Inaugural Restructuring & Insolvency Academic Forum 2025

The Centre for Asian Legal Studies (CALS) is proud to have partnered with the EW Barker Centre for Law & Business, INSOL International and INSOL International (Asia Hub) to organise the inaugural Restructuring & Insolvency Academic Forum (RIAF) 2025. The Forum was held in person on 6-7 November 2025 at the NUS Bukit Timah Campus in Singapore.

RIAF 2025 marked the launch of a new academic platform dedicated to scholarship on corporate restructuring, turnaround, and insolvency from a distinctly Asian perspective. Over the course of two days, a total of 33 papers representing the following 14 jurisdictions were presented, reflecting the breadth and depth of contemporary scholarship in restructuring and insolvency: Singapore, Brunei, Indonesia, Thailand, Vietnam, Japan, South Korea, China, India, Australia, the United Kingdom, the United States, Italy, and France.

A key highlight of the Forum was the Keynote Address delivered by The Honourable Justice Kannan Ramesh from the Supreme Court of Singapore on 6 November 2025. His address, titled “Modified Universalism in a Fractured World – Fault-lines, Fissures, and the Future”, offered a timely examination of the emergence of modified universalism in a period of economic convergence and the pressures it now faces amid growing geopolitical and economic fragmentation. Justice Ramesh maintained that the doctrine remains the most workable foundation for cross-border insolvency, but must adapt to new realities to remain effective. In particular, his Honour identified three priorities for this evolution: principled forum selection, stronger coordination tools, and enhanced inter-court communication and cooperation.

The Forum also featured an insightful Opening Lecture on 7 November 2025 by Professor Li Shuguang from the China University of Political Science and Law, titled “New Developments in China’s Enterprise Bankruptcy Law (Draft Revision)”. As a member of the Enterprise Bankruptcy Law Revision Working Group under the National People’s Congress Financial and Economic Affairs Committee, Professor Li examined the draft amendments to the Enterprise Bankruptcy Law within the broader context of China’s efforts to refine and modernise the legal framework of her socialist market economy. His lecture highlighted key reforms aimed at addressing the difficulties in initiating bankruptcy proceedings and lengthy case timelines, as well as the clarification of jurisdictional rules governing cross-border insolvency and substantive consolidation.

Alongside these notable presentations, the Forum convened an impressive line-up of scholars, including many early career researchers who contributed fresh perspectives. Their papers, spanning a wide range of topics and employing diverse methodologies, sparked vibrant and thought-provoking discussions throughout the event.

CALS remains committed and looks forward to developing RIAF into a sustained platform where high-quality academic research can be showcased and where rigorous and vibrant exchange on corporate restructuring and insolvency in Asia can take place. RIAF 2025 marks a meaningful step towards building an Asia-focused research ecosystem in restructuring and insolvency law, while fostering continued dialogue across jurisdictions. In this spirit, CALS is delighted to announce that RIAF 2026 will be held in Bangkok, Thailand, on 18-19 June 2026. It will be organised in collaboration with the Thammasat University Faculty of Law, INSOL International, and INSOL International (Asia Hub), with institutional support from Melbourne Law School’s Asian Law Centre.