Singapore plans to adopt two UN insolvency model laws to enhance cross-border restructuring.
Singapore intends to become the first jurisdiction to adopt two United Nations model laws on insolvency. This move aims to improve legal certainty and streamline debt restructuring across international borders, following recent judicial trends in recognizing foreign insolvency judgments.
Why it mattersPractitioners will need to adapt their cross-border insolvency strategies to a new statutory framework that provides greater predictability and recognition of foreign proceedings.