28 April 2020
Changes to restructuring laws and practices in Singapore and Japan
In response to business failures already happening around the world and anticipating bankruptcy filings to continue to rise, many jurisdictions across the world have passed legislation to introduce temporary changes to their insolvency laws to provide relief measures. Some jurisdictions have tweaked practices on the ground without making formal changes to the law.
In April, ABLI and its contributor wrote two articles for LexisNexis PSL to introduce such developments in Singapore (the first category where legislative changes are passed) and Japan (the second category where ground operations are tweaked despite no revision to the law).
Coronavirus (COVID-19) Singapore insolvency reforms COVID-19 (Temporary Measures) Bill, written by the Secretariat, is available here.
Tweaks to ground operations for bankruptcy proceedings in Japan in light of COVID-19, authored by Yosuke Kanegae , can be read here. Mr Kanegae is also a co-author of the Japan report in Corporate Restructuring and Insolvency in Asia 2020, ABLI's third publication.
ABLI will continue to monitor developments in this field. For the impact of Covid-19 on the legal industry across Asia, one can refer to our Covid-19 news aggregator here.