Programme Day 1
The Singapore Insolvency Conference 2026 brings together leading practitioners, judges, and policymakers across two full days of expert-led sessions, panel discussions, and networking opportunities.
In this session, we discuss the developments in the restructuring and insolvency regime since the collapse of Pan-Electric Industries Limited on 30 November 1985, which resulted in the closure of the Singapore and Kuala Lumpur stock exchanges from 2 to 4 December 1985.
This marked the first and only time that the Singapore stock exchange had closed due to a trading emergency, and led to a tightening of the regulatory framework and also the introduction of the judicial management regime.
The restructuring and insolvency landscape has undergone significant changes in the last 40 years, and we discuss on a macro-level the what, why, and how in this fireside chat with esteemed members of the restructuring and insolvency community.
Justice Aidan Xu was appointed Judicial Commissioner in 2014 and High Court Judge in 2017.
Justice Xu holds degrees in law and public management from the National University of Singapore (NUS), and obtained the BCL from Oxford University.
He began his working life as a Justices' Law Clerk in 1997. He then taught at the Faculty of Law, NUS, before re-joining the Singapore Legal Service, where he has held various appointments, including as Chief Prosecutor at the Attorney-General's Chambers.
He has also been seconded to the Monetary Authority of Singapore (MAS) twice. He was appointed Senior Counsel in 2012.
Currently, he is the Judge in charge of Transformation and Innovation in the Judiciary, and is also Chair of the Promotion of Legal Technology Innovation Committee of the Singapore Academy of Law.
Mr Leong Kwang Ian has served in the Singapore Legal Service since 2000. His experience spans prosecution, civil advisory, as well as public international law in the Attorney-General's Chambers.
He has also served as an Assistant Registrar of the Supreme Court, as well as Director Legal Policy at the Ministry of Law. He has spent the last decade leading legal teams in the Ministry of Home Affairs and the Ministry of Defence.
In 2026, Kwang Ian was appointed the Official Assignee and Official Receiver of Singapore.
Yoh Chuang began his career in audit with one of the Big 4 accounting firms before transitioning to specialise in insolvency during Singapore's 1985 recession.
In 1995, he joined RSM Singapore, establishing the firm's Restructuring & Forensics division.
Yoh Chuang is experienced in a diverse range of insolvency matters, including corporate restructuring, financial workouts, judicial management, receivership, liquidation, and personal bankruptcy.
He has also been actively involved in forensic investigations related to fraud, embezzlement, and falsification of accounts.
In addition to his restructuring and forensic work, Yoh Chuang serves as an expert witness in court and arbitration proceedings involving divorce, commercial disputes, fraud allegations, and claims for losses and damages both domestically and internationally.
Lee Eng Beng, SC is a Senior Partner of Rajah & Tann Singapore and the Chairperson of Rajah & Tann Asia, one of the largest legal networks in Southeast Asia.
Eng Beng joined Rajah & Tann as a Partner in 1998. From 2003 to 2009, he was the Head of the firm's Business Finance and Insolvency Practice, now known as the Restructuring & Insolvency Practice.
He was appointed Senior Counsel in 2008 and assumed the position of Deputy Managing Partner in 2009, and Managing Partner from 2010 to 2019.
Jo specialises in cross-border restructuring and insolvency, and high-value local debt restructuring matters (schemes and judicial management). Jo is extensively involved in advising financial institutions and private funds on debt enforcement and restructuring regimes in Singapore. She also regularly advises on insolvency-related issues in structured finance transactions.
Jo is actively involved in the local and international insolvency community and has taken on leadership roles in the International Insolvency Institute’s NextGen Leadership Programme, IWIRC (Singapore Network), as well as the Insolvency Practitioners Association of Singapore’s Young Insolvency Practitioners’ Committee. She is also a member of the Committee to Enhance Singapore’s Corporate Restructuring and Insolvency Regime (2025).
