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The Singapore Academy of Law’s SOPA-Insolvency Law Reform subcommittee prepared this report which explores certain issues arising at the intersection of the statutory adjudication process under the Building and Construction Industry Security of Payment Act (“SOPA”) and Singapore’s insolvency and restructuring regime.
The report also addresses related questions regarding the validity of ipso facto clauses, since such clauses can have a significant impact in the industry.
Summary of Findings
Following its review, the subcommittee’s report recommends:
In the other areas it reviewed, having had regard to the competing interests at hand, the existing legal framework and the potential options for reform, the sub-committee supported maintaining the status quo.
Regarding ipso facto clauses, the subcommittee welcomes the proposed changes (via the Insolvency, Restructuring and Dissolution Act) to limit enforcement of such clauses, and recommends their adoption in full.
Project status: Completed
The report was published in April 2020.
Click here to view the full report.
Click on the image above to view the report