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    Arbitrability
    2010-07-13

    In Petroprod Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) v Larsen Oil and Gas Pte Ltd [2010] SGHC 186 the Singapore High Court considered whether an action brought to avoid transactions that allegedly violated insolvency laws should be stayed in favour of arbitration.

    Filed under:
    Singapore, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Fraud, Liquidation, Conveyancing, Companies Act, Singapore High Court
    Location:
    Singapore
    Firm:
    Herbert Smith Freehills LLP
    Singapore High Court rules against arbitrability of insolvency claims
    2010-08-20

    The case of Petroprod Ltd (in official liquidation in the Cayman Islands and in compulsory liquidation in Singapore) v Larsen Oil and Gas Pte Ltd [2010] SGHC 186 (“Petroprod Ltd”) is significant as the Singapore High Court decided that claims which arise from avoidance provisions in Singapore insolvency laws are non-arbitrable as they exist for the benefit of the general body of creditors as a whole.

    Filed under:
    Singapore, Arbitration & ADR, Insolvency & Restructuring, Litigation, Allen & Gledhill LLP, Liquidation, Singapore High Court
    Location:
    Singapore
    Firm:
    Allen & Gledhill LLP
    Singapore High Court upholds winding up proceedings based on statutory demand for debt founded on an arbitration award
    2010-08-31

    In Pacific King Shipping Pte Ltd & Anor v Glory Wealth Shipping Pte Ltd, one of the key issues which the Singapore High Court had to consider was whether the defendant was precluded from commencing winding up proceedings against the plaintiffs via section 254(2)(a) read with section 254(1)(e) of the Companies Act (the “CA”) on the basis of a debt that was founded on a foreign arbitration award which had not been enforced.

    Filed under:
    Singapore, Arbitration & ADR, Insolvency & Restructuring, Litigation, Allen & Gledhill LLP, Arbitration award, Debt, Liquidation, Companies Act, Singapore High Court
    Location:
    Singapore
    Firm:
    Allen & Gledhill LLP
    Performance of contract negated by Sichuan earthquakes
    2010-09-14

    The case of Norwest Holdings Pte Ltd (in liquidation) v Newport Mining Ltd [2010] SGHC 144 involved
    the sale of the shares of a company which owned phosphate mining and production facilities in the
    Sichuan province.

    Filed under:
    Singapore, Corporate Finance/M&A, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Liquidation
    Location:
    Singapore
    Firm:
    Rajah & Tann Asia
    Insolvency
    2010-10-04

    Payments made by a company to its holding company shortly before its winding up were held to have amounted to an unfair preference of the holding company and could be clawed-back from it

    Filed under:
    Singapore, Insolvency & Restructuring, WongPartnership LLP, Liquidation, Holding company
    Location:
    Singapore
    Firm:
    WongPartnership LLP
    Insolvency disputes not arbitrable in Singapore
    2010-10-05

    The Singapore High Court has considered for the first time whether an action brought to avoid transactions that allegedly violated insolvency laws should be stayed in favour of arbitration. The court held that such disputes are not suitable for arbitration due to the public interest involved.

    Filed under:
    Singapore, Arbitration & ADR, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Fraud, Liquidation, Singapore High Court
    Location:
    Singapore
    Firm:
    Herbert Smith Freehills LLP
    Singapore Court of Appeal allows claw back of payments made to holding company on grounds of unfair preference even though payments were alleged to be part of established past practice
    2010-10-27

    The Singapore Court of Appeal decision of Chee Yoh Chuang & Anor (as Liquidators of Progen Engineering Pte Ltd (in liquidation)) v Progen Holdings Ltd considered how the lawought to balance the rights of creditorswith the companies directors' desire to keep the company afloat when the company has financial difficulties and when payments were made to creditors.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Allen & Gledhill LLP, Liquidation, Holding company, Court of Appeal of Singapore
    Location:
    Singapore
    Firm:
    Allen & Gledhill LLP
    What board members and executives should know about impact of the Proposed Amendment to the Commercial Code on Personal Liability?
    2017-07-27

    Are you already a board member or executive of a Slovak company or about to become one? If so, you should know about the proposed amendment to the Slovak Commercial Code. The amendment aims to address the so-called “white horses” and “tunneling (asset stripping)” of the companies.

    Filed under:
    Slovakia, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Shareholder, Board of directors, Liquidation, Joint-stock company
    Authors:
    Jana Pagácová
    Location:
    Slovakia
    Firm:
    Squire Patton Boggs
    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
    Bosasa has announced their voluntary liquidation. What is the legal process?
    2019-02-20

    On 19 February 2019, the African Global Group of companies (better known by its trading name, Bosasa) reported that it intends applying for its voluntary liquidation.

    It reported that this decision was taken by the board of directors of Bosasa after being notified by its bankers that the groups’ bank accounts would be closed, with effect from the 1st of March 2019.

    Filed under:
    South Africa, Company & Commercial, Insolvency & Restructuring, Litigation, Adams & Adams, Board of directors, Liquidation
    Authors:
    Leander Opperman , Vuyokazi Ndamse
    Location:
    South Africa
    Firm:
    Adams & Adams

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