Financial Services Regulatory Singapore Client Alert May 2016 MAS Issues Proposed Enhancements to Resolution Regime for Financial Institutions in Singapore Background In June 2015, the Monetary Authority of Singapore ("MAS") issued a consultation paper on the Proposed Enhancements to the Resolution Regime for Financial Institutions in Singapore ("June 2015 Consultation Paper").

When goods are delivered to a professional storage operator (we will refer to them as a warehouseman) for safe keeping, they may become subject to a lien. A lien is a security right which gives the warehouseman rights over the goods that can take precedence over the rights of others, including the owner. The warehouseman is entitled to exercise the lien when he or she is left unpaid for services rendered and in so doing will gain legal control over the goods.

Assenagon Asset Management S.A. v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited) [2012] EWHC 2090 (Ch)

The Singapore High Court in Re Lehman Brothers Finance Asia Pte Ltd (in creditors' voluntary liquidation) [2012] SGHC 190 was confronted with the issue of whether debts of a company in a currency other than Singapore Dollars which are admitted in proof by its liquidators should be converted at the exchange rate prevailing on the date on which the company's statutory declaration was lodged, or on the date of the passing of the resolution placing the company in liquidation.

This table provides an overview of the key developments in 2012 to date.

The Monetary Authority of Singapore (Amendment) Bill ("MAS Bill") and the Financial Institutions (Miscellaneous Amendments) Bill ("FI Bill") were tabled before Parliament on 4 February 2013.

The companies at the heart of these two cases were Jurong Technologies Industrial Corporation Ltd ("JTIC") and its wholly owned subsidiary Jurong Hi-Tech Industries Pte Ltd ("JHTI") (collectively, the "Companies").

The Singapore Court of Appeal recently issued a landmark decision on schemes of arrangement in the case of The Royal Bank of Scotland NV & Ors v TT International Limited [2012] SGCA 9.

In the recent Singapore High Court decision of Kong Swee Eng v Rolles Rudolf Jurgen August, the court held, among other things, that the concept of overreaching applies to a sale exercised by a mortgagee pursuant to a contractual right in a charge (as opposed to a statutory power of sale) and that the winding up of a company does not frustrate the sale and purchase of shares in the company.

Starting from March 1, 2017, the Slovak personal insolvency regime will change. The new system aims to make personal insolvency available to a wider debtor audience, while keeping it simple and cost efficient. Today, only individuals with assets over €1,659.70 can seek declaration of bankruptcy. Otherwise, the proceedings could be stopped and the doors to a “fresh start” closed for “poor” debtors (also called No Income No Asset debtors (NINA)).