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.

摘要

2017年，新加坡对其破产和重组法律进行了广泛的改革，以增强其作为国际债务重组中心的吸引力。这些改革的核心是移植（修改）《美国破产法》第11章中的某些规定，包括自动暂停执行，跨债权人清算，救援融资和预包装。借鉴美国的经验和欧盟（包括英国）的类似改革建议，我们严格评估新新加坡法律的影响。我们认为，在确保移植效果良好方面仍然存在挑战，并强调了这种移植可能带来的意想不到的后果。