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Reforming Company Law in Singapore

Walter Woon SC

(2011) 23 SAcLJ 795

The Companies Act of Singapore is a patchwork quilt of provisions drawn from English and Australian legislation, with a sprinkling of sections inspired by other jurisdictions like Canada, New Zealand and Hong Kong, substantially modified by locally-drafted legislation. The Steering Committee for Review of the Companies Act was tasked with considering how the Act may be streamlined and made more coherent. After much consultation and deliberation, the Steering Committee presented its final report to the Minister of Finance in April 2011. This article describes the major reforms recommended by the Steering Committee.