Cross-Border Insolvency Act (Singapore)

The Cross-Border Insolvency Act in Singapore facilitates the handling of insolvency cases that involve international aspects. It allows foreign insolvency representatives to work within Singapore's legal framework, making it easier for companies that have debts in multiple countries to resolve their financial issues. The Act promotes cooperation between Singapore and other countries, ensuring that creditors are treated fairly and that insolvency proceedings are coordinated effectively across borders. This helps to streamline the process, protect assets, and ultimately aims to maximize returns for creditors while providing a fair outcome for the debtor.