The decision provides new judicial guidance for determining the boundaries of cross-class cram down tests. 

On 28 June 2021, the High Court declined to sanction a restructuring plan proposed by Hurricane Energy plc (Hurricane), an AIM listed oil drilling company, under Part 26A of the Companies Act 2006 (Act). The plan would have seen shareholders diluted to 5% of Hurricane’s equity, with the remaining 95% issued to bondholders as consideration for a partial debt-for-equity swap. 

New legislation suspends contractual obligations for the next six months with related disputes subject to a separate dispute resolution system.

On 7 April 2020, the Singapore Parliament passed the COVID-19 (Temporary Measures) Act (the Act) offering temporary relief to businesses and individuals who are unable to fulfil their contractual obligations because of COVID-19 and providing temporary amendments to bankruptcy and insolvency laws. The Act went into effect immediately.