The case of Re Vanguard Energy Pte Ltd was heard in Singapore recently, with judgment handed down by the High Court on 9 June 2015.
Of significance to liquidators and underlining the importance of this case to the insolvency profession in Singapore, Judicial Commissioner Chua Lee Ming stated that “it is undeniable that litigation funding has an especially useful role to play in insolvency situations”.
Key Points This decision brings clarity to liquidators taking appointments in Singapore on a number of aspects.
The ADGM was established in Abu Dhabi in 2013. However, the ADGM has only recently (on 15 June 2015) published its first set of commercial rules and regulations for non-financial services (the Regulations) relating to companies, insolvency, employment and real property and strata title. It is also expected to publish regulations for financial services later this year. ADGM’s intentions are clear.
On 7 November 2014, OW Bunker A/S (“OW”), a global supplier and trader of marine fuel, filed for bankruptcy in Denmark. Further bankruptcies of OW subsidiaries and affiliates swiftly followed, including the bankruptcy of certain U.S. and Singapore-based OW entities.
SwissMarine Corporation Limited v O.W. Supply & Trading A/S (in bankruptcy) [2015] EWHC 1571 (Comm)
The Commercial Court has recently refused to grant an anti-suit injunction to SwissMarine Corporation Limited (SwissMarine) to restrain proceedings brought by O.W. Supply & Trading A/S (OW) against SwissMarine in Denmark.
Re Pan Ocean Co Ltd [2015] EWHC 1500 (Ch)
The Applicants had entered into a pool agreement and time charter with Pan Ocean, both of which were governed by English law and provided for London arbitration. The agreements were terminated, and the Applicants sought damages. Pan Ocean went into rehabilitation in Korean, and the Applicants submitted claims which were rejected by the administrator. The Korean court confirmed that rejection. The Applicants lodged an objection to the court’s decision, and the proceedings were ongoing in Korea.
Krol v. Key Bank National Association, et al. (In re MCK Millenium Centre Parking, LLC), Adv. No. 14-00392 (N.D. Ill. Apr. 24, 2015)
DTEK Finance B.V., Re [2015] EWHC 1164 (Ch)
The Supreme Court recently handed down its judgment in Jetivia SA and another v Bilta (UK) Ltd (in liquidation) and others [2015] UKSC 23. The Court was unanimous in dismissing the appellants’ case that the claimants’ claims against them should be struck out on the grounds of illegality and on the basis that section 213 of the Insolvency Act 1986 does not have extra-territorial effect.
The Insolvency Service has published a call for evidence on collective redundancy consultation for employers facing insolvency. It is seeking evidence on issues including the role of directors and insolvency practitioners and the factors which inhibit effective consultation. The closing date for submissions is 12 June 2015.
J. Paul Getty once said, “Formula for success: rise early, work hard, strike oil.” However, with crude oil prices nearly half of what they were a mere six months ago, Getty’s formula may not hold as true as it once did. In the latest EIA STEO Report (April 2015), the DOE projects oil prices for WTI to remain around or below $60 per barrel for the balance of 2015 and grow to $70 per barrel in 2016.