Appeal Court clarifies that solvent foreign liquidators may be recognised in Singapore as “Foreign Proceedings” under the model law

Singapore’s highest court has definitively held that foreign insolvency, restructuring or liquidation proceedings concerning solvent companies should be recognised in Singapore (Re Ascentra Holdings, Inc (in official liquidation) v SPGK Pte Ltd [2023] SGCA 32), overturning a first instance decision taking the contrary view.

Filed under:
Singapore, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Insolvency
Authors:
Jonathan Tang , Daniel Chia
Location:
Singapore
Firm:
Herbert Smith Freehills LLP