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.

Manharlal Trikamdas Mody E Anor v Sumikin Bussan International (HK) Limited [2014] SGHC 123

The Singapore High Court in the case of Manharlal Trikamdas Mody E Anor v Sumikin Bussan International (HK) Limited [2014] SGHC 123 decided a number of important issues in the fields of bankruptcy, assignment and ex parte applications.

The Singapore High Court in Parakou Shipping Pte Ltd (in liquidation) v Liu Cheng Chan & Orsgranted an application by a company in liquidation for a Mareva injunction to restrain its former officers and other companies which they controlled from dissipating assets. The court also considered the question of whether the company in liquidation acted with sufficient urgency and diligence in commencing the action and applying for the Mareva injunction.

The parties

Dispute Resolution Singapore Client Alert July 2015 Singapore High Court determines proprietary interests of customers of insolvent brokerage firm, MF Global Singapore Pte Ltd In the latest instalment arising out of the insolvency of MF Global, the Singapore High Court had to decide whether certain customers of the insolvent brokerage firm had any proprietary interests in the assets of the firm, and whether these assets were held on trust for these customers.

Re Vanguard Energy Pte Ltd [2015] SGHC 156

The Singapore High Court in Beluga Chartering GmbH (in liq) v Beluga Projects (Singapore) Pte Ltd (in liquidation) & Anor considered whether Singapore liquidators of Singapore-registered subsidiary companies were able to repatriate the applicant's ("Beluga Chartering") Singapore assets to Germany, where Beluga Chartering was incorporated.

The Singapore High Court in Yap Guat Beng v Public Prosecutor laid down the sentencing guidelines for offences of an undischarged bankrupt acting as a director or being involved in the management of a company or a business.

Introduction

The Singapore High Court has confirmed that it will recognize the status and powers of a foreign liquidator in the liquidation of an unregistered foreign company in Singapore.

Life cycle of a company

Statistics from the Accounting and Corporate Regulatory Authority ("ACRA") of Singapore reveal that the increasing number of companies formed in Singapore (2004:17,151; 2009:26,414) is matched by a corresponding increase in the number of companies ceasing operations (2004:5,882; 2009:22,388).

Introduction

An unfair preference transaction will only be voided under the Companies Act if it is influenced by a desire to prefer the receiving party in the event of insolvency, and not if it is motivated by proper commercial considerations. In Tam Chee Chong and another v DBS Bank Ltd [2010] SGHC 331, the Singapore High Court had the opportunity to consider what constitutes proper commercial considerations.

In an application by Win-Win Aluminium Systems Pte Ltd (the
“Company”) pursuant to section 210 of the Companies Act, the Company
sought an order to convene a meeting of creditors for the purposes of
approving a scheme of arrangement.