Singapore introduced major reforms to its debt restructuring framework, subsequently incorporated into the Insolvency, Restructuring and Dissolution Act 2018 (IRDA), which came into effect on 30 July 2020.
Drawing inspiration from the US Chapter 11 regime, the reforms were designed to strengthen Singapore's position as a leading debt restructuring hub through a "turbo-charged" scheme of arrangement framework featuring automatic and worldwide moratoriums, pre-packaged schemes and super-priority rescue financing.
Nearly a decade after the introduction of these reforms, how successful has the regime been? What lessons have emerged from completed restructurings, and what may be required to increase its effectiveness and adoption?
This panel will discuss:
- Where are we now? An overview of the current legal framework and key developments from completed schemes of arrangement.
- Lessons learned. Practical insights based on real-life cases.
- What’s next? What can be done to increase the usage of the scheme of arrangement framework? Will Singapore be seeing more pre-pack schemes versus traditional schemes? How effective is the moratorium in practice, and does it create opportunities for abuse? How can roll-up rescue financing be used more effectively?
David brings over 29 years of experience in restructuring, turnaround, interim management and corporate finance. His career spans advisory roles at Ernst & Young and Arthur Andersen, investment banking at Morgan Stanley, and senior positions as Chief Restructuring Officer, Chief Financial Officer and board member of distressed companies. He advises corporates, creditors and investors across debt restructuring, operational turnaround, rescue financing, distressed M&A and recapitalisations. David founded 363Xchange, a technology-driven marketplace for distressed assets and special situations. He is also a member of the Singapore PGA and competes in senior professional golf tournaments across Southeast Asia.
Ismail advises debtors, creditors, lenders and investors on complex formal and out-of-court restructurings, special situations financing and related transactions. His experience includes advising liquidators and judicial managers during insolvency proceedings, as well as handling internal reorganisations and cross-border transactions. Ismail is recognised for his work in restructuring and insolvency, including being named a “Highly Regarded” practitioner by IFLR1000 and a “Notable Practitioner” by Asialaw.
Joshua Taylor is a Managing Director with Alvarez & Marsal Restructuring in Singapore. With over 20 years of experience working in Australia, the Caribbean, and Asia, Mr. Taylor specializes in insolvency and restructuring. He has experience with formal appointments, such as liquidator, receiver, judicial management, and scheme of arrangement, as well as out-of-court processes.
Mr. Taylor has advised boards with respect to their obligations, along with restructuring plan formulation and execution. He has also acted for creditors/investors with respect to enforcement in multiple jurisdictions for the purpose of maximizing returns, as well as providing restructuring advice to assess and implement restructuring plans. Mr. Taylor has deep expertise in contentious insolvency matters, alongside broad industry experience in agriculture, real estate, manufacturing, commodities, construction, and maritime.
Lauren is an experienced commercial litigator specialising in restructuring, insolvency and sanctions. Known for her pragmatic and innovative approach, she helps clients navigate complex legal challenges. Her experience includes securing a scheme moratorium following the 2017 amendments to Singapore’s Companies Act, advising on an early pre-pack scheme under the Insolvency, Restructuring and Dissolution Act, and advising a major secured lender following the collapse of Hin Leong Trading. She also advises corporations on Singapore sanctions and mitigation measures. Lauren chairs the Singapore chapter of the International Women’s Insolvency and Restructuring Confederation and serves on the Law Society of Singapore’s Insolvency Practice Committee.
Restructuring outcomes are no longer dictated by capital structure alone — they hinge on how classes are defined and how courts interpret the narrative.
The landmark Sino-Ocean Group Holding Limited case in England illustrates this shift: cross-class cramdown (CCCD), originally designed to resolve creditor holdouts, is increasingly deployed to engineer consenting classes, override dissent, and preserve equity value that would otherwise be extinguished in liquidation.
This panel will explore:
- CCCD versus Creditor Rights: Is efficiency trumping fairness, and does dissent still matter?
- Class Composition as a Weapon: When does structuring cross the line into manipulation?
