Corporate Rescue Law in Singapore and the Appropriateness of Chapter 11 of the US Bankruptcy Code as a Model
(2008) 20 SAcLJ 396
This article looks at some of the main features of Chapter 11 of the US Bankruptcy Code and considers their appropriateness for adoption in the Singaporean context. Chapter 11 deals with the reorganisation of ailing businesses though there is no formal insolvency requirement before a company can file for Chapter 11 protection. The nearest statutory equivalent to Chapter 11 in Singapore is perhaps judicial management under s 227 of the Companies Act or perhaps judicial management coupled with a s 210 scheme of arrangement. The article begins by endeavouring to explore the underlying objectives of corporate rescue law. This is followed by a look at the main features of Chapter 11. Some specific features of Chapter 11 are then considered with a view to their possible adoption in the Singaporean context.