Menyatukan hukum kepailitan perorangan dan korporasi serta restrukturisasi utang Singapura dalam satu undang-undang omnibus: manajemen yudisial, skema perdamaian dan moratorium, likuidasi, dan kepailitan perorangan.
Consolidates Singapore's personal and corporate insolvency and debt-restructuring laws into a single omnibus statute: judicial management, schemes of arrangement and moratoria, winding up, and personal bankruptcy.
Strengthens Singapore's position as a debt-restructuring hub; administered by the Ministry of Law.
Undang-Undang ini menyatukan hukum kepailitan perorangan dan korporasi serta restrukturisasi utang Singapura, yang sebelumnya tersebar di beberapa undang-undang, ke dalam satu undang-undang omnibus.
The Act consolidates Singapore's personal and corporate insolvency and debt-restructuring laws, previously spread across several statutes, into a single omnibus Act.
Manajemen yudisial menempatkan perusahaan yang tidak atau kemungkinan tidak mampu membayar utang, tetapi masih dapat dipulihkan, di bawah seorang manajer yudisial demi kelangsungannya atau pencairan asetnya yang lebih menguntungkan daripada likuidasi.
Judicial management places a company that is or is likely to be unable to pay its debts, but which may be rehabilitated, under a judicial manager with a view to its survival or a more advantageous realisation of its assets than on a winding up.
Perusahaan dapat mengajukan skema perdamaian dengan para kreditornya dan memohon moratorium yang menahan tindakan dan proses hukum terhadapnya selama skema disusun, guna menunjang restrukturisasi usaha yang masih layak.
A company may propose a scheme of arrangement with its creditors and apply for a moratorium restraining actions and proceedings against it while the scheme is formulated, supporting the restructuring of viable businesses.
