Introduction

Singapore’s Ministry of Law has unveiled proposed amendments to the Singapore Companies Act to be made in 2017 to strengthen Singapore as an International Centre for Debt Restructuring (“the proposed amendments”). The Ministry of Law released the proposed amendments for public consultation from 21 October 2016 to 2 December 2016.

In its recent judgment in Ting Shwu Ping (Administrator of the estate of Chng Koon Seng, Deceased) v Scanone Pte Ltd and another appeal [2016] SGCA 65, the Singapore Court of Appeal set out the test to be applied in deciding whether to exercise its discretion under section 254(2A) of the Companies Act to order a buy-out instead of a winding-up where a party has applied to wind up the company under section 254(1)(f) (where the directors have acted in the affairs of the company in their own interest rather than the interests of members as a whole) or section 254(1)(i) (where it is ju

Selvam LLC, the Singapore Law Practice of Duane Morris & Selvam LLP, recently succeeded in securing the dismissal of a suit brought by a liquidator in the High Court of Singapore against a defendant director in Prima Bulkship Pte Ltd (In Creditors’ Voluntary Liquidation) and Another v Lim Say Wan And Another [2016] SGHC 283.

The acceptance of the Committee’s recommendation is a boost in Singapore’s bid to become a debt restructuring hub, and it is likely to be exciting to see how and when these recommendations will be implemented.

On 20 July 2016, Singapore’s Ministry of Law accepted the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring (the “Committee”).

In the latest decision in Kao Chai-Chau Linda v Fong Wai Lyn Carolyn and others [2015] SGHC 260, the Singapore courts have taken another step toward controlling the costs involved in insolvency and restructuring situations. In Kao, an application was made to the Singapore High Court to tax the fees of court-appointed receivers and managers. The application was heard before the learned Justice Steven Chong.

In its bankruptcy filing under Japan's Civil Rehabilitation Law, Mt. Gox claims 6.5 billion yen, or around $64 million, in liabilities and 3.84 billion yen, or around $38 million, in assets.

The Department of Justice is changing its method of providing public notice for civil and administrative forfeitures.  The Government has traditionally published forfeiture notices in newspapers.  Instead, the Government will now post generalized notices at www.forfeiture.gov. 

Landlords are often among the very first to feel the impacts of their tenant’s financial woes. In today’s unpredictable economic environment, many businesses are forced to shut their stores temporarily while the risks of COVID-19 continue to play out. Within the last few days many large and small retailers have unilaterally announced publicly that they would not be paying upcoming rent. In these unprecedented times, landlords must be aware of the risks they face in light of what is certain to be a previously unheard of level of tenant defaults.

In an effort to broaden his appeal to members of the left-leaning electorate, Joe Biden endorsed Senator Elizabeth Warren’s bankruptcy plan during this past weekend. Ms. Warren’s plan, a material piece of the platform from her former presidential bid, is focused on protecting struggling individual consumers by reducing bankruptcy costs, streamlining the process, and expanding debt forgiveness. Like many of her plans, Ms. Warren’s bankruptcy plan is detailed and generally includes the following proposals: