SIC
Singapore Insolvency Conference
20–21 October 2026 · Singapore
Conference Programme
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.
*Subject to changes
Day 1
Tuesday, 20 October 2026
08:15 – 09:00
Registration
09:00 – 09:05
Welcome Address
09:05 – 10:05
Plenary Session 1 — Fireside Chat
The Evolution of Singapore's Restructuring & Insolvency Landscape Since the 'Pan Electric Crisis'
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.
Speakers & Moderator
Justice Aidan Xu
Judge of the General Division of the High Court, Supreme Court of Singapore
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.
Leong Kwang Ian
Official Assignee and Official Receiver of Singapore
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.
Lee Eng Beng SC
Senior Partner
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.
Chee Yoh Chuang
Senior Partner
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.
Jo Tay
Moderator · A&G
Moderator for the Fireside Chat.
10:05 – 10:55
PlENARY Session 2
Singapore's "Turbo-Charged" Scheme of Arrangement Regime
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 vs 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?
10:55 – 11:20
Morning Tea/Coffee Break
11:20 – 12:10
PLENARY Session 3
Cross-Class Cramdown, Class Engineering & the New Creditor Reality - Who Controls the Outcome?
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 vs. 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.
12:10 – 13:55
Lunch & Networking
13:55 – 14:45
PLENARY Session 4
Distressed M&A: Bridging Gaps, Managing Risks, and Redefining Restructuring
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 and contingent liabilities and
litigation risks.
14:45 – 15:35
PLENARY Session 5
Litigation Funding and Insurance in Insolvency: Asset Recovery Tool or New Creditor?
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 vs. 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/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.
15:35 – 16:05
Afternoon Tea/Coffee Break
16:05 – 16:55
PLENARY Session 6
Fraud: How to Not Get Away
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.
16:55 – 17:10
Closing Remark
17:10 – 19:30
Networking Reception