Insolvency Committee

Old Dogs and New Tricks: Bringing Insolvency Law into the 21st Century

Session Synopsis:

A number of countries, including Singapore and India, have recently updated their antiquated, inflexible, liquidation-focused 20th century insolvency legislation to implement the best of 21st century norms and practices (“new tricks”). In doing so, these countries have drawn inspiration from the insolvency legislation and case law of countries (“old dogs”) such as Canada and the United States, whose legislation promotes restructuring and preserving businesses, gives significant powers to courts to achieve those objectives, and fosters international cooperation. Panellists will discuss how these updated insolvency laws have worked so far in practice, including provisions dealing with stays/moratoriums, debtor-in-possession funding, “cram down”, the UNCITRAL Model Law, and cross-border communication. Practitioners from both “old dog” and “new trick” countries will provide their perspective on what they see as the best aspects of these new insolvency laws, how the laws are likely to work in practice, and whether the new laws offer potential inspiration for countries with established insolvency regimes.



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