In light of a number of recent High Court decisions, Andy Creer considers the approach of the Court when considering an application for a speedy trial.

This article is produced by CMS Holborn Asia, a Formal Law Alliance between CMS Singapore and Holborn Law LLC.

A. Overview

In Denka Advantech Pte Ltd v Seraya Energy Pte Ltd [2020] SGCA 119, the Singapore Court of Appeal (“SGCA”) had the opportunity to consider the applicable law with regard to penalty and liquidated damages (“LD”) clauses.

A bankrupt’s solicitors can be required to handover to the trustees in bankruptcy the bankrupt contact information, full details of last known whereabouts, and client trust account ledger records, pursuant to section 29 of the Bankruptcy Ordinance.

The U.S. Court of Appeals for the Second Circuit recently held that property in which a debtor’s dependent son lived part-time with his father qualified for the so-called homestead exemption contained in section 522(d)(1) of the Bankruptcy Code, regardless of state law.

Introduction

In Allenger, Shiona (Trustee-in-bankruptcy of the Estate of Pelletier, Richard Paul Joseph) v Pelletier, Olga and another [2020] SGHC 279, Rajah and Tann Singapore's Fraud, Asset Recovery and Investigations team led by partners Danny Ong and Yam Wern-Jhien, assisted by Bethel Chan and Chen Lixin, prevailed in a significant decision examining principles governing the grant of freezing injunctions against foreign defendants in the context of a cross-border insolvency and asset recovery claim.

In a recent judgment on directors’ liability (Bundesgerichtshof, 18 November 2020, IV ZR 217/19), the German Federal Court of Justice (Bundesgerichtshof) has clarified the scope of D&O insurance coverage, holding that company directors are entitled to its protection.

Background

In Cage Consultants Limited v Iqbal & Iqbal [2020] EWHC 2917 (Ch), the liquidators of Totalbrand Limited (the company) assigned certain claims – including for transactions at an undervalue and preferences – to litigation funders Cage Consultants Limited (CCL) under s.246ZD Insolvency Act 1986. The company was subsequently dissolved.

A former director of the company and another individual alleged to have benefitted from the transactions tried to strike out the claims. They did this on the basis that:

In the recently-passed Consolidated Appropriations Act, 2021 (the "Act"), Congress provided much-needed cover for landlords that enter into forbearance agreements with their tenants during the COVID-19 pandemic by protecting landlords from exposure to preference litigation arising out of the deferred rent payments if the tenant were to later file bankruptcy.

What is a preference?

RE IMAGINED

An analysis of the Restructuring Plan January 2021

Illustration: A world of complexity by Sam Hadley

RE IMAGINED: AN ANALYSIS OF THE RESTRUCTURING PLAN: