On September 10, 2024, the U.S. Court of Appeals for the Third Circuit issued its opinion in Wells Fargo Bank, N.A. v. The Hertz Corp. (In re The Hertz Corp.), Case No. 23-1169, 2024 WL 4132132 (3d Cir. Sept.
Re Ocean Tankers (Pte) Ltd (in liquidation) [2023] SGHC 330
The Singapore High Court recently ruled on issues relating to the assignability of claims, coverage of non-assignment clause and insolvency set-off.
Facts
With the increase in global trade and business, often involving complex corporate structures in multiple jurisdictions, we expect to see a significant increase in cross-border insolvency and restructuring matters in coming years. This is especially the case with rapid advancements in technology and digital change driving “borderless” transactions and investments in every industry.
Investment funds in Singapore are typically constituted as companies, unit trusts or limited partnerships. This is set to change with the advent of a new fund vehicle, the Variable Capital Company ("VCC"). The VCC is now an alternative, after the commencement of the Variable Capital Companies Act 2018 ("VCC Act") on 14 January 2020. This update focuses on the considerations a financier may wish to take note of when financing a VCC.
What is a VCC?
In Chan Siew Lee Jannie v Australia and New Zealand Banking Group Ltd [2016] SGCA 23, the Singapore Court of Appeal was faced with the issue of whether a statutory demand issued to a guarantor would be deemed defective and liable to be set aside if it did not include the details of a pledge given by the principal debtor.
In a recent decision Peh Yeng Yok v Tembusu Systems Pte Ltd (formerly known as Tembusu Terminals Pte Ltd) and others [2016] SGHC 36, Judicial Commissioner Chua Lee Ming, sitting in the High Court, elaborated on the standard required to justify a search order (also known as an Anton Piller order). The Court emphasised in particular, that the onus was on the party seeking the search order to show that there is a real possibility that the defendants will otherwise destroy documents that are relevant to the proceedings.
A March 8 2016 decision of the influential Bankruptcy Court for the Southern District of New York has attracted attention from – and caused concern for – owners of pipelines and other midstream assets, as well as lenders to midstream and upstream lenders across the United States.