- Equity Retention: Are creditors underwriting equity preservation under the guise of "commercial justification"?
- Jurisdictional Arbitrage: How the interplay of different regimes enables forum shopping — and what approach Singapore courts will take.
This is a topic very relevant to Singapore. With CCCD already embedded in its regime, the critical question is what approach the Singapore courts take.
Keith Tnee is a Senior Partner at TKQP Law LLP, specialising in restructuring and insolvency, disputes and investigations. He advises companies, insolvency officeholders, creditors, investors and other stakeholders on judicial management, schemes of arrangement, liquidation and cross-border insolvency matters. His experience spans complex contentious and non-contentious matters involving financial distress, corporate recovery, asset recovery and insolvency investigations. Keith focuses on commercially effective solutions for clients navigating distressed situations, combining technical insolvency expertise with an understanding of stakeholder interests. He has been recognised for his restructuring and insolvency expertise by legal directories including Chambers Asia-Pacific and The Legal 500 Asia Pacific.
Anthony Wijaya is a partner in Kirkland & Ellis’ Restructuring Practice Group in Hong Kong. He advises financial sponsors, investment funds and corporates on complex restructurings and special situations across Asia Pacific. Recognised as a Rising Star Partner for Restructuring & Insolvency by IFLR1000, Anthony develops commercially driven solutions for distressed situations. His cross-border experience spans Greater China, Southeast Asia and South Asia, including multi-jurisdictional schemes of arrangement, India’s Corporate Insolvency Resolution Process, security enforcement across Asian and offshore jurisdictions, Singapore moratoriums and judicial management, and Indonesian PKPUs.
Faith Wang is a Managing Associate in Linklaters’ Asia Restructuring and Insolvency practice. She advises on contentious and non-contentious restructurings, with particular experience in complex cross-border debt restructurings, contested schemes and restructuring plans, and post-insolvency asset tracing. Faith has acted for ad hoc groups of bondholders, bank lenders, corporate debtors, liquidators and receivers on landmark restructurings involving Chinese real estate groups. Qualified in Hong Kong and holding the PRC legal professional qualification, she brings strong PRC law expertise to cross-border matters across Greater China.
Distressed M&A is becoming an increasingly important tool for preserving value, rescuing viable businesses and delivering accelerated outcomes for stakeholders.
Today's transactions are no longer confined to traditional insolvency sales — they increasingly involve earlier actions, complex negotiations across shareholders, lenders, strategic buyers and financial investors, each with different objectives and risk appetites.
Drawing on transactional and practical experience, this panel brings together leading restructuring, legal and investment professionals to examine how distressed M&A transactions are evolving in today's market.
In this session, the panel will discuss:
- The unique challenges of acquiring or selling distressed businesses — dealing with valuation uncertainty, accelerated timelines, diligence constraints, funding considerations and regulatory issues.
- Deal structuring around warranties and indemnities, liability risks, contingent liabilities and litigation risks.
Mohan specialises in insolvency and debt restructuring, advising debtors, creditors and insolvency office-holders on transactional and litigation matters. He is recognised by leading legal directories for his restructuring and insolvency work, including as a Leading Lawyer by Chambers & Partners and a Next Generation Partner by The Legal 500 Asia Pacific. He has also been named a Rising Star Partner by IFLR1000 and a Rising Star by Asialaw Leading Lawyers. In 2016, he was included in Global Restructuring Review’s inaugural 40 under 40 list of restructuring lawyers and recognised as a Rising Star in Restructuring at the IFLR Asia Awards.
Mr. Gale is Head of Houlihan Lokey’s Financial Restructuring Group in Asia and splits time between the firm’s Singapore and Hong Kong offices. He has more than 20 years of experience advising clients on financial restructurings, M&A, capital raising, and fairness/solvency opinions.
