In 2017 Parliament aligned Singapore with other leading arbitration jurisdictions by embracing third-party funding as a viable method for increasing access to justice for parties involved in specific arbitration proceedings. Less than one year later, the market for third-party funding in Singapore has seen significant activity, and practitioners and clients alike are keen to explore the benefits and opportunities associated with third-party funding.
The much-anticipated Insolvency, Restructuring and Dissolution Bill was recently passed. The bill aims to ensure that Singapore's restructuring and insolvency laws remain relevant and progressive to support its position as a global restructuring hub. The bill also represents the last phase of implementing recommendations from the Insolvency Law Review Committee and the Committee to Strengthen Singapore as an International Centre for Debt Restructuring.
The Singapore High Court recently delivered a landmark decision on the question of public policy under the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency, as adopted by Singapore in the Tenth Schedule to the Companies Act (the Singapore Model Law). This is the first reported decision in which a Singapore court has been faced with the question of public policy in an application for recognition of a foreign insolvency proceeding.