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.
Introduction
For the first time, the Singapore High Court has ruled on whether to grant ‘super priority’ for debts arising from rescue financing under the amended insolvency laws via the Companies (Amendment) Act 2017 (the Act). ‘Super priority’ was one of the central topics discussed in Dentons Rodyk’s series of seminars for financial institution clients held in September 2017 over 3 days.
上周，曾在新加坡证券交易所有限公司（“新交所”）上市的Otto Marine有限公司（以下简称“Otto Marine”）提出申请将公司提交司法托管（“司法托管申请”）并请求任命临时司法管理人。
该公司系总部为新加坡的Otto Marine集团的核心成员，Otto Marine集团拥有约70家子公司，联营公司和间接子公司，在全球拥有622名员工。 Otto Marine集团从事投资控股，船舶建造，维修和服务，船舶租赁和租赁以及离岸服务业务。 Otto Marine的独任董事暨实际股东是马来西亚大亨拿督斯里丘志肖。
司法托管申请发生于2015年约1.83亿美元的亏损以及2016年10月自新加坡证券交易所自愿退市之后。根据该公司截至2017年12月31日的管理账目初稿，本财政年度累计录得亏损约8100万美元。 在支持司法托管申请的法院文件中，该公司估计总负债约为8.77亿美元，并宣称自己无力偿还债务，并援引大华银行提交的清盘申请和各种未决执行申请等事宜。
根据法庭文件，拿督斯里丘志肖本人似乎是该公司最大的单一债权人，其本人或其附属公司享有2.08亿美元债权。
In its recent decision in Pars Ram Brothers (Pte) Ltd (in creditors’ voluntary liquidation) v Australian & New Zealand Banking Group Ltd and others [2017] SGHC 38, the Singapore High Court held that the security interests of lenders survived the commingling of assets, and that the assets should be divided among the secured lenders in proportion to their respective contributions.
Facts
After months of public consultations and revision, the Singapore parliament passed the Companies (Amendment) Bill (the "Bill") on 10 March 2017 amending the Singapore Companies Act (the "Companies Act"). The Bill contains, among others, significant and novel changes to Singapore's insolvency laws. This is no doubt a giant step towards positioning Singapore as Asia Pacific's Debt Restructuring Hub with cross-border restructuring capabilities.
Introduction - The Bill
On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 ("Act") to enhance the country's corporate debt restructuring framework. The Act was assented to by President Tony Tan Keng Yam on March 29, 2017, and became effective after it was published in the Singapore Government Gazette on March 30, 2017.
Introduction
Major law changes intended to make Singapore the region’s pre-eminent restructuring and insolvency hub have now come into effect.
On 22 May 2017, the Singapore Ministry of Finance issued a notice that sections 22 to 34, 40, 41, 43, 45, 49, 50, 53(3) and (6) and 54 (the Relevant Sections) of the Companies (Amendment) Act 2017 (the Amendment Act) would come into operation on 23 May 2017.
Further to K&L Gates’ Singapore Restructuring and Insolvency Alert dated 5 December 2016,[1] Singapore’s revised restructuring and insolvency legislation has come into effect.