SICC’s Jurisdiction over Cross-Border Restructuring and Insolvency Matters

Singapore has been strengthening its position as a key nodal jurisdiction for cross-border restructuring and insolvency. This includes the establishment of the Singapore International Commercial Court (“SICC“) to handle international commercial disputes, the adoption of the UNCITRAL Model Law on Cross-Border Insolvency, and the introduction of the Insolvency, Restructuring and Dissolution Act.

This process continues with amendments to the laws to provide that the SICC has jurisdiction over international restructuring and insolvency matters. These amendments come into effect on 1 October 2022. This development is expected to further enhance Singapore’s capabilities and attractiveness as a forum of choice for cross-border insolvency. In this Update, we highlight the key amendments, and how they will affect the framework for cross-border restructuring and insolvency in Singapore.