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
While a judicial manager is given a wide discretion to employ his skills and expertise in managing the affairs of a company in judicial management, the shareholders or creditors of the company may apply to court for relief where they contend that the company's affairs, business, or property have been managed by the judicial manager in a manner which is or was unfairly prejudicial to their interests.
Introduction
Under Singapore's restructuring and insolvency regime, a judicial manager has a degree of discretion in managing the affairs of the company in judicial management. However, the Court may intervene in a decision of a judicial manager if it is unfairly prejudicial to the interests of the company's creditors or members.
Introduction
Singapore’s Insolvency, Restructuring and Dissolution Act (the “IRDA“), together with 48 pieces of subsidiary legislation, comes into force today, 30 July 2020 (available here).
In AnAn Group (Singapore) Pte Ltd v VTB Bank (Public Joint Stock Company) [2020] SGCA 33, Justice Steven Chong, delivering the judgment of the Court, (1) overturned the decision of the High Court which allowed a creditor (VTB Bank) to proceed with its winding up petition against a debtor (AnAn), and (2) upheld the arbitration agreement pursuant to which the dispute underlying the debt should first be resolved.
Introduction
Financial difficulties are not uncommon in the course of a business’ lifespan, and though there may be the threat of insolvency, there are a number of alternative avenues through which a company may stave off winding up proceedings. In Re Conchubar Aromatics Ltd [2015] SGHC 322, the Singapore High Court examined restraint orders against insolvency proceedings under s210 of the Companies Act, which deals with schemes of arrangement.
S210 prescribes a series of stages for the implementation of schemes of arrangement, including the following:
Introduction
A statutory demand is an important step in the bankruptcy process, as it allows the creditor to initiate a bankruptcy application against the debtor. It is thus vital that any statutory demand issued must conform to the legislative requirements. In the recent case of Ramesh Mohandas Nagrani v United Overseas Bank Ltd [2015] SGHC 266, the Singapore High Court had to decide whether to set aside a statutory demand based on alleged irregularities in its contents, and touched on what makes a statutory demand invalid.