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    Chan Siew Lee Jannie v Australia and New Zealand Banking Group Ltd [2016] SGCA 23 - Whether “third party security” has to be specified in a statutory demand
    2016-05-10

    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.

    Filed under:
    Singapore, Banking, Company & Commercial, Insolvency & Restructuring, Litigation, Shook Lin & Bok, Debtor
    Location:
    Singapore
    Firm:
    Shook Lin & Bok
    Singapore - - Becoming the “Delaware” of the Asia Pacific Region?
    2016-06-15

    Delaware has long established itself as a welcoming jurisdiction for various legal purposes. It began as a center for company incorporation by providing a corporate law framework that was flexible and continuously updated for new developments. More recently, Delaware has applied those same principles (plus an expansive view of venue) to become a center for major chapter 11 reorganization filings.

    Filed under:
    Singapore, USA, Delaware, Insolvency & Restructuring, Squire Patton Boggs, Debtor
    Authors:
    G. Christopher Meyer
    Location:
    Singapore, USA
    Firm:
    Squire Patton Boggs
    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
    Jurong Technologies Industrial Corp Ltd (under judicial management) v Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
    2011-02-25

    In establishing that a debtor had unfairly preferred one creditor over others, it was not necessary to show that the debtor knew that it was insolvent or imminently insolvent, and further that the pressure on a debtor to pay one creditor only vitiates the desire to prefer if there were good commercial reasons for the payment to be made: -- Jurong Technologies Industrial Corp Ltd (under judicial management) v Cooperatieve Centrale Raiffeisen-Boerenleenbank BA [2010] SGHC 357 (Singapore, High Court, 9 December 2010)

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, WongPartnership LLP, Debtor
    Location:
    Singapore
    Firm:
    WongPartnership LLP
    Schemes of arrangement over a company do not release its joint debtors
    2010-09-22

    InEcon Piling Pte Ltd v Sambo E&C Pte Ltd [2010] SGHC 120, the Singapore High Court rejected the proposition that where a debtor is released from its debt, its other joint-debtors are also automatically released.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Debtor, Debt, Singapore High Court
    Location:
    Singapore
    Firm:
    Rajah & Tann Asia
    Schemes of arrangement over a company do not release its joint debtors
    2010-10-14

    In Econ Piling Ltd v Sambo E&C Pte Ltd [2010] SGHC 120, the Singapore High Court rejected the proposition that where a debtor is released from its debts, its other joint-debtors are also automatically released.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Debtor, Debt, Singapore High Court
    Location:
    Singapore
    Firm:
    Rajah & Tann Asia
    Effective debt relief rules to be introduced in Slovakia
    2016-07-28

    The Existing System

    Despite its introduction to the Slovak legal system in 2006, current laws on debt relief within the framework of bankruptcy of natural persons have not been a viable solution.

    Basing the legal institute of debt relief on a two-step procedure:

    • starting with bankruptcy (i.e. liquidation of (all) the debtor’s assets)
    • then followed by a three-year trial period at the end of which the court releases a resolution on the possibility of personal bankruptcy

    has in fact hindered debtors from filing.

    Filed under:
    Slovakia, Insolvency & Restructuring, Litigation, Taylor Wessing, Bankruptcy, Debtor, Debt relief
    Authors:
    Radovan Pala , Michal Michálek
    Location:
    Slovakia
    Firm:
    Taylor Wessing
    Singapore High Court analyses scope of principle that release of joint debtor release all other joint debtors
    2010-05-31

    The key issue arising in Econ Piling Ltd and Anor v Sambo E&C Pte Ltd and another matter was whether the join liability of Company A as a partner of Company B in a joint venture partnership was released as a result of a scheme of arrangement which released the debts and liabilities of Company B.

    Filed under:
    Singapore, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Allen & Gledhill LLP, Debtor, Debt, Liability (financial accounting), Joint venture, Singapore High Court
    Location:
    Singapore
    Firm:
    Allen & Gledhill LLP
    Court may grant retrospective sanction for liquidator to act
    2010-07-06

    Introduction

    When a company enters liquidation, the appointed liquidator often needs approval from the Court or a liquidation committee before she can perform certain acts on the company’s behalf. The English High Court case of Gresham International Ltd v Moonie [2009] EWHC 1093 (Ch) established that even where the liquidator has failed to obtain such approval before acting, the Court has the general discretion to grant retrospective approval.

    Filed under:
    Singapore, United Kingdom, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Debtor, Liquidation, Liquidator (law), Companies Act, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Sim Kwan Kiat
    Location:
    Singapore, United Kingdom
    Firm:
    Rajah & Tann Asia
    Insolvency legislation faces its first real test
    2011-03-07

    The economic crisis presents a real-life test for the Slovenian insolvency legislation, unequalled in its young history. Numerous insolvency proceedings against Slovene companies have revealed several serious flaws of the Insolvency Act and forced the legislator into continuous amendments.

    Filed under:
    Slovenia, Insolvency & Restructuring, Schoenherr, Share (finance), Bankruptcy, Shareholder, Debtor, Interest, Debt, Credit risk, Entrepreneurship, Fourth Amendment, Default (finance), Sole proprietorship
    Authors:
    Jernej Jeraj , Matthias Wahl
    Location:
    Slovenia
    Firm:
    Schoenherr

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