FINANCIAL SERVICES
New Regulations Facilitate Retail Investor Participation in Singapore Bond Market
The Court of Appeal has resolved previously conflicting case law to confirm that a bankrupt cannot be obliged to crystallise his pension benefits in order to produce income to pay off creditors.
Singapore is set to adopt the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring.
Introduction
On 17 June 2016, the First-tier Tribunal (in Farnborough Airport Properties Ltd v HMRC2) held that the appointment of a receiver over a (would-be surrendering) group company meant that “arrangements” were in place for the company to no longer be under the same “control” as would-be claimant group companies.
Innovations to the Act in late 2015 seek to modernize and simplify collective proceedings in OHADA member states.
After years of delay, on 1 August 2016, the Third Parties (Rights against Insurers) Act 2010 will be brought into force in the United Kingdom, making it easier for a party with a claim against an insolvent business to bring the claim directly against the insurer of that business.