Law Ministry Looking Into Omnibus Insolvency Law
Law Minister Professor S. Jayakumar told Parliament that the Law Ministry is looking at introducing an omnibus insolvency legislation that will cover both companies and individuals.
Professor Jayakumar said the Official Assignee and Official Receiver had formed an Omnibus Insolvency Legislation Committee last year to review Singapore's insolvency laws.
The committee is also studying the feasibility of introducing the approach in Chapter 11 of the US Bankruptcy code for companies, as well as Chapter 13 for individuals.
Professor Jayakumar said he hoped the omnibus legislation may be ready by the end of the year.
Professor Jayakumar said the Official Assignee and Official Receiver had formed an Omnibus Insolvency Legislation Committee last year to review Singapore's insolvency laws.
The committee is also studying the feasibility of introducing the approach in Chapter 11 of the US Bankruptcy code for companies, as well as Chapter 13 for individuals.
Professor Jayakumar said he hoped the omnibus legislation may be ready by the end of the year.
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