3 Apr 2019 Posted in Press releases
INSOL International (INSOL) and the Ministry of Law (MinLaw) today announced that INSOL will locate its Asian hub in Singapore. The move represents the first ever physical expansion of INSOL, headquartered in London, since it was formed in 1982. The establishment of an Asian hub is an initiative identified in the Strategic Plan developed by the TaskForce which was set up by the INSOL Board in 2016.
In adopting the Strategic Plan, the INSOL Board identified a number of imperatives which underpin the resolution to establish an Asian office. The Singapore office will enable INSOL to increase its engagement with existing members and other key stakeholders in Asia, and provide more opportunities for the education and training of practitioners. It will also lead and assist in the development of insolvency and restructuring systems in Asia, and strengthen relations with government agencies, regulators, the judiciary and global agencies operating on the ground, to aid in the development of best practice.
The new office will be located in Singapore’s Maxwell Chambers Suites, the newly refurbished building adjacent to Maxwell Chambers, which will house international dispute resolution institutions, law associations, arbitration chambers, law firms and ancillary services.
The opening of its first overseas office in Singapore is testament to INSOL’s longstanding commitment to the Asian region which is demonstrated by the number of conferences it has held in various Asian countries since 2008. The announcement of the new office is in conjunction with INSOL’s latest event, the INSOL Singapore Conference 2019, held at Marina Bay Sands Expo and Convention Centre from 2 to 4 April 2019.
The President of INSOL International, Adam Harris, said “INSOL International has a long-standing commitment to its members and stakeholders across Asia. Our announcement today that we will open an office in Singapore is further testament to our commitment and our determination to broaden and deepen our engagement in the region. Establishing a continuous presence in Asia is the realisation of a core initiative which we first identified in 2016 as part of our Toward 2021 strategic plan. We have been delighted by the enthusiastic response to our initiative from members across the globe, and especially in Asia. Locally, the support of key stakeholders in Singapore has been generous and we are grateful for the shared vision for INSOL’s ongoing success.”
“INSOL’s decision to locate its first ever overseas office in Singapore complements our efforts to strengthen Singapore as an international centre for cross-border debt restructuring. We have made key moves to improve our restructuring ecosystem: our recent legislative reforms provide companies and creditors with one of the most forward looking, balanced and flexible restructuring regimes in Asia. INSOL’s Asian hub will add to the vibrancy and development of the sector in Singapore and more broadly in Asia and provide more opportunities for professionals’ continuing development” said Edwin Tong, Singapore’s Senior Minister of State for Law and Health.
“We are delighted that INSOL has decided to set up their Asian Hub in Singapore. Restructuring and insolvency is a practice area that cuts across both the legal and accounting sectors. Lawyers and accountants involved in restructuring and insolvency work, as well as other insolvency practitioners based in Singapore and the region will be able to benefit from INSOL’s education and training programmes,” said Ms Celia Sia, Director of the Professional Services Programme Office.
Last updated on 03 Apr 2019