Introduction
In Sun Electric Power Pte Ltd v RCMA Asia Pte Ltd [2021] SGCA 60, the Singapore Court of Appeal had the opportunity to consider some vital questions relating to insolvency proceedings. In the context of an appeal against a winding-up order, the Court considered whether the company's directors should be entitled to control the appeal, and who should be responsible for the costs of the appeal.
In Sun Electric Power Pte Ltd v RCMA Pte Ltd (formerly known as Tong Teik Pte Ltd) [2021] SGCA 60 (“Sun Electric”), the Singapore Court of Appeal (per Justice Judith Prakash) addressed in its written ground of decision (“GD”) the questions of: (i) what is the applicable test for the purpose of determining insolvency under s 254(2)(c) of the Companies Act (Cap 50, 2006 Rev Ed) (“Companies Act”); and (ii) who should be the appropriate party to control the conduct of the appeal, as well as to bear the responsibility of any costs incurred during and after the appeal, following a company’s right
Important developments in insolvency law from Sun Electric Power Pte Limited v RCMA Asia Pte Ltd (formerly known as Tong Teik Pte Ltd) [2021] SGCA 60
Recently, in Sun Electric Power Pte Limited v RCMA Asia Pte Ltd (formerlyknown as Tong Teik Pte Ltd) [2021] SGCA 60, the Singapore Court of Appeal made several important clarifications about the law of insolvency in Singapore. In particular, the Court of Appeal clarified that:
- Victims of fraud often face an uphill battle in seeking restitution for their loss.
Introduction
Under Singapore bankruptcy law, when a person is adjudged bankrupt, any disposition of property made by him from the date of the bankruptcy application is void unless the court consents to or ratifies the disposition. However, will the court ratify the disposition of assets made pursuant to an order for division of assets in divorce proceedings, and in what circumstances will it do so? These were the issues considered in the Singapore High Court case of Ong Dan Tze Magdalene v Chee Yoh Chuang & Anor [2021] SGHC 129.
Non-Performing Corporate Loan Toolkit for Banks
“To the man with a hammer, every problem looks like a nail.”
Introduction
In Aathar Ah Kong Andrew v OUE Lippo Healthcare Ltd [2021] SGCA 48, the Singapore Court of Appeal has struck out an appeal against a bankruptcy decision, thus bringing to a close the latest chapter in a long-running bankruptcy and voluntary arrangement dispute. The Court's decision highlights the importance of complying with the procedural requirements of bankruptcy proceedings and appeals, including observing the relevant timelines and obtaining the prior sanction of the Official Assignee ("OA").
Dear Clients and Friends,
In 2020, domestic and international energy markets were challenged by a worldwide pandemic and its effect on commodity prices, which accelerated disruptions in supply chains and impacted the energy transition in countries around the world.
Introduction
Under Singapore's restructuring and insolvency regime, a judicial manager has a degree of discretion in managing the affairs of the company in judicial management. However, the Court may intervene in a decision of a judicial manager if it is unfairly prejudicial to the interests of the company's creditors or members.
Introduction