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Singapore accepts recommendations to strengthen position as debt restructuring center
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In addition to the overall ranking, Singapore came in third - after Stockholm and Beijing - on the technology front. The Republic also came in fifth for having a culture that is friendly towards entrepreneurship and women-owned firms. (Shutterstock/-)
S
ingapore aims to strengthen its position as an international debt restructuring center to take advantage of the increase in crossborder trade and investment, Senior Minister of State for Law and Finance Indranee Rajah said on Wednesday.
To do so, Indranee announced that the Ministry of Law (MinLaw) has accepted 17 recommendations made by the Committee to Strengthen Singapore as an International Centre for Debt Restructuring.
The recommendations fall into three key areas. The first involves enhancing the legal framework for restructuring by creating customized rules and procedures, deepening the bench with specialist insolvency judges and increasing the use of alternative dispute resolution processes.
The second area of recommendation involves creating a restructuring friendly ecosystem through increased availability of rescue financing and strengthening the insolvency profession in Singapore.
The third area is to address the perception gap by raising international awareness of Singapore's restructuring capabilities with increased involvement in international insolvency organizations and providing thought leadership through research.
Said Indranee: "Singapore has a strong basis in the rule of law and a trusted judicial system which places the country in an advantageous position in offering debt restructuring services."
MinLaw said Singapore combines a convenient location, efficiency, expertise and a clear and certain legal framework for businesses to co-ordinate multi-jurisdictional restructuring.
