On 26 August 2025, the Singapore International Arbitration Centre (“<span class="news-text_medium">SIAC</span>”) introduced its Restructuring and Insolvency Arbitration Protocol (“<span class="news-text_medium">RIA Protocol</span>”). The launch signals a clear institutional endorsement of arbitration as an effective means of resolving disputes connected with restructuring, debt adjustment and insolvency, particularly in cross-border contexts.
Historically, insolvency and restructuring disputes have been regarded as matters falling primarily within the jurisdiction of national courts. This approach has been driven by public policy considerations, notably the need to protect the collective interests of creditors and ensure orderly distribution of an insolvent debtor’s assets.
In recent years, however, courts and policymakers have increasingly recognised that arbitration can play a complementary role in resolving non-core insolvency disputes. This shift has been influenced by the rise of cross-border insolvencies and the development of international frameworks such as the <span class="news-text_italic-underline">UNCITRAL Model Law on Cross-Border Insolvency</span>.
Judicial decisions in key arbitration-friendly jurisdictions illustrate this evolution. In England and Wales, the Privy Council in <span class="news-text_italic-underline">Sian Participation v Halimeda International [2024] UKPC 16</span> confirmed that arbitral tribunals may determine insolvency-related disputes where there is a genuine dispute over the debt.
In Singapore, the Court of Appeal in <span class="news-text_italic-underline">An Group Singapore v VTB Bank [2020] SGCA 33</span> affirmed that winding-up proceedings may be stayed or dismissed in favour of arbitration where there is a prima facie valid arbitration agreement and no abuse of process.
The RIA Protocol builds on these developments and represents a further step towards institutionalising arbitration as a tool for managing restructuring and insolvency-related disputes.
The RIA Protocol is grounded in the principle of party autonomy. It applies to any dispute that parties have agreed to resolve by arbitration under the protocol. Its scope is deliberately broad and includes disputes arising out of or in connection with:
As with other SIAC procedures, the protocol requires a valid arbitration agreement. To facilitate adoption, SIAC has published model clauses enabling parties to opt into arbitration under the RIA Protocol. The protocol also allows courts and insolvency officeholders, such as judicial managers, liquidators or receivers, to recommend that insolvency-related disputes be resolved under the protocol. While such recommendations may encourage uptake, the consent of all parties remains essential.
To promote procedural efficiency, users of the RIA Protocol agree to waive objections to the arbitrability of disputes under the protocol. This includes objections relating to the scope of arbitrable issues. In practice, however, the effectiveness of such waivers may be limited, as questions of arbitrability are often treated as matters of public policy subject to judicial oversight. The practical application of the protocol will therefore continue to be shaped by the governing insolvency law and jurisdictional limits applicable to each dispute.
The RIA Protocol is derived from the SIAC Rules but has been streamlined to reflect the urgency and complexity often associated with restructuring and insolvency matters. It is supplemented by a Guidance Note for Parties and Tribunals and supported by a Specialist Panel for Restructuring and Insolvency Disputes.
Key features include:
The RIA Protocol provides a structured and pragmatic framework for incorporating arbitration into restructuring and insolvency processes. It enhances the toolkit available for resolving disputes relating to debt determination, creditor claims and other restructuring-related issues, particularly in cross-border cases.
While the RIA Protocol is well aligned with Singapore’s legal framework and pro-arbitration stance, its broader international uptake remains to be seen. Its introduction nonetheless raises the prospect that other leading arbitral institutions may develop similar specialised mechanisms in response to growing demand for efficient dispute resolution in insolvency and restructuring contexts.
Singapore Legal Updates Takeaway
The SIAC RIA Protocol represents a notable development in the convergence of arbitration and insolvency law. It reinforces Singapore’s position as a leading hub for innovative dispute resolution and offers parties an alternative, arbitration-based pathway for resolving complex restructuring and insolvency disputes.
