Best Restructuring & Insolvency Lawyers in Singapore

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Yuen Law LLC
Clarke Quay, Singapore

Founded in 2012
40 people in their team
English
Chinese
Lawsuits & Disputes Restructuring & Insolvency ADR Mediation & Arbitration +5 more
Yuen Law LLC is a highly accoladed Singapore law practice established in 2012. Our practitioners are highly experienced in sale and purchase of companies and assets, joint ventures, venture capital, corporate law, fintech regulations, disputes resolution, family law and trusts, and conveyancing....

English
Hoh Law Corporation @ Jurong East Central stands out as a trusted legal practice in Singapore, renowned for its broad spectrum of legal services and solutions. With expertise in family law, the firm provides comprehensive guidance on divorce and matters relating to matrimonial disputes, child...
City Hall, Singapore

English
Kalidass Law Corporation is a boutique law firm in Singapore specializing in criminal defense and related regulatory matters. Led by Kalidass Murugaiyan, a seasoned advocate with over 24 years of experience, the firm offers comprehensive legal services, including trial representation and advisory...
Themis Partner
Marina, Singapore

Founded in 2017
30 people in their team
English
Chinese
Themis Partner is a full-service law firm with a strong presence across Southeast Asia. Our team is known for delivering comprehensive legal services to businesses of all sizes, with a focus on providing practical and innovative legal solutions. With extensive experience in sectors like corporate...
Silvester Legal LLC
Clarke Quay, Singapore

Founded in 2018
10 people in their team
English
YOUR PARTNER, YOUR ALLY, YOUR ADVISOR. Silvester Legal LLC excels in disputes and corporate matters. We specialise in shareholders disputes. When you engage us, you engage a team that will provide you with proactive and strategic legal counsel to resolve your legal issues. For...

Legal guides written by Silvester Legal LLC:

  • The Liability of Directors for Company Insolvencies
  • Mediation: Keeping disputes out of court
  • Mediation: Parties get to meet early on
Tan Leroy & Associates
City Hall, Singapore

Founded in 2016
English
Established in 2016, Tan Leroy & Associates has evolved into a trusted multi-disciplinary law firm in Singapore, succeeding its predecessor founded in 2002. The firm offers a comprehensive suite of legal services tailored to meet the diverse needs of its clientele. Its practice areas encompass...
Avodah Advocates LLC
Thomson, Singapore

Founded in 2016
15 people in their team
English
Avodah Advocates LLC is a corporate and commercial law practice whose senior lawyers have more than 20 years of practice experience behind them. We help clients with commercial contracts, M&A, shareholder and director issues, Fintech business, Family business vehicles, risk management...
Advance Law LLC
City Hall, Singapore

Founded in 2013
English
Established in 2013, Advance Law LLC is a Singapore-based law firm dedicated to providing professional, trusted, and affordable legal services to individuals and families. With a team of over 50 professionals, including lawyers, paralegals, and support staff, the firm offers expertise in areas...
KGP LEGAL LLC
Tanjong Pagar, Singapore

Founded in 2018
10 people in their team
English
Founded in 2018, KGP Legal LLC is a Singapore-licensed corporate and commercial international law that provides seamless assistance to clients in Singapore, Hong Kong, China and Japan. It is a member firm of the InterAsia Law Alliance, a network of independent liaison law firms in the...
KELVIN CHIA PARTNERSHIP

KELVIN CHIA PARTNERSHIP

15 minutes Free Consultation
Harbourfront, Singapore

Founded in 1995
80 people in their team
English
Chinese
Japanese
Malay
Tamil
Tagalog
Burmese
Thai
Kelvin Chia Partnership is a commercial law firm established in Singapore since 1995 with an established regional presence through on-shore offices in Thailand, Myanmar, Vietnam, Cambodia and Indonesia. We have strong affiliations with law firms in the Philippines and Malaysia, and as an exclusive...
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About Restructuring & Insolvency Law in Singapore

Restructuring and insolvency law in Singapore deals with the legal processes available to businesses and individuals facing severe financial distress. This field encompasses measures that aim to help companies and individuals either recover and reorganise their financial affairs or, where recovery is not possible, to wind down their affairs in an orderly way. Singapore’s legal system provides a modern and business-friendly framework for both restructuring and insolvency, making it a leading hub in Asia for such matters. These laws strike a balance between creditor protection and giving viable businesses a chance to rehabilitate.

Why You May Need a Lawyer

There are various situations where legal assistance becomes crucial in restructuring and insolvency matters. Some common reasons include:

  • You are a business owner struggling with overwhelming debts and need advice on possible solutions.
  • Your business is facing legal action from creditors who are demanding payment.
  • You are considering placing your company under judicial management to attempt recovery.
  • There are disagreements among creditors or shareholders about the company’s future.
  • Your company is being threatened with winding up proceedings (liquidation).
  • You are an individual facing bankruptcy or need representation in a bankruptcy application.
  • You are a creditor seeking to recover debts from insolvent businesses or individuals.
  • You want to understand your rights and obligations as a director during financial distress.

