Publication Type
Journal Article
Version
submittedVersion
Publication Date
1-2019
Abstract
In 2017, Singapore introduced wide-ranging reformsto its insolvency and restructuring laws with a view to enhancing itsattractiveness as an international centre for debt restructuring. Central tothese reforms is the transplantation (with modification) of certain provisionsfrom Chapter 11 of the US Bankruptcy Code including the automatic moratorium, cross-creditorcram-down, rescue financing and pre-packs. Drawing upon the US experience andsimilar reform proposals in the EU (including the UK), we critically evaluate theimpact of the new Singapore law. We argue that there remain challenges inensuring that the transplantation works well and highlight the possibleunintended consequences of such transplantation.
Keywords
Insolvency and restructuring, Schemes of arrangement, Chapter 11 of US Bankruptcy Code, Singapore, Pre-packs
Discipline
Asian Studies | Banking and Finance Law | Securities Law
Research Areas
Corporate, Finance and Securities Law
Publication
Journal of Corporate Law Studies
Volume
19
Issue
1
First Page
69
Last Page
104
ISSN
1473-5970
Identifier
10.1080/14735970.2018.1491680
Publisher
Taylor & Francis (Routledge): SSH Titles - no Open Select
Citation
MCCORMACK, Gerald and WAN, Wai Yee.
Transplanting chapter 11 of the US bankruptcy code into Singapore's restructuring and insolvency laws: Opportunities and challenges. (2019). Journal of Corporate Law Studies. 19, (1), 69-104.
Available at: https://ink.library.smu.edu.sg/sol_research/2777
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
https://doi.org/10.1080/14735970.2018.1491680