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International Recognition Of Singapore´S New Restructuring Framework, Aurelio Gurrea-Martinez
International Recognition Of Singapore´S New Restructuring Framework, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
In the past years, Singapore has modernized its insolvency framework with the purpose of becoming an international hub for debt restructuring. One of the most significant reforms has affected the Singapore Scheme of Arrangement (SSoA). Under the new SSoA, debtors are allowed to remain in possession leading the restructuring process while enjoying the protection of an automatic moratorium with worldwide effects as well as a variety of tools imported from the US Chapter 11, including the availability of DIP financing, the restriction of ipso facto clauses, and a cross-class cramdown. Therefore, the new SSoA differs significantly from the typical scheme …