Assenagon Asset Management S.A. v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited) [2012] EWHC 2090 (Ch)
The Singapore High Court in Re Lehman Brothers Finance Asia Pte Ltd (in creditors' voluntary liquidation) [2012] SGHC 190 was confronted with the issue of whether debts of a company in a currency other than Singapore Dollars which are admitted in proof by its liquidators should be converted at the exchange rate prevailing on the date on which the company's statutory declaration was lodged, or on the date of the passing of the resolution placing the company in liquidation.
In Re Lehman Brothers Finance Asia Pte Ltd, the liquidators of Lehman Borthers Finance Asia Pte Ltd made an application to court to determine the relevant exchange rate for the conversion of foreign currency debts to Singapore Dollars in creditors' voluntary liquidation ("CVL")
The issue in The Royal Bank of Scotland NV v TT International Ltd [2012] SGCA 53 centered on whether a success-based professional fee arrangement should have been disclosed to the scheme creditors and the Court prior to the sanction of a scheme of arrangement.
Where a contract contains a non-assignment clause, a liquidator may not, as part of his liquidation of an insolvent company's assets, assign the contract to a third party without first seeking the consent of the contracting counterparty:
-- Owners of Strata Plan 5290 v CGS & Co Pty Ltd (Australia, New South Wales, Court of Appeal, 30 June 2011)
A winding up application may be resisted by reason of a cross-claim against the petitioning creditor.
"Subject to contract" clauses are often used in commercial transactions to indicate that an agreement is incomplete until the terms of a formal contract have been settled
The companies at the heart of these two cases were Jurong Technologies Industrial Corporation Ltd ("JTIC") and its wholly owned subsidiary Jurong Hi-Tech Industries Pte Ltd ("JHTI") (collectively, the "Companies").
The Singapore Court of Appeal recently issued a landmark decision on schemes of arrangement in the case of The Royal Bank of Scotland NV & Ors v TT International Limited [2012] SGCA 9.
The appellant was made bankrupt in January 1998. Some time after she had been made bankrupt, her sister passed away.