Bhutan Policymakers Explore the Operationalization of Insolvency Law during Study Tour to Singapore
From 25 to 27 February 2026, ADB’s Law and Policy Reform (LPR) Program, in partnership with the Rule of Law Programme of Konrad-Adenauer-Stiftung (KAS), convened a study tour to Singapore for a delegation of 10 Bhutan government officials.
This study tour contributes to ADB’s ongoing technical assistance for Bhutan’s insolvency law reform, within the country’s broader efforts to strengthen its private sector. To this end, the tour brought together representatives from key institutions involved in drafting Bhutan’s new insolvency law—the Ministry of Industry, Commerce and Employment; the Ministry of Finance; the Judiciary; the Royal Monetary Authority; the Royal Securities Exchange; the Office of the Attorney General; and the Bhutan Alternative Dispute Resolution Centre. The program was designed to provide this delegation with a first-hand glimpse into how Singapore operationalizes its insolvency eco-system in an integrated manner.
The study tour opened with a visit to Singapore’s Ministry of Law, which provided an overview of the evolution of Singapore’s insolvency legislation and its current framework for both corporate and individual insolvency. At this meeting, Francis Ng, the Official Assignee and Public Trustee, emphasized that more so than the systems, processes, and technology adopted, it is ultimately a strong respect for the rule of law by public officials and insolvency practitioners that ensures the effective operation of Singapore’s insolvency ecosystem. The Accounting and Corporate Regulatory Authority (ACRA) later met the delegation and outlined ACRA’s statutory and operational role in the insolvency process, and the broader reporting system in Singapore.
The delegation also visited the Supreme Court of Singapore, where judges and court representatives discussed how the courts manage insolvency cases, use mediation and alternative dispute resolution (ADR) in insolvency matters, and handle the practical challenges of cross‑border cases. Complementing these discussions was a meeting at Maxwell Chambers with the Singapore International Arbitration Centre (SIAC) and the Singapore International Mediation Centre (SIMC). Both institutions showcased the role of ADR in supporting efficient resolution outcomes within the formal insolvency framework.
The program likewise incorporated perspectives from academia and private practice. At Singapore Management University, Professor of Law Aurelio Gurrea-Martínez led a discussion on insolvency issues affecting small and medium-sized enterprises, as well as a comparative overview of insolvency law reform experiences across different jurisdictions. Professor Gurrea-Martínez, who also leads the Singapore Global Restructuring Initiative, emphasized that “insolvency law can serve as a catalyst for growth,” given its ability to foster entrepreneurship, access to finance, innovation, and job creation. However, they noted that to achieve those goals, “insolvency laws should be tailored to local contexts, particularly to a country’s market and institutional environment.”
The delegation also met with the Insolvency Practitioners Association of Singapore (IPAS) to understand how Singapore practitioners are registered, trained, and regulated, and how Singapore maintains the quality and depth of its insolvency profession. Finally, the study tour concluded with a roundtable hosted by Norton Rose Fulbright, where leading insolvency and restructuring practitioners came together to share practical insights on complex insolvency cases.
This study tour demonstrates the value of experiential learning in legal and institutional reform and provided an opportunity for Bhutan policymakers to engage in dialogue, comparative learning, and practical reflection directly with their counterparts in Singapore. By examining how Singapore’s insolvency framework operates in practice—across different institutions, professions, and dispute resolution mechanisms—the delegation gained insights that would serve Bhutan’s ongoing reforms toward a modern and effective insolvency regime.