A lawyer can provide tailored legal advice, represent you in court, assist with negotiations, and ensure that your interests are safeguarded throughout the process.

Local Laws Overview

Singapore’s key restructuring and insolvency laws are found in the Insolvency, Restructuring and Dissolution Act 2018 (IRDA). This legislation consolidates company insolvency, personal bankruptcy, and restructuring processes. Some important features of the Singapore regime include:

  • Restructuring Options: Schemes of arrangement and judicial management allow companies in distress to attempt rehabilitation.
  • Liquidation: Winding up procedures are available for companies that are no longer viable, overseen by a liquidator.
  • Cross-border Recognition: Singapore courts are empowered to assist in cross-border insolvency cases, following international best practices.
  • Personal Bankruptcy: There are separate processes for individuals, with thresholds for bankruptcy applications and clear procedures for discharge from bankruptcy.
  • Director Duties and Liabilities: Directors must act in the best interests of creditors when insolvency is likely. Misconduct or wrongful trading can result in personal liability.

Singapore’s legal system emphasises fairness, transparency, and efficiency during insolvency and restructuring, offering protection for creditors while enabling genuine attempts at business recovery.

Frequently Asked Questions

What is the difference between restructuring and insolvency?

Restructuring involves legal processes to help a financially distressed company or individual reorganise their affairs and return to viability. Insolvency refers to the inability to pay debts when they fall due, often leading to liquidation (for companies) or bankruptcy (for individuals).

When should a company consider restructuring?

A company should consider restructuring if it faces financial difficulty but has a realistic chance of surviving with changes to its debt, business model, or operations. Early intervention usually increases the likelihood of a successful restructuring.

What are the main restructuring tools in Singapore?

The primary restructuring options are schemes of arrangement and judicial management. Schemes of arrangement allow reorganisation of debts with creditor approval, while judicial management gives court-appointed managers control to attempt recovery.

What is the process for company liquidation?

Liquidation, or winding up, can be started by the company (voluntary) or by creditors through the court (compulsory). A liquidator is appointed to sell assets and distribute the proceeds to creditors based on legal priorities.

What happens to employees during insolvency?

Employees are typically entitled to salary and retrenchment benefits owed before other unsecured creditors. These claims are usually given priority up to specified limits under the law.

How does personal bankruptcy work in Singapore?

Individuals who owe at least the minimum threshold (currently S$15,000) and cannot pay may be made bankrupt by creditor application or their own application. The Official Assignee manages their assets to repay creditors, and discharged bankruptcy is possible over time under certain conditions.

Can a company continue trading during restructuring or insolvency?

In some restructuring processes, such as judicial management, limited trading is allowed if it benefits creditors and helps rehabilitation. During liquidation, trading usually ceases unless it is necessary to complete the winding up.

What are the duties of directors when a company is in financial distress?

Directors must act in the best interests of creditors, avoid wrongful trading, and ensure they do not incur further debts the company cannot pay. Breaching these duties can result in personal liability.

How are creditors’ rights protected in Singapore?

Creditors can participate in meetings, vote on restructuring proposals, and apply to court if they feel prejudiced. Secured creditors generally have priority claims on secured assets, and the law recognises their rights during insolvency proceedings.

Is cross-border insolvency recognised in Singapore?

Yes, Singapore follows internationally recognised rules and can offer assistance to foreign insolvency representatives. Local courts may also recognise foreign insolvency proceedings and grant relief as appropriate.

Additional Resources

If you need information or guidance about restructuring and insolvency in Singapore, consider reaching out to the following:

  • Insolvency Office (part of the Ministry of Law) - The government body responsible for overseeing bankruptcy and insolvency administration in Singapore.
  • The Law Society of Singapore - Can refer you to qualified lawyers experienced in restructuring and insolvency.
  • The Singapore Courts - The Supreme Court and State Courts provide information on insolvency procedures and resources for parties involved in cases.
  • Credit Counselling Singapore (CCS) - Offers debt management and credit counselling services, particularly helpful for individuals facing bankruptcy.

Next Steps

If you or your business is experiencing financial distress, it is important to seek professional legal advice as early as possible. Here are some steps to consider:

  • Consult with a lawyer who specialises in restructuring and insolvency to discuss your circumstances.
  • Gather all relevant financial documents and records before your consultation for a clearer assessment.
  • Consider alternative actions, such as informal negotiations with creditors or internal restructuring, where appropriate.
  • Follow all legal requirements and timelines for any court proceedings or statutory notices.

Early intervention can improve your chances of achieving a positive outcome. A qualified restructuring and insolvency lawyer will guide you through your options, protect your interests, and help you navigate the legal challenges ahead.

Lawzana helps you find the best lawyers and law firms in Singapore through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Singapore - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.