Zone of Insolvency

Zone of Insolvency

Category Archives: Singapore

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UNCITRAL Academy 2021 Webinar: Potential Uses of Mediation in Debt Restructuring and Insolvency

Posted in Australia, Singapore

Webinar

Global | September 08, 2021 | 09:00 – 17:30 AWST


On 8 September 2021, Norton Rose Fulbright Partner and Australian Chair, Scott Atkins spoke on a panel at the inaugural United Nations Commission on International Trade Law (UNCITRAL) Academy, as part of Singapore Convention Week 2021. The event, held annually, is co-organised by the Singapore Ministry of Law and UNCITRAL to celebrate the Singapore Convention on Mediation coming into force on 12 September 2020. Scott spoke in his capacity as INSOL President.

The panel focused on the potential uses of mediation in debt restructuring and insolvency and continues … Continue Reading

2021 World Bank & INSOL International’s Legislative & Regulatory Group: COVID-19 response and the challenges ahead

Posted in Australia, Canada, Europe, Latin America, Singapore, UK, US

This article was first published on the Private Sector Development Blog on July 27, 2021. The article is co-authored with Mahesh Uttamchandani (Practice Manager, Financial Inclusion, Infrastructure & Access in the Finance, Competitiveness, and Innovation Global Practice, World Bank Group) and Andrés F. Martínez (Chair, World Bank/INSOL International Legislative and Regulatory Group).

COVID-19 continues to present a variety of unique challenges for insolvency regulators and lawmakers worldwide. In March 2020, closing borders and widespread uncertainty underscored a crisis, prompting authorities around the world to devise and rapidly roll out measures designed to shield businesses, financial institutions and individuals against … Continue Reading

Scott Atkins appointed President of INSOL International

Posted in Australia, Canada, Europe, Latin America, Singapore, UK

INSOL International is delighted to announce that Norton Rose Fulbright’s Scott Atkins has been appointed INSOL President, succeeding Julie Hertzberg.

An INSOL Fellow, having been part of the inaugural class in 2008, Scott has been heavily involved with INSOL for almost 15 years, and a Board member since 2014. Scott was a driving force behind INSOL’s Taskforce 2021 and its initiatives which included the establishment of a physical presence in the Asia Pacific region; the launch of an on-line qualification; and the development of a forum for legislators and regulators to consider restructuring and insolvency matters.

Read more on Scott Continue Reading

Litigation trends survey

Posted in Australia, Canada, Europe, Singapore, UK, US

16th Annual Litigation Trends Survey ReportFieldwork for Norton Rose Fulbright’s sixteenth annual litigation trends survey was conducted in December 2020, providing up-to-date insights on key US disputes trends across a tumultuous year and a look ahead into 2021.

View our sixteenth annual litigation trends survey here for insights from 183 corporate counsel on disputes trends, the impact of COVID-19 on litigation, emerging dispute sources, and more.… Continue Reading

The Insolvency, Restructuring and Dissolution Act 2018 – Reforming the law on contractual remedies

Posted in Bankruptcy Courts, Involuntary Bankruptcy, Singapore

On 30 July 2020 Singapore’s new “omnibus” Insolvency, Restructuring and Dissolution Act 2018 (the Insolvency Act) came into effect. This marks the third phase in recent years to strengthen Singapore’s restructuring and insolvency laws.

The Insolvency Act consolidates the laws on insolvency, bankruptcy, restructuring and dissolution into a single enactment and introduces a number of changes to the restructuring and insolvency framework in Singapore including: (i) the introduction of a new licencing and regulatory regime for insolvency practitioners (liquidators, judicial managers and receivers); and (ii) enhancing the judicial management provisions to allow for a company to place itself into … Continue Reading

Don’t panic this pandemic: new safe harbours for directors in COVID-19

Posted in Australia, Singapore, UK

In recognition of the significant economic impact of COVID-19, several jurisdictions have passed (or propose to pass) legislation to provide temporary relief for directors of businesses in financial distress, and hopefully mitigate some of the economic effects of the COVID-19 pandemic.

Australia

Relevant Act: Coronavirus Economic Response Package Omnibus Act 2020 (Cth)

Length of Grace Period: 6 months from 25 March 2020 (unless extended by legislative instrument)

The minimum debt which can form the basis for a statutory demand has been increased from AU$2,000 to AU$20,000. The period within which the debt must be paid or an application made to … Continue Reading