining how courts should approach foreign-incorporated debtors, and introduced Chapter 11-inspired refinements to its scheme of arrangement mechanism in March 2017."

"It has also pledged to increase the availability of rescue financing, and (along with Delaware in the US) was the first country to adopt the Judicial Insolvency Network Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency Matters in February."

MinLaw said: "The GRR Awards and nominations demonstrate international recognition of the broad range of strengths that Singapore has to offer in the debt restructuring space."

"The Ministry of Law thanks all local and international contributors who have made these results possible and looks forward to extending these strong partnerships as we continue to strengthen Singapore as a centre for international debt restructuring in Asia."