15-16 December 2022
Asian Development Bank Headquarters, Manila, The Philippines
Background and objective: A well-functioning insolvency system is essential for the competitiveness and growth of an economy. Yet, many countries in Asia and the Pacific still have inefficient insolvency frameworks. The lack of an attractive legal, market and institutional environment to deal with financial distress may hamper entrepreneurship, access to finance and economic growth. Additionally, a weak insolvency framework may increase the level of non-performing loans in the banking sector. If so, it can end up jeopardizing the stability of the financial system and even lead to sovereign debt issues. To address those problems while facilitating economic recovery in the post-pandemic world, this event will seek to analyze how countries in Asia and the Pacific can strengthen their insolvency and restructuring frameworks. To this end, the event will discuss modern trends and developments in corporate restructuring and insolvency and how an insolvency system should be designed or improved taking into account the legal, market and institutional features existing in a particular jurisdiction.
Organizers: Asian Development Bank, Singapore Management University, Singapore Global Restructuring Initiative, University of Chicago Law School’s Center on Law and Finance, University of Cambridge’s Centre for Corporate and Commercial Law, INSOL International.
Format: Hybrid event
Audience: The event will be open to regulators, judges, government officials and central banks from all over the world. An invitation-only policy will apply to the rest of participants joining us in person. For virtual attendance, the event will be open to any interested participant.
Programme: available here
Pre-conference booklet: available here
3 March 2021, Wednesday
3.00pm to 4.15pm
Micro, small and medium-sized enterprises (MSMEs) represent the vast majority of businesses in most countries. Despite their economic relevance, most jurisdictions do not provide an attractive insolvency framework for MSMEs. With COVID-19 hitting MSMEs the hardest, many countries are accelerating the process of implementing an efficient insolvency framework for these businesses.
Organised by the Asian Business Law Institute and the Singapore Global Restructuring Initiative, this webinar will provide an overview of the insolvency reforms for MSMEs happening in various countries globally, including Australia, Myanmar and Singapore. It will also analyse the primary policy recommendations suggested by the World Bank and UNCITRAL, as well as the role of lawyers, mediators, financial advisors and insolvency practitioners in the resolution of a situation of financial distress of MSMEs.
2 February 2021, Tuesday
1.00pm (GMT) / 9.00pm (Singapore time)
- Justice Kannan Ramesh (High Court, Singapore)
- Dr Aurelio Gurrea-Martínez (Singapore Management University)
- Mr Sushil Nair (Drew & Napier, Singapore)
The webinar was jointly organised by the Singapore Global Restructuring Initiative (SGRI) and the University of Cambridge's Centre for Corporate and Commercial Law (3CL). During the event, Justice Kannan Ramesh presented the Asian Principles on Business Restructuring project conducted by the International Insolvency Institute and the Asian Business Law Institute. Then, the Head of the SGRI, Dr Aurelio Gurrea Martínez, provided an overview of the SGRI and one of the specific research projects conducted by the SGRI (Insolvency Law in Times of COVID-19), with particular focus on how Singapore and other countries in the Asia-Pacific are amending their insolvency frameworks as a response to the COVID-19 crisis. The event concluded with some comments provided by Mr Sushil Nair about the future and challenges of corporate restructuring in Asia, followed by a discussion between the panellists and other academics, judges and practitioners joining the event.
The recording of the event can be found here.
The speech delivered by Justice Kannan Ramesh is available here.