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

The Singapore High Court in Yap Guat Beng v Public Prosecutor laid down the sentencing guidelines for offences of an undischarged bankrupt acting as a director or being involved in the management of a company or a business.

In establishing that a debtor had unfairly preferred one creditor over others, it was not necessary to show that the debtor knew that it was insolvent or imminently insolvent, and further that the pressure on a debtor to pay one creditor only vitiates the desire to prefer if there were good commercial reasons for the payment to be made: -- Jurong Technologies Industrial Corp Ltd (under judicial management) v Cooperatieve Centrale Raiffeisen-Boerenleenbank BA [2010] SGHC 357 (Singapore, High Court, 9 December 2010)

Introduction

The Singapore High Court has confirmed that it will recognize the status and powers of a foreign liquidator in the liquidation of an unregistered foreign company in Singapore.

Life cycle of a company

Statistics from the Accounting and Corporate Regulatory Authority ("ACRA") of Singapore reveal that the increasing number of companies formed in Singapore (2004:17,151; 2009:26,414) is matched by a corresponding increase in the number of companies ceasing operations (2004:5,882; 2009:22,388).