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Creditors Singapore

White & Case LLP

Arbitration and Insolvency: A Comparative View from England & Wales, Singapore and Hong Kong

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If the agreement between a creditor and debtor refers disputes to arbitration, what limits should be placed on the creditor to pursue winding-up proceedings based on an unpaid debt under that agreement? Should a court simply...more

White & Case LLP

The director’s duty to consider creditor interests

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In Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (OP3 International)1 the Singapore Court of Appeal considered the trigger for when the director's duty to consider the interests of creditors is...more

Jones Day

Singapore International Commercial Court Issues First Decision on Recognition of Cross-Border Bankruptcy Cases under Model Law

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Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the...more

A&O Shearman

Interpreting the UNCITRAL Model Law on Cross-Border Insolvency: Singapore courts adopt a uniform, consistent and expansive...

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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

White & Case LLP

Crypto Restructuring: Singapore Court Recognises Administrative Convenience Class

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In Re Zipmex Pte Ltd and other matters [2023] SGHC 88, the Singapore High Court imported into the Singapore restructuring regime the US concept of an "administrative convenience class" in a scheme voting exercise. This...more

White & Case LLP

Singapore court considers whether lock-up agreements alter the classification of creditors

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Lock-up agreements typically involve the company's creditors committing in advance to vote at the relevant class meeting in favour of the contemplated scheme. Lock-up agreements serve an important commercial purpose of either...more

A&O Shearman

Court will assess feasibility of proposed scheme before allowing scheme application to go ahead

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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

White & Case LLP

The Singapore Court of Appeal considers the UNCITRAL Model Law

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The automatic stay under the version of the UNCITRAL Model Law on Cross-Border Insolvency adopted by Singapore ("Singapore Model Law") is an accessible and powerful tool for protection under the Singapore restructuring regime...more

Morgan Lewis

Filing Admiralty In Rem Writs Is Outside Scope of Scheme Moratorium Under Singapore Companies Act

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Guidance from the General Division of the Singapore High Court on the extent to which the protections afforded by the statutory moratoria for schemes of arrangement conflict with the ability of maritime claimants to protect...more

White & Case LLP

Singapore’s omnibus insolvency legislation

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The Insolvency, Restructuring and Dissolution Act 2018 (the "IRDA") came into force on 30 July 2020. The consolidation of all personal and corporate insolvency and debt restructuring legislation into a single statute, along...more

White & Case LLP

Singapore rescue financings: introducing roll-ups

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The landmark decision in Design Studio introduces the US rescue financing concept of "roll-ups" to Singapore. This is the first case to consider the appropriateness of the roll-up feature in Singapore and is a pragmatic...more

A&O Shearman

Singapore company wound up in the U.S not allowed to block enforcement of charge over its shares

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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

White & Case LLP

Recent Singapore Case Highlights Considerations Relating to Worldwide Moratorium

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A worldwide moratorium is one of the most important protections and tools available to a debtor in the Singapore cross-border restructuring regime. A recent Singapore High Court case, Re: Zetta Jet Pte Ltd and Others (Asia...more

A&O Shearman

Singapore Court Sets Out Approach to Applications for an Intended Scheme by Several Companies in the Same Group

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Re IM Skaugen SE [2018] SGHC 259 (27 November 2018) is an important first decision on the moratorium provisions of the new scheme of arrangement sections of the Companies Act. The High Court had a practical commercial...more

Jones Day

The Year in Bankruptcy: 2017

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The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more

K&L Gates LLP

A Bridge Over Troubled Water: Singapore’s New Restructuring & Insolvency Framework Is Being Introduced When It Is Most Needed

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Further to K&L Gates’ Singapore Restructuring and Insolvency Alert dated 5 December 2016, Singapore’s revised restructuring and insolvency legislation has come into effect. The amendments to the Companies Act, summarised in...more

A&O Shearman

Moratorium Over Singapore Proceedings Against Bermudan Company Granted

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Pacific Andes Resources Development Ltd [2016] SGHC 210 (27 September 2016) involved an application under section 210(10) of the Companies Act for the restructuring of, among others, a Bermudan company listed in Singapore and...more

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