In the news – SICC’s “bold and significant” rule changes lauded by practitioners (Global Restructuring Review)
Read on for DHC Capital’s insights in the GRR article on the establishment of new rules allowing the Singapore International Commercial Court (“SICC”) to have jurisdiction over international restructuring and insolvency proceedings under the Insolvency, Restructuring and Dissolution Act 2018 with effect from 1 October 2022.
Key takeaways:
The rule changes position Singapore as a nodal jurisdiction – “the rule changes enhance and strengthen Singapore as a debt restructuring hub and central node” and “any enhancement increases the opportunities for local practitioners”
The changes improve the restructuring and insolvency infrastructure in Singapore – “the increased role of SICC is a further step in developing the restructuring and insolvency infrastructure in Singapore with a particular focus on mid to large scale international restructuring and insolvency cases” and “As companies expand regionally and globally, this provides additional options to use SICC as a central node for a Singapore led restructuring.”
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