Transplanting Chapter 11 of the US Bankruptcy Code Into Singapore’s Restructuring and Insolvency Laws: Opportunities and Challenges

Journal of Corporate Law Studies, 2018, DOI/10.1080/14735970.2018.1491680

Posted: 28 Sep 2018

See all articles by Gerard McCormack

Gerard McCormack

University of Leeds

Wai Yee Wan

Singapore Management University - School of Law

Date Written: August 2018

Abstract

In 2017, Singapore introduced wide-ranging reforms to its insolvency and restructuring laws with a view to enhancing its attractiveness as an international centre for debt restructuring. Central to these reforms is the transplantation (with modification) of certain provisions from Chapter 11 of the US Bankruptcy Code including the automatic moratorium, cross-creditor cram-down, rescue financing and prepacks. Drawing upon the US experience and similar reform proposals in the EU (including the UK), we critically evaluate the impact of the new Singapore law. We argue that there remain challenges in ensuring that the transplantation works well and highlight the possible unintended consequences of such transplantation.

Keywords: Insolvency and Restructuring, Schemes of Arrangement, Chapter 11 of US Bankruptcy Code, Singapore, Pre-Packs

JEL Classification: K22

Suggested Citation

McCormack, Gerard and Wan, Wai Yee, Transplanting Chapter 11 of the US Bankruptcy Code Into Singapore’s Restructuring and Insolvency Laws: Opportunities and Challenges (August 2018). Journal of Corporate Law Studies, 2018, DOI/10.1080/14735970.2018.1491680. Available at SSRN: https://ssrn.com/abstract=3229638

Gerard McCormack

University of Leeds ( email )

Leeds, LS2 9JT
United Kingdom

Wai Yee Wan (Contact Author)

Singapore Management University - School of Law ( email )

55 Armenian Street
Singapore, 179943
Singapore

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