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").
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.
A case study of W Y Steel Construction Pte Ltd v Tycoon Construction Pte Ltd (in liquidation) [2016] SGHC 80
Overview
In the race between Singapore and Hong Kong to become the leading dispute resolution centre in Asia, Singapore may be taking the lead.
Singapore is forging ahead with plans to approve third party funding of disputes.
Draft legislation aimed at permitting third party funding of international arbitration (including related litigation and mediation), enforcement proceedings and proceedings to stay was published by Singapore’s Ministry of Law on 30 June 2016.
A milestone year
The Defendant served 2 payment claims on the Plaintiff for work done up to end of November 2014 in the month of December 2014. It was common ground that the revised payment claim served on 26 December 2014 (“PC3R”), replaced the earlier payment claim dated 5 December 2014. • The Defendant then served a third payment claim (“PC4”) in the same payment claim period, i.e., on 30 December 2014, this time for work done up to end of December 2014. • PC3R was not withdrawn by the Defendant.
CASE UPDATE 11 November 2015 PROPOSED SYSTEM OF COSTS SCHEDULING FOR INSOLVENCY PRACTITIONERS Kao Chai-Chau Linda v Fong Wai Lyn Carolyn and others [2015] SGHC 260 INTRODUCTION This case concerns the quantum of professional fees reflected in a bill of costs issued by the receivers and managers (“R&Ms”) of Airtrust (Singapore) Pte Ltd (“Airtrust”).
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.
Financial difficulties are not uncommon in the course of a business’ lifespan, and though there may be the threat of insolvency, there are a number of alternative avenues through which a company may stave off winding up proceedings. In Re Conchubar Aromatics Ltd [2015] SGHC 322, the Singapore High Court examined restraint orders against insolvency proceedings under s210 of the Companies Act, which deals with schemes of arrangement.
S210 prescribes a series of stages for the implementation of schemes of arrangement, including the following:
Applicability of the Doctrine of Anticipatory Breach to Executed Contracts
In a rare appeal before five judges in the Singapore Court of Appeal, two questions of great practical significance pertaining to contract law were authoritatively and definitively answered:-
Seah Teong Kang v Seah Yong Chwan [2015] SGCA 48
On 10 September 2015, the Singapore Court of Appeal issued a judgment in Seah Teong Kang v Seah Yong Chwan on section 259 of the Companies Act. Section 259 provides:
“Any disposition of the property of the company, including things in action, and any transfer of shares or alteration in the status of the members of the company made after the commencement of the winding up by the Court shall unless the Court otherwise orders be void.”