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    What 'security' should be specified in a statutory demand under the Singapore Bankruptcy Rules?
    2016-10-04

    Key Points

    • Under rule 98(2)(c) of the Singapore Bankruptcy Rules, the court shall set aside a statutory demand if the creditor holds ‘security for the debt’ claimed in the demand, and the court is satisfied that the value of such security is equivalent to or exceeds the full amount of the debt.
    • This case suggests that the creditor making a statutory demand is not obliged to disclose security offered by a third party, but only by the debtor in respect of the debt.

    The Facts

    Filed under:
    Singapore, Banking, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy
    Location:
    Singapore
    Firm:
    Taylor Wessing
    When is a statutory demand deemed invalid?
    2015-11-13

    Introduction

    A statutory demand is an important step in the bankruptcy process, as it allows the creditor to initiate a bankruptcy application against the debtor. It is thus vital that any statutory demand issued must conform to the legislative requirements. In the recent case of Ramesh Mohandas Nagrani v United Overseas Bank Ltd [2015] SGHC 266, the Singapore High Court had to decide whether to set aside a statutory demand based on alleged irregularities in its contents, and touched on what makes a statutory demand invalid.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Bankruptcy, Debtor
    Authors:
    Rebecca Chew
    Location:
    Singapore
    Firm:
    Rajah & Tann Singapore LLP
    Singapore High Court holds bankrupt individuals did not have legal standing to bring OS to enforce sections 76(1)(C) and 105 of Bankruptcy Act
    2014-08-27

    Manharlal Trikamdas Mody E Anor v Sumikin Bussan International (HK) Limited [2014] SGHC 123

    The Singapore High Court in the case of Manharlal Trikamdas Mody E Anor v Sumikin Bussan International (HK) Limited [2014] SGHC 123 decided a number of important issues in the fields of bankruptcy, assignment and ex parte applications.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Allen & Gledhill LLP, Bankruptcy, Ex parte, Standing (law), Singapore High Court
    Authors:
    Andrew Chan
    Location:
    Singapore
    Firm:
    Allen & Gledhill LLP
    Parliament introduces Bankruptcy (Amendment) Bill 2015: increased minimum debt threshold
    2015-05-28

    On 11 May 2015, the Bankruptcy (Amendment) Bill 2015 (the “Bill”) was tabled in Parliament for first reading. Essentially, the Bill seeks to amend the Bankruptcy Act to create a more rehabilitative regime for bankrupts, ensure better utilisation of public resources and encourage creditors to exercise financial prudence when extending credit.

    Filed under:
    Singapore, Insolvency & Restructuring, Allen & Gledhill LLP, Bankruptcy
    Authors:
    Edwin Tong, SC , Andrew Chan , Ronnie Quek , Edward Tiong
    Location:
    Singapore
    Firm:
    Allen & Gledhill LLP
    Courts in New York and Singapore reach opposite conclusions on the validity of interpleader applications arising out of the OW Bunker bankruptcy
    2015-07-10

    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.

    Filed under:
    Singapore, USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Injunction
    Authors:
    Charles G. Weller , Sally-Ann S. Underhill , Siân C. Fellows , Danielle Anderson
    Location:
    Singapore, USA
    Firm:
    Reed Smith LLP
    Reforms to Singapore’s bankruptcy regime
    2015-07-23

    Introduction

    On 14 July 2015, the Singapore Parliament passed the Bankruptcy Amendment Bill, which seeks to establish certain reforms in Singapore’s bankruptcy regime.

    Senior Minister of State for Law Indranee Rajah said in Parliament that the changes address the striking of a balance between the need to hold bankrupts accountable and allowing them to have the opportunity to make a fresh start in their financial affairs after a reasonable period of time.

    In this Update, we highlight key aspects of these reforms, which include:

    Filed under:
    Singapore, Insolvency & Restructuring, Rajah & Tann Asia, Bankruptcy
    Authors:
    Chua Beng Chye , Ryan Loh
    Location:
    Singapore
    Firm:
    Rajah & Tann Singapore LLP
    Bankruptcy (Amendment) Bill 2015 passed in Parliament, not yet in force: increased minimum debt threshold
    2015-07-30

    On 14 July 2015, the Bankruptcy (Amendment) Bill 2015 (the “Bill”) was passed in Parliament. It is not yet in force. The Bill will amend the Bankruptcy Act to create a more rehabilitative regime for bankrupts and ensure better utilisation of public resources.

    When the Bill comes into force, it will effect the following changes to the Bankruptcy Act:

    Filed under:
    Singapore, Insolvency & Restructuring, Allen & Gledhill LLP, Bankruptcy
    Authors:
    Edwin Tong, SC , Andrew Chan , Ronnie Quek , Edward Tiong
    Location:
    Singapore
    Firm:
    Allen & Gledhill LLP
    Ministry of Law proposes review of Singapore bankruptcy and insolvency regime
    2013-04-16

    As part of the Singapore Budget 2013, the Ministry of Law has proposed a major review of Singapore's bankruptcy and insolvency regime, with a particular focus on making it easier to discharge personal bankruptcies due to business failure or unsecured consumer credit.

    The Insolvency Law Reform Committee will also be finalizing its report on the Omnibus Insolvency Bill soon. This Bill is intended to address certain perceived weaknesses in the existing personal bankruptcy and corporate insolvency mechanisms, resulting in a better and more efficient regime.

    Filed under:
    Singapore, Insolvency & Restructuring, CNPLaw LLP, Bankruptcy
    Location:
    Singapore
    Firm:
    CNPLaw LLP
    Cheo Sharon Andriesz v Official Assignee of the estate of Andriesz Paul Matthew, a bankrupt [2013] SGCA 8 (Singapore, Court of Appeal, 18 January 2013)
    2013-03-27

    The appellant ("Mdm Cheo") commenced divorce proceedings against her hubsand (the "bankrupt") two weeks after he had been served a statutory demand by a bank to pay around US$8.67 million.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, WongPartnership LLP, Bankruptcy
    Location:
    Singapore
    Firm:
    WongPartnership LLP
    Singapore High Court dictates sentencing guidelines for undischarged bankrupt acting as director
    2011-01-26

    The Singapore High Court in Yap Guat Beng v Public Prosecutor laid down the sentencing guidelines for offences of an undischarged bankrupt acting as a director or being involved in the management of a company or a business.

    Filed under:
    Singapore, Company & Commercial, Insolvency & Restructuring, Litigation, Allen & Gledhill LLP, Bankruptcy, Singapore High Court
    Location:
    Singapore
    Firm:
    Allen & Gledhill LLP

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