Introduction
The Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed) ("IRDA") allows companies intending to propose a scheme of arrangement to apply to court for a moratorium, during which proceedings against the company would be restrained so as to allow breathing room for its restructuring efforts. To balance this with the safeguarding of creditors' interests, there are certain requirements for an application for a moratorium.
戦略的提携・拠点開設のお知らせ クアラルンプール 1 アジアでのさらなる体制強化のため、2023 年 1 月より WM Leong & Co と当事務所のシンガポール拠点である Nishimura & Asahi (Singapore) LLP が、マレーシア業務に関して戦略的提携を行っております。 WM Leong & Co は、マレーシア法において豊富な知識・経験を有するワンメイ・リョン マレーシア弁護士が代表を 務めるマレーシアの独立した法律事務所です。WM Leong & Co との戦略的提携の下で、マレーシアが関わるクロ スボーダー案件について豊富な経験を有する眞榮城大介弁護士および当事務所シンガポール事務所所属の弁 護士が中心となり WM Leong & Co と緊密に連携しながらクライアントのマレーシア事業の拡大および現地ビジネ スのサポートを行ってまいります。2 札幌 2023 年 4 月に札幌事務所を開設しております。道内企業での執務経験を有し、コーポレート・M&A・エネルギーの 分野ならびに海外案件支援に強みを持つ坪野未来弁護士が所属しており、身近なところでご相談をいただきなが ら、きめの細かいアドバイスを提供いたします。
Indonesia Authors: Miriam Andreta and Hans Adiputra Kurniawan 1. Bankruptcy and Liquidation: Updates Brought by PPSK Law With respect to bankruptcy and liquidation of certain parties (public listed companies, banks, non-bank financial institutions), there are certain updates and clarifications set out in Law on Development and Improvement of Financial Sector (also known by its local abbreviation “PPSK Law”) - which came into effect on 12 January 2023 (except for certain provisions that are explicitly intended to take effect otherwise).
1. At the Debt Restructuring in the Asia-Pacific seminar on 22 September 2022 co-organised by Singapore International Commercial Court, INSOL International & INSOL Asia, Singapore’s Second Minister for Law Mr Edwin Tong SC announced that Singapore will be undertaking “a root-and-branch study”[2] of the judicial management regime in Singapore.
简介
在 2022 年 12 月，中国最终结束了长达 3 年的新冠疫情遏制措施。作为按名义 GDP 计算的世界第二大经济体和按购买力平价计算的最大经济体，世界一直在屏息期待着中国经济在推动全球经济反弹中做出贡献。
尽管中国在 2023 年第一季度实现了4.5% 的增长，但信号仍然喜忧参半。 《南华早报》2023 年 4 月 30 日报道称，中国制造业采购经理人指数下探 49.2，为改革开放后的最低水平。 文章称，国家统计局的一位高级经济师认为，4月份下滑的主要原因是“市场需求不足和一季度制造业快速复苏的高基数效应”。 这显示，中国的提振效应需要时间来沉淀。 与此同时，许多公司和企业集团可能在陷入困境并寻求整顿、重组或清算。 这其中不乏在全球各地都有投资和业务的公司和企业集团。
Introduction
The law is constantly developing to fit the ever-changing world. Most recently, with the digitalisation of the commercial landscape and the proliferation of cryptocurrencies, NFTs and metaverse-related businesses, the courts have had to apply or adapt the law to deal with novel situations. This was the case in Re Babel Holding Ltd and other matters [2023] SGHC 98, where the Singapore High Court had to apply restructuring and insolvency law in the context of a cryptocurrency-related business.
Globalisation means that the effects of a business entering insolvency proceedings rarely stay within the territorial confines of a single jurisdiction; one need only look to the recent cryptocurrency bankruptcies as evidence of this. Cross-border insolvencies are no longer the preserve of large multinational corporation failures. Globalisation and the advent of digitisation mean that even small enterprises have customers, assets, and suppliers in multiple countries. This is particularly so across Asia.
In Re Zipmex Pte Ltd and other matters [2023] SGHC 88, the Singapore High Court imported into the Singapore restructuring regime the US concept of an "administrative convenience class" in a scheme voting exercise. This concept allows debtors to obtain an approval from a large number of low value creditors without those creditors being involved in the voting exercise. This reduces the administrative burden on restructuring entities.
There are unique risks that lenders should consider when extending credit to a real estate investment trust (“REIT”). The rights that a lender might expect to have when lending to an incorporated company are not necessarily the same as when lending to a REIT.
Introduction
When a company enters financial trouble, the Singapore restructuring and insolvency framework provides a number of avenues through which the rights of the company's creditors may be addressed. Amongst these avenues, receivers may be appointed pursuant to an instrument to enforce a secured creditor's rights. Judicial managers may also be appointed by the Court to manage the business and assets of the company.