In the race between Singapore and Hong Kong to become the leading dispute resolution centre in Asia, Singapore may be taking the lead.
Singapore is forging ahead with plans to approve third party funding of disputes.
Draft legislation aimed at permitting third party funding of international arbitration (including related litigation and mediation), enforcement proceedings and proceedings to stay was published by Singapore’s Ministry of Law on 30 June 2016.
A milestone year
The acceptance of the Committee’s recommendation is a boost in Singapore’s bid to become a debt restructuring hub, and it is likely to be exciting to see how