During his career at Houlihan Lokey, Mr. Gale has participated in a broad range of financial restructuring and distressed engagements worldwide. His disclosable engagements include Car Inc., China Evergrande, CIFI Holdings, Country Garden, Hilong Holding, Huachen Energy, GCL New Energy, iQiyi, Kaisa Group, LDK Solar, Luckin Coffee, Sino-Ocean, Shimao Group, Sunac China, Winsway and Yestar Healthcare in China; Noble Group, China Fishery Group, and Global Cloud Xchange in Hong Kong; Global A&T Electronics, KrisEnergy, Pacific International Lines and Pearl Engineered Solutions in Singapore; GTL Infrastructure, Jaiprakash Power, Reliance Communications, and Suzlon Energy in India; Bakrie & Brothers, Berau Coal, Berlian Laju Tanker, Bumi Resources and PT Garuda Indonesia in Indonesia; Malaysia Airlines in Malaysia; Nghi Son Refinery and Petrochemical in Vietnam; Bis Industries and Paladin Energy in Australia; and Blockbuster, FiberTower, Hawaiian Telcom, Innovative Communications Corp., Oriental Trading Co., Panavision, Suncadia, The LYCRA Company and William Lyon Homes in the United States.
Mr. Gale holds a B.A. in Business Economics, with a minor in Accounting and a specialization in Computing, from the University of California, Los Angeles. He also attended Oxford University, where his coursework included European integration and modern British politics.
Consistently ranked Band 1 for Restructuring/Insolvency by Chambers and Legal 500, she has acted on numerous international and local restructurings for global clients. She is described as a "market-leading lawyer in Singapore with particular expertise acting for steering committees and lenders as well as companies in distress" and an "outstanding name in the market."
Jacqueline is also a frequent panelist and speaker at restructuring and insolvency conferences and seminars throughout Asia.
Stuti has spent over 15 years in the region working on complex cross-border matters involving China, Singapore, Indonesia, India, Australia, BVI, Cayman and Hong Kong. Stuti is a Chartered Accountant and holds a Masters in Global Finance from the Stern School of Business, New York, and Hong Kong University of Science & Technology.
She also sits on the Board of IWIRC International, serving as IWIRC’s Governance and Risk Director. Prior to that she has been on the IWIRC Hong Kong Board since 2013.
Litigation funding has rapidly evolved from a niche mechanism into a core feature of insolvency practice, particularly in complex fraud, cross-border recovery, and crypto-related disputes.
By providing capital to cash-strapped estates, funding can unlock significant value — but raises thorny questions around control, disclosure, priority, and alignment of interests.
There is also a new entrant in the financing industry — litigation insurance — which promises to mitigate downside risks and protect against adverse exposures.
As funding structures and insurance solutions become more sophisticated, courts and practitioners must navigate the tension between commercial pragmatism and the duties owed to creditors, while safeguarding the integrity of the insolvency process.
This panel will examine the new creditor reality created by litigation funding, with a focus on:
- Funding as Value Creation versus Value Extraction: When do funding and insurance genuinely enhance recoveries, and when do funder returns erode creditor value?
- Control and Decision-Making: Who sets litigation strategy, settlement parameters, and risk appetite — and where should the line be drawn between funder or insurer influence and liquidator independence?
- Disclosure and Creditor Oversight: What level of transparency is owed to creditors, and are current practices sufficient?
- Priority, Remuneration, and Court Oversight: How should funding returns rank relative to liquidation expenses and recoveries, and is greater judicial supervision required?
- Cross-Border Challenges: Enforceability and recognition of funded claims across jurisdictions, with comparisons between Singapore, Hong Kong, the UK, and offshore courts. How does insurance help with navigating enforcement risks?
- Emerging Frontiers: Litigation funding in bankruptcy cases and the growing role of bespoke insurance products such as after-the-event (ATE) insurance and arbitral award default insurance.
He regularly appears both as lead and assisting counsel at all levels of the Courts.
Jamal graduated with First Class Honours from University College London in 2013. He was appointed Young Amicus Curiae by the Supreme Court for 2 years, in 2018 and 2019. Jamal was the recipient of the Singapore Academy of Law Overseas Attachment and was attached to leading barristers at Fountain Court Chambers in 2020.
