Louis Ng on Insolvency, Restructuring and Dissolution (Amendment) Bill
The Insolvency, Restructuring and Dissolution (Amendment) Bill will reduce the use of public resources for what is a private matter between creditors and debtors, said MP Louis Ng in Parliament on Monday (Jan 9). He also sought clarifications on the Bill. He wanted to know how the Ministry of Law will ensure that there is effective oversight and quality of private trustees. Turning to accessibility to the bankruptcy process, he asked what will happen if no private trustee is reasonably available to act in the bankruptcy. Mr Ng also asked how the Ministry of Law will ensure that the insolvency ecosystem is equipped to keep up with the latest trends in the economy, such as cryptocurrency. With new asset classes spanning multiple jurisdictions, he wanted to know how Singapore is preparing for changing trends in bankruptcy, especially against the backdrop of high inflation.
The Insolvency, Restructuring and Dissolution (Amendment) Bill will reduce the use of public resources for what is a private matter between creditors and debtors, said MP Louis Ng in Parliament on Monday (Jan 9). He also sought clarifications on the Bill. He wanted to know how the Ministry of Law will ensure that there is effective oversight and quality of private trustees. Turning to accessibility to the bankruptcy process, he asked what will happen if no private trustee is reasonably available to act in the bankruptcy. Mr Ng also asked how the Ministry of Law will ensure that the insolvency ecosystem is equipped to keep up with the latest trends in the economy, such as cryptocurrency. With new asset classes spanning multiple jurisdictions, he wanted to know how Singapore is preparing for changing trends in bankruptcy, especially against the backdrop of high inflation.
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