Legislative reforms are on the horizon for Singapore’s restructuring framework, with proposals to lower creditor approval thresholds and extend the cross-class cramdown mechanism to shareholders. If implemented, these changes would represent a significant development in the scheme of arrangement regime, enhancing its effectiveness in addressing holdouts and facilitating more efficient restructurings.

In the Singapore chapter of the Global Restructuring Review - Asia Pacific Restructuring Review 2026, our Restructuring & Insolvency Partners Lionel Leo, Joel Chng, Muhammed Ismail Noordin and Eden Li, examine the evolution of the cross-class cramdown from theory to practice. The chapter also analyses the statutory safeguards under the Insolvency, Restructuring and Dissolution Act, the lessons from Singapore’s first court-approved cramdown in 2025, and the implications of anticipated reforms for both creditors and shareholders.

Our Partners explore how these developments reflect Singapore’s commitment to aligning its insolvency and restructuring laws with international best practices, while ensuring fairness and efficiency in complex restructurings.

Click below to read the full chapter.