Adam is an Investment Manager at Omni Bridgeway, an ASX-listed global alternative asset manager specialising in legal assets. He has worked in disputes finance since 2017 and has underwritten and managed a diverse and high-value portfolio of funded litigation, arbitration and insolvency matters in Asia and globally. His work spans the full lifecycle of a dispute, from early-stage claim investment through to award monetisation and enforcement. Based in Asia-Pacific for more than 15 years, Adam is a former dispute resolution lawyer (qualified in Hong Kong and England & Wales) and is ranked by Chambers and Partners and Who’s Who Legal for third-party funding.
Cathryn leads Howden Asia’s contingent and litigation risk insurance practice. A pioneer in the field in Asia, she develops insurance solutions for known risks in M&A, restructuring, insolvency and litigation, while overseeing regional M&A and tax insurance claims. A former disputes partner, she helps clients navigate complex post-M&A claims. Cathryn regularly speaks at industry conferences and was shortlisted as a Rising Star (Arbitration) at Euromoney’s APAC Women in Business Law Awards. She is qualified in Singapore, England & Wales and Australia, and is a Fellow of the Chartered Institute of Arbitrators and the Singapore Institute of Arbitrators.
Darius is a restructuring and insolvency lawyer specialising in bespoke solutions for clients facing special situations. His practice spans contentious and non-contentious matters, including complex multi-jurisdictional debtor restructurings, creditor recovery strategies in cross-border insolvencies, and disputes among shareholders, creditors and other stakeholders. He also advises on financing, mergers and acquisitions, and corporate restructurings, both in and out of court, in distressed situations. Darius has worked on numerous cross-border restructurings for debtors, creditors and new-money investors across industries including shipping, offshore oil and gas, logistics, consumer goods, banking, telecommunications, hospitality and human resources.
Fraud remains one of the most persistent threats to corporate value, creditor recoveries, and market integrity. While perpetrators often rely on complexity, cross-border structures, and emerging technologies to conceal misconduct, experienced practitioners know that tell-tale signs can be spotted — if you know where to look.
This panel will bring together insolvency specialists, investigators, and litigators to explore:
- Red Flags and Early Warning Signs: Practical indicators of fraud in financial statements, transactions, and governance.
- Challenges in Asset Recovery: From hidden ownership structures to crypto wallets, what makes recovery so difficult in practice.
- Tools and Techniques: Forensic accounting, data analytics, and cross-border cooperation.
- Balancing Pragmatism and Process: Ensuring aggressive recovery strategies remain aligned with legal duties and creditor interests.
- Jurisdictional Perspectives: How courts in Singapore, Hong Kong, the UK, and offshore centres approach fraud-related insolvency cases.
Alexander has been ranked as a leading lawyer for Restructuring & Insolvency in several leading publications, including The Legal 500 Asia Pacific and Benchmark Litigation Asia-Pacific.
Ben is a Corporate Advisory Partner and leads RSM Singapore’s Litigation Support and Forensics practice. A Fellow Chartered Accountant, he specialises in cross-border fraud investigations, disputes, anti-bribery and corruption compliance reviews, and third-party audits. Recognised in Lexology’s (formerly Who’s Who Legal) Investigations guide since 2019, he has worked on engagements across Asia, the United Kingdom, the United States and the Middle East. His work supports responses to regulators, stock exchanges, independent directors and senior management. A regular speaker and thought leadership contributor, Ben helped design Singapore Management University’s Financial Forensics second major and has served as an Adjunct Lecturer since 2020.
He also has extensive experience in the following areas: financial services and securities, shareholder disputes, directors’ duties and employment law.
Daryl regularly advises and acts for insolvency professionals, institutional and corporate creditors and multinational corporations, amongst others. He has appeared as lead counsel at all levels of the Supreme Court of Singapore and in international commercial arbitrations administered by leading arbitral institutions.