In Brief

For the first time, a court has adopted the ‘centre of main interest’ (COMI) as grounds at common law to recognise foreign insolvency proceedings.

The decision earlier this year by the High Court of Singapore (the Court) recognised a Japanese bankruptcy trustee appointed to companies incorporated in the British Virgin Islands (BVI):

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.

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 Hanjin's Korean rehabilitation proceedings in Singapore.

Selvam LLC, the Singapore Law Practice of Duane Morris & Selvam LLP, recently succeeded in securing the dismissal of a suit brought by a liquidator in the High Court of Singapore against a defendant director in Prima Bulkship Pte Ltd (In Creditors’ Voluntary Liquidation) and Another v Lim Say Wan And Another [2016] SGHC 283.

CASEWATCH JANUARY 2016 1 © WongPartnership LLP This update is intended for your general information only. It is not intended to be nor should it be regarded as legal advice. WongPartnership LLP (UEN: T08LL0003B) is a limited liability law partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). SINGAPORE HIGH COURT AFFIRMS THAT A PARTY MAY OBTAIN RESTRAINT ORDERS AHEAD OF ANY APPLICATION FOR THE CALLING OF A CREDITORS’ MEETING FOR THE PURPOSES OF PUTTING A COMPANY UNDER A SCHEME OF ARRANGEMENT In Re Conchubar Aromatics Ltd [2015] SGHC 322, the Singapo

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.

MF Global Singapore Pte Ltd v Vintage Bullion DMCC [2015] SGHC 162

The Singapore High Court in MF Global Singapore Pte Ltd v Vintage Bullion DMCC considered a contention by customers of an insolvent brokerage firm that profits made from certain leveraged foreign exchange and leveraged commodity transactions with the firm were held on trust for the customers. The court disagreed. This meant that the customers can only stand as unsecured creditors over the profits. 

Facts

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