Beginner’s Guide to Choosing Your Best Insolvency and Restructuring Lawyers in Singapore
Business and commerce go hand-in-hand with fiscal challenges and are key components of the economic ecosystem. Set against a global and borderless backdrop, the laws governing financial disputes are complex, multifaceted, and constantly changing. It requires the keenest legal minds, and anyone who fails to embrace this truth ends up paying a high price. The only way to come out tops is to engage the best insolvency and restructuring lawyers in Singapore.
Singapore is easily recognisable as a dynamic and international hub for commerce. It is home to Fortune 500 companies, MNCs (multinational corporations), global banks, as well as tech giants, amongst others. The city-state’s pro-business environment, world-class infrastructure, solid governance, and ease of doing business continue to attract entrepreneurs and investors in droves. Not surprisingly, its financial framework and laws are of an international standard, especially in areas of restructuring and insolvency.
Complex in scale and application, dispute resolution in this area is truly the province of top-tier legal practitioners. Throw in a mix of multiple jurisdictions requiring cross-border solutions, and there’s no settling for second best. That’s one of the main reasons the selections on our list truly represent the industry’s best firms. With the right experience, expertise, and proven track record of success, these attorneys are just what you need.
What Are Insolvency and Restructuring Lawyers?
Financial disputes involve individuals, corporations, or institutions unable to meet their fiscal obligations and face the prospect of legal action. Insolvency and restructuring lawyers’ work concerns such matters and may involve non-litigious or litigious action. The nature of their job is to offer the best legal solution for clients facing financial difficulties. Their clients can consist of any of the following:
- Financial Institutions
- Scheme Administrators
- Liquidators and Receivers
- Insolvency Practitioners
While they do have work in common, insolvency and restructuring entail different scopes of expertise. A client would need a restructuring lawyer as a preventive measure, especially during the initial stage of negotiations. These attorneys focus on avoiding insolvency and will propose solutions that best manage debt repayment. Their skills lie in negotiations, drafting agreements, planning repayment schedules, etc., in a non-contentious manner.
The opposite applies to insolvency lawyers as they engage in every phase of a client’s insolvency process. Insolvency occurs when clients cannot pay their debts, which can lead to bankruptcy, liquidation, etc. Further, the nature of an insolvency attorney’s work is usually contentious. They will need to ‘hammer out’ the best agreement for their client with regard to receivership, administration, etc.
The law in this area falls under the Insolvency, Restructuring, and Dissolution Act 2018 (IRDA). The Act reforms, consolidates, and enhances the legal framework into a single dynamic regime promoting a higher international standard. As such, the best insolvency and restructuring lawyers in Singapore are experts who offer the following services, amongst others:
- Asset recovery
- Financial disputes
- Garnishee Orders, executory contracts, etc.
- Bankruptcy, exit financings, etc
- Corporate and individual insolvencies
- Business advisory, loan recovery, etc
- Insolvency rescues
- Debt restructuring and workouts
- Receivership, liquidation, winding up, etc.
- Cross-border insolvency
Why Do You Need Insolvency and Restructuring Lawyers?
Insolvency and restructuring attorneys play a critical role in any financial dispute where obligations become due. They can help restructure debt to avoid insolvency and ensure repayments are manageable. When statutory proceedings become unavoidable, such attorneys will represent the insolvent individual or company to get the best resolution possible. Hence, a reliable lawyer can turn the tide from an untenable position to one that is manageable.
The work requires extensive knowledge of many legal fields and access to specialists in other disciplines, such as banking, etc. Urgent financial distress also requires an attorney to provide solutions swiftly to minimise the fiscal impact or fallout. It takes a lawyer with skill, experience, and a solid network to manage the numerous requirements successfully. From re-profiling a debt to realising and distributing assets, it simply makes good sense to engage professional help.
Reliable attorneys will have the determination to succeed with the endurance to deal with difficult or intimidating creditors or debtors. It takes fortitude to handle insolvency and restructuring – there’s a mountain of paperwork and challenges to face. This can include, amongst others, reorganisation or management of financial liability and advising on the valuation or sale of assets. When the matter becomes contentious, attorneys will need to handle filings and represent their clients in court.
Further, many businesses in Singapore have a global footprint, and challenges can occur when the matter involves cross-border transactions. Novel issues such as different time zones and multiple legal jurisdictions are just the tip of the iceberg. Being astute and knowledgeable in a commercial and legal framework of international dimensions is necessary. Engaging a competent legal professional becomes critical if you want to manage the labyrinth of cross-border financial distress successfully.
Where Should I Find the Best Insolvency and Restructuring Lawyers?
Meeting expectations and delivering results in financial disputes and distress requires a particular type of expertise. Ideally, you’ll want attorneys who are knowledgeable in law, business, and finance with solid international commercial awareness. They’ll need to have exceptional communication and litigation skills and the ability to make intuitive judgement calls. A proven track record and experience are also essential.
Additionally, each client or case is unique, and this requires the ability to offer comprehensive and customisable strategies. It requires the skills to align and orientate clients’ objectives with realistic and sustainable outcomes. Only the best insolvency and restructuring lawyers in Singapore will be able to offer tailor-made solutions and strategies.
It may seem daunting, but this is an essential checklist for any reliable restructuring and insolvency lawyer. The names on our Top 10 list diligently and competently meet these criteria and specialisation. Spotless track records and years of industry experience shine through, thereby cementing their position as industry leaders. Navigating to a successful solution becomes seamless with these restructuring and insolvency attorneys by your side.