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PR Newswire
21-10-2019, 09:09 PM
Enhancing protection for minorities during times of corporate distress
Mon, Oct 21, 2019 - 5:50 AM
SECTION 211B of the Singapore Companies Act was amended in 2017 as part of a major overhaul of Singapore's corporate restructuring and insolvency laws in order to make it easier for companies, especially those with creditors from around the world, to be rescued and rehabilitated. The move was part of a concerted effort by local authorities to boost Singapore's bid to position itself as a global debt restructuring hub.
The Securities Investors Association Singapore (Sias) would like to propose two initiatives that would complement this bid.
First, since Sias has been actively involved in the debt restructuring efforts of several financially troubled companies over the past few years and has amassed considerable experience in this area, a mechanism should be installed whereby companies have to approach Sias when they find themselves in need of restructuring and at the same time, Sias is granted official standing to act on behalf of stakeholders in court.
Second, consideration should be given to setting up a fund or insurance policy that would provide money for legal and financial advice for investors, who typically are left to fend for themselves when companies they have invested in find themselves in financial distress.......
https://www.businesstimes.com.sg/compani...e-distress
Mon, Oct 21, 2019 - 5:50 AM
SECTION 211B of the Singapore Companies Act was amended in 2017 as part of a major overhaul of Singapore's corporate restructuring and insolvency laws in order to make it easier for companies, especially those with creditors from around the world, to be rescued and rehabilitated. The move was part of a concerted effort by local authorities to boost Singapore's bid to position itself as a global debt restructuring hub.
The Securities Investors Association Singapore (Sias) would like to propose two initiatives that would complement this bid.
First, since Sias has been actively involved in the debt restructuring efforts of several financially troubled companies over the past few years and has amassed considerable experience in this area, a mechanism should be installed whereby companies have to approach Sias when they find themselves in need of restructuring and at the same time, Sias is granted official standing to act on behalf of stakeholders in court.
Second, consideration should be given to setting up a fund or insurance policy that would provide money for legal and financial advice for investors, who typically are left to fend for themselves when companies they have invested in find themselves in financial distress.......
https://www.businesstimes.com.sg/compani...e-distress