Singapore’s scheme of arrangement was very similar to that found in most Commonwealth countries. Over the last two decades the scheme has become a popular de facto debtor in possession regime in Singapore used to restructure the debts, both financial and trading, of insolvent companies. The courts have taken a leading role in this development. This success story has an unexpected twist recently. As part of its strategy to develop Singapore into an international centre for debt restructuring, the Government accepted the recommendations of a law review committee to bring in significant elements of the US Chapter 11: an automatic, wide-ranging moratorium, cross-class cram down, super priority lien and pre-packaged schemes. It will be argued that due to the significant differences between the insolvency laws of Singapore and US and the different conceptual framework of the scheme and Chapter 11, there will be a period of uncertainty or even instability while the courts work out ways to harmonise the two different bodies of law. This bold experiment has relevance beyond Singapore. It has close parallels in UK’s imminent reforms and, to a lesser extent, the European draft directive on restructuring.

中文翻译：

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将美国第11章注入英联邦计划的新加坡故事

新加坡的安排方案与大多数英联邦国家的方案非常相似。在过去的二十年中，该计划已成为新加坡流行的事实上的拥有权债务人，用于重组无力偿债公司的金融和贸易债务。法院在这一发展中起了主导作用。这个成功的故事最近有一个意外的转折。作为将新加坡发展成国际债务重组中心的战略的一部分，政府接受了法律审查委员会的建议，以引入美国第11章的重要内容：自动，广泛地暂停执行，跨阶级的减税，超级优先权留置权和预打包方案。将会争论的是，由于新加坡和美国的破产法之间的重大差异，以及该计划和第11章的不同概念框架，在法院制定出统一这两者的方法时，会有一段不确定甚至不稳定的时期。不同的法律体系。这项大胆的尝试与新加坡无关。它与英国即将进行的改革以及在较小程度上的欧洲重组指令草案具有相似之处。