Recognition and Assistance of Foreign Insolvency Proceedings: A Comparison of Singapore’s Model Law Regime with the Approaches of the BVI, Cayman and Bermuda Courts

In 2017, Singapore incorporated the UNCITRAL Model Law on Cross-Border Insolvency (the 'Model Law') into its domestic legislation,1 providing a comprehensive and structured framework for the recognition and assistance of foreign corporate insolvency proceedings. By contrast, the offshore jurisdictions of the British Virgin Islands, the Cayman Islands, and Bermuda have not adopted the Model Law. Each relies on its own domestic statutory mechanisms and common law principles. The Singapore Model Law regime thus provides a useful reference point against which to examine the more varied approaches taken in the BVI, Cayman and Bermuda. This article offers a comparative analysis of the recognition regimes with a view to identifying the practical tools available to insolvency practitioners seeking recognition and assistance in these jurisdictions. This article addresses certain aspects of Singapore law for general informational purposes only. Harney Westwood & Riegels do not practise Singapore law and its contents should not be construed or relied upon as legal advice on Singapore law. Download the PDF to read the full article. This article first appeared in Volume 22, Issue 5 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing - www.chasecambria.com