Singapore Court recognises Indonesian PKPU proceedings for the first time

In a move that facilitates the seamless integration of cross-border insolvency proceedings between Singapore and Indonesia, Singapore’s International Commercial Court has for the first time granted recognition of Indonesian PKPU proceedings in Re PT Garuda Indonesia (Persero) Tbk [2024] SGHC(I) 1.

Filed under:
Indonesia, Singapore, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP
Authors:
Jonathan Tang , Daniel Waldek , Prawidha Murti
Location:
Indonesia, Singapore
Firm:
Herbert Smith Freehills LLP
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