In a landmark judgment on 9 September 2016, the High Court of Singapore exercised its inherent jurisdiction to grant, on an ex parte basis, interim orders for the recognition of the Hanjin Shipping Co Ltd (Hanjin Shipping) Korean rehabilitation proceedings in Singapore.

This is a follow-up to our previous client update on Swiber Holdings Limited written on 29 July 2016. To view our previous update, please click here.

Any legislation or action which seeks to alter the pari passu distribution of an insolvent company's property amongst its creditors needs to be very carefully and comprehensively considered, and have regard to accrued rights and interests.

On 8 November 2017, the High Court released its decision in Re Attilan Group Ltd [2017] SGHC 283 (the "Attilan" case). The decision is interesting as it marks the first time the High Court had the opportunity to hear arguments on section 211E of the Companies Act (the "Act") on super priority for rescue financing.

The Court of Appeal handed down its decision on 6 November 2009 upholding the High Court decision that a scheme of arrangement is not an appropriate mechanism by which the administrators of Lehman Brothers International (Europe) (LBIE) can return assets to LBIE’s clients.

The Singapore High Court has recently granted recognition to Hong Kong liquidation proceedings and liquidators for the first time under Singapore's enactment of the United Nations Commission on International Trade Law Model Law on Cross Border Insolvency (the model law).

Introduction

In this case, Re Kobian Pte Ltd (OS 1269 / 2020 in the Singapore High Court), Kobian Pte Ltd applied to the Singapore High Court for a moratorium to propose a scheme of arrangement with its creditors. The legal issues at stake were the necessary conditions to be fulfilled by an Applicant in order to obtain a moratorium under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA).

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.

Rian Matthews and Kate Ballantine-Dykes from Baker McKenzie have published an article entitled “Common law to the rescue: bridging gaps in international and domestic restructuring and insolvency regimes” in Corporate Rescue and Insolvency.

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.