Mr Chan Yee Hong
Financial Advisory, Insolvency & Restructuringyeehongchan@nexiats.com.sg
The Insolvency, Restructuring and Dissolution Bill was passed in Singapore on 1 Oct 2018 and has since attracted much interest in the international insolvency community. Amidst this hype, Nexia TS, Smith and Williamson and Nexia International co-organized the Nexia 10th Turnaround Restructuring Insolvency (TRI) Conference in Singapore on 24 June.
Leading lawyers from international law firms, insolvency practitioners and bankers from fortune 500 companies including RHTLaw Taylor Wessing, Rajah & Tann, Nair & Co, Forbes Asia, The CFO Centre and IBM were invited to share and discussed current issues and challenges on insolvency and debt restructuring at the national, regional and global level.
The one-day conference, which was attended by more than 100 member firms, covered a spectrum of cross-border topics including: The Insolvency Restructuring and Dissolution Act – Key Changes to Singapore’s Insolvency Laws, Third Party Releases in the Schemes of Arrangement, Restructuring Through the Lens of a CFO, Restructuring Landscape Locally/globally, Singapore as Leading International Business/financial Centre and International Debt Restructuring Centre – A Lawyer’s Perspective, Fraud and Financial Crime and etc.
With this new Bill, Singapore will further augment its position as a global financial centre. According to World Bank Annual Report 2018, Singapore was ranked second in the world for ease of doing business, ahead of Denmark and Hong Kong in third and fourth places respectively, as shared by Henry Tan, Group CEO and Chief Innovation Officer, Nexia TS in his opening address. He further added that Singapore’s economy has grown by 3.1% while Gross Domestic Product (GDP) totalled S$491,175 million in 2018.
While China on the other hand, has its traction for substantial foreign direct investment in the region. The increase in cross-border trade in multiple jurisdictions is inevitable. Chan Yee Hong, Director of Financial Advisory, Insolvency & Restructuring, Nexia TS shared in detailed about the ‘Enterprise Bankruptcy Law’ as he presented on Insolvency Regime in China.
The conference was well-concluded by a diverse group of panellist that brought together financial, operational and legal expertise from across the global network of Nexia independent member firms. The session that was moderated by Head of TRI Group, Greg Palfrey, where practical issues and solutions were discussed to better support global clients, international businesses and their advisers in times of operational challenges and financial distress.
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