Jamus Lim on Insolvency, Restructuring and Dissolution (Amendment) Bill
Speaking in Parliament on Tuesday (Jan 7) in support of the Insolvency Restructuring and Dissolution (Amendment) Bill, MP Jamus Lim, however, questioned how much “bang for the buck” can be gained by further simplifying corporate bankruptcy in this manner. He also highlighted a “pressing need” to also consider whether individual bankruptcy proceedings can be simplified as well, urging the Ministry of Law to consider “analogous improvements” to the insolvency regime that applies not just to firms but also for households. “While we are here debating a permanent extension of the pandemic-era accommodations for corporate bankruptcy, I would urge the ministry to also do the same for individual bankruptcy,” said Mr Lim.
Speaking in Parliament on Tuesday (Jan 7) in support of the Insolvency Restructuring and Dissolution (Amendment) Bill, MP Jamus Lim, however, questioned how much “bang for the buck” can be gained by further simplifying corporate bankruptcy in this manner. He also highlighted a “pressing need” to also consider whether individual bankruptcy proceedings can be simplified as well, urging the Ministry of Law to consider “analogous improvements” to the insolvency regime that applies not just to firms but also for households. “While we are here debating a permanent extension of the pandemic-era accommodations for corporate bankruptcy, I would urge the ministry to also do the same for individual bankruptcy,” said Mr Lim.
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