In Larsen Oil and Gas Pte Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) [2011] SGCA 21, the Singapore Court of Appeal endorsed, and elaborated on, the stance taken by the High Court concerning the relationship between arbitration and insolvency
In Larsen Oil and Gas Pte Ltd v Petroprod Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) [2011] SGCA 21, the Singapore Court of Appeal endorsed, and elaborated on, the stance taken by the High Court concerning the relationship between arbitration and insolvency.
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.
SAAG Oilfield Engineering (S) Pte Ltd (formerly known as Derrick Services Singapore Pte Ltd) v Shaik Abu Bakar bin Abdul Sukol & Anor and another appeal [2012] SGCA 7
In Petroprod Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) v Larsen Oil and Gas Pte Ltd [2010] SGHC 186 the Singapore High Court considered whether an action brought to avoid transactions that allegedly violated insolvency laws should be stayed in favour of arbitration.