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Singapore Insolvency

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

Statutory Avoidance Provisions in Singapore – An Overview

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Following an overhaul of the Singapore insolvency regime which came into force on 30 July 2020, the insolvency and restructuring framework was consolidated in the omnibus Insolvency, Restructuring and Dissolution Act 2018...more

Jones Day

Singapore Court Issues Landmark Decision Recognizing Indonesian Restructuring Plan

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The Singapore International Commercial Court ("SICC") has handed down its first insolvency-related ruling. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That...more

Hogan Lovells

AnAn refined – Singapore Court of Appeal allows winding-up in spite of arbitration agreement

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The Singapore Court of Appeal has overturned the High Court decision in the case of Founder Group (Hong Kong) Limited (in liquidation) v Singapore JHC Co Pte Ltd [2023] SGCH 159, in the latest development concerning 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

Hogan Lovells

AnAn affirmed – Singapore court confirms arbitration agreements trump winding-up applications

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The Singapore High Court has again confirmed that a winding-up application concerning a disputed debt that is subject to an arbitration agreement will be dismissed if the arbitration agreement is prima facie valid and covers...more

A&O Shearman

First Singapore case considering a director’s right to apply for leave to wind up a company

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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

Hogan Lovells

Singapore International Commercial Court: Singapore’s latest step in becoming a debt restructuring hub

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Since 1 October 2022, the Singapore International Commercial Court now has jurisdiction to hear cross-border restructuring and insolvency matters. In addition, foreign lawyers may be appointed to make submissions in...more

A&O Shearman

High Court further clarifies when foreign companies may use Singapore’s restructuring regime

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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

A&O Shearman

High Court suggests that it should lean in favour of not granting approval for the transfer of shares where the shares are of an...

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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

Morgan Lewis

Singapore’s Restructuring and Insolvency Regime Is a Tool for Local and International Companies

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Restructuring debt obligations under Singapore law can be an attractive option for companies seeking debtor-led reorganisations, as the country aims to be a centre for debt restructuring in Asia. There are options for...more

Morgan Lewis

Singapore High Court Decision Clarifies When Foreign Debtors May Restructure Debts in Singapore

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The Singapore High Court has clarified the definition of “centre of main interests” in the context of a crypto exchange group seeking to restructure its collective debts in Singapore. The analysis has implications to any...more

White & Case LLP

Chapter 11 proceedings of REITs are not recognised under the Singapore Model Law

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In Re Tantleff, Alan [2022] SGHC 147, the Singapore High Court considered for the first time whether the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency (30 May 1997) (the...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

Hogan Lovells

Recent developments in Singapore’s quest to become Asia’s international debt restructuring hub

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Singapore is getting serious about becoming the region’s international insolvency hub.  In this inaugural podcast from the International Insolvency Institute, Hon. Kevin Carey (Ret.) of Hogan Lovells discusses Hon....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

Singapore Introduces ‘Simplified Insolvency Programme’ for Micro and Small Companies

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Micro and small companies will be able to use a “Simplified Insolvency Programme” to be introduced by proposed amendments to Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 (IRDA)....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

Ipso facto clauses under the Insolvency, Restructuring and Dissolution Act

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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

Hogan Lovells

Landmark order recognizes Hong Kong insolvency proceedings in Singapore

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The Singapore High Court has recently granted recognition to Hong Kong liquidation proceedings and liquidators for the first time under Singapore's enactment of the United Nations Commission on International Trade Law Model...more

White & Case LLP

Singapore update: The practical impact of the COVID-19 temporary measures legislation

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For further information, please visit the White & Case Coronavirus Resource Center. The COVID-19 (Temporary Measures) Act (the "Act") was enacted on 7 April 2020. The Act provides temporary relief to businesses and...more

Dechert LLP

COVID-19: Suspension of Contractual Rights and Obligations in Singapore (and Possibly Soon Elsewhere)

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Contractual rights agreed in the past may look very different today and may not be enforceable tomorrow, but (strangely) could be in the future. Such are the historic times we are living through. ...more

Latham & Watkins LLP

Relief in the Time of COVID-19 – Temporary Measures

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New legislation suspends contractual obligations for the next six months with related disputes subject to a separate dispute resolution system. On 7 April 2020, the Singapore Parliament passed the COVID-19 (Temporary...more

Hogan Lovells

Temporary relief for struggling businesses and individuals in Singapore during COVID-19

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COVID-19 (Temporary Measures) Bill to offer respite for businesses and individuals struggling to fulfil contractual obligations or facing bankruptcy/insolvency as a result of the COVID-19 outbreak. ...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

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