Singapore’s status as a leading financial centre in Asia and regional hub for commodity trading, shipping, and increasingly, private capital activity has been cemented over the years, especially in the past decade....more
9/5/2024
/ ASEAN Funds ,
Association of Southeast Asian Nations (ASEAN) ,
Corporate Governance ,
Fund Managers ,
International Arbitration ,
Investment ,
Investment Funds ,
Investment Management ,
Private Equity ,
Restructuring ,
Singapore
Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly...more
11/30/2023
/ Appeals ,
Bankruptcy Code ,
Chapter 11 ,
Chapter 15 ,
Corporate Restructuring ,
Creditors ,
Cross-Border ,
Debt Restructuring ,
Debtors ,
Insolvency ,
Popular ,
Singapore ,
The Model Law ,
UNCITRAL
The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more
11/30/2023
/ Appeals ,
Banking Sector ,
Banks ,
Breach of Contract ,
Dubai ,
EU ,
Financial Institutions ,
JPMorgan Chase ,
Letter of Credit ,
Sanction Violations ,
Sanctions ,
Singapore
In Ethoz Capital Ltd v Im8ex Pe Ltd (2023), the Singapore Court of Appeal held that a "make whole" payment of interest clause was an unenforceable penalty as, among other things, the requirement to immediately pay on default...more
Adip Mittal v Offshore Holding Company Pte Ltd [2022] SGHC 239 is the first Singapore case dealing with when a director can apply for the winding up of a company....more
OP3 International Pte Ltd v Foo Kian Beng [2022] SGHC 225 is a good illustration of the approach taken by the court in considering directors’ duties when a company is in a financially parlous situation and whether a director...more
In Re Zipmex Co Ltd (2022), the Singapore High Court held that Thai, Indonesian and Australian subsidiaries of the Zipmex Group had their Centre of Main Interest in Singapore. It noted that it would have been evident to...more
Under the Insolvency, Restructuring and Dissolution Act 2018, a transfer of shares in a company made after the commencement of winding up of that company by the Court is void unless otherwise ordered by the Court. While this...more
MKY Capital Pte Ltd v MDR Ltd and Ethoz Capital Ltd v Im8ex Pte Ltd are two cases this year that considered a claim for payment of the full “make whole” interest amount. In both, the court refused to allow the claim. “Make...more
Re Alan Tantleff dealt with an application for recognition of US Chapter 11 restructuring proceedings in Singapore. The Singapore High Court held, among other things, that a REIT could not rely on the UNCITRAL Model Law on...more
In Sumifru Singapore Pte Ltd v Felix Santos Ishizuka (2022), the Singapore High Court found that where an employee is placed in a position of trust they will owe fiduciary duties to their employer (similar to the duties owed...more
In Re Kobian Pte Ltd the Singapore High Court, for the first time, exercised its discretion to decide that a scheme of arrangement proposal put forward by a company was not feasible and ultimately did not grant the scheme...more
The recent decision in Re Prosafe SE pits the principle of freedom of contract against the increasingly popular modified universalism in the cross-border restructuring and insolvency space.
...more
In a recent case, the High Court had to consider whether to apply a moratorium to the enforcement of a share charge taken over the shares in a Singapore company where that company was subject to insolvency proceedings in the...more
The Reserve Bank of India (RBI) has announced a series of policy changes, which include (i) the relaxation of its External Commercial Borrowing (ECB) framework and (ii) the withdrawal of certain restrictions on investment by...more