SINGAPORE - A Singaporean judge has been inducted as an international fellow at the American College of Bankruptcy (ACB), an association of global bankruptcy and insolvency experts that includes judges, academics, government officials and financial advisors.

Justice Kannan Ramesh is the first Singaporean judge to be invited to join the association.

The Singapore courts said in a statement on Tuesday that his induction will significantly add to Singapore’s status as a restructuring and insolvency centre.

Chief Justice Sundaresh Menon said: “Justice Ramesh’s selection to join the illustrious ranks of the ACB is not only testimony to his exceptional work and the invaluable contributions he has made in the field of insolvency, but it is also a tribute to the richness of Singapore’s legal talent.”

Justice Ramesh was one of 39 new fellows formally inducted in the 34th class of the college at a ceremony held in Washington, D.C. on March 24.

A Judge of the Appellate Division of the High Court, his areas of specialisation are in company law, insolvency and trusts.

In recent years, the Republic has reformed its insolvency and restructuring laws to keep pace with international needs.

The Insolvency, Restructuring and Dissolution Act came into force in the middle of the Covid-19 pandemic on July 30, 2020, consolidating various corporate and personal insolvency laws into a single piece of legislation

The omnibus statute was the latest in a series of reforms, and followed wide-ranging changes to the Companies Act in May 2017 which introduced concepts inspired by Chapter 11 of the US Bankruptcy Code.

Legislative changes to allow the Singapore International Commercial Court to hear and decide cross-border restructuring and insolvency cases came into effect on Oct 1, 2022.

Recent examples of corporate insolvency filings in the Singapore courts include the restructuring of cryptocurrency companies like Zipmex and Defi Payments of the Vauld Group.

Founded in 1989, the ACB is an honorary public service association of international insolvency professionals who are invited to join based on a record of expertise, leadership, and professionalism.

Fellows are nominated and selected on an invitation-only basis, with two to three international fellows invited each year out of 35 to 40 inductees.

Lawyer Patrick Ang, the managing partner of Rajah and Tann, was the first Singaporean to be inducted as a fellow of the college in 2018.

Justice Ramesh currently chairs the advisory board of the Singapore Global Restructuring Initiative at the Singapore Management University and is a member of the international Judicial Insolvency Network.

He is vice president of the International Insolvency Institute’s executive committee and is also a member of the Singapore Academy of Law’s Law Reform Committee and the Singapore International Commercial Court’s restructuring rules committee.