In several Commonwealth jurisdictions, the corporate legislation allows creditors to petition a court to order the winding up of a debtor in circumstances where that debtor is unable to pay its debts as they fall due. Such legislation generally presumes that the debtor is insolvent if it has failed to comply with a statutory notice requiring the debtor to pay a certain debt within a given period of time (a statutory demand).
Overview of mergers and acquisitions (M&A) market in Singapore
Singapore was one of the first countries outside of China to encounter the virus. Whilst deal activity was down on the prior year, M&A transactions were still happening with sectors such as e-commerce and renewable energy appearing attractive. The impact on M&A activity for the second quarter of 2020 isn't clear at present but restricted mobility will certainly impact transactions, with site visits being all but impossible.
COVID-19 (Temporary Measures) Bill to offer respite for businesses and individuals struggling to fulfil contractual obligations or facing bankruptcy/insolvency as a result of the COVID-19 outbreak.
June 2017
Contents
Introduction 1. Better accessibility to Singapore's corporate rescue and restructuring framework for foreign companies 2.Chapter 11 style - Rescue financing / DIP financing 3.Enhanced moratoriums with extra territorial effect 4.Increased disclosure, cram-downs and pre-packs 5. The adoption of UNCITRAL Model Law Conclusion Your contacts
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2017 Singapore Insolvency and Restructuring Reforms June 2017
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Introduction
In a judgment handed down on 9 June 2015, the High Court of Singapore has for the first time approved a litigation funding arrangement for the benefit of a company in liquidation.
Summary
The key points arising from the judgment are:
Introduction
For the first time, the Singapore High Court has ruled on whether to grant ‘super priority’ for debts arising from rescue financing under the amended insolvency laws via the Companies (Amendment) Act 2017 (the Act). ‘Super priority’ was one of the central topics discussed in Dentons Rodyk’s series of seminars for financial institution clients held in September 2017 over 3 days.
Introduction
Although the sum involved was small, the High Court’s decision inOne Investment and Consultancy Limited and another v Cham Poh Meng (DBS Bank Ltd, garnishee) [2016] SGHC 208 is one which would have a great impact in the area of enforcement of a judgment debt – A joint account held in the names of a judgment debtor and third parties jointly cannot be subject to attachment under a garnishee order.
Summary
A case study of W Y Steel Construction Pte Ltd v Tycoon Construction Pte Ltd (in liquidation) [2016] SGHC 80
Overview
A Singaporean Court in Anan Group (Singapore) PTE Ltd v VTB Bank (Public Joint Stock Company) [2020] SGCA 33 has recently confirmed the Court’s approach in assessing arbitration clauses when an application has been brought to put a company into liquidation.
The parties in this case are parties to an arbitration agreement. The respondent applied to put the appellant into liquidation. The Court considered that the winding up proceeding should be stayed with the underlying dispute to be resolved through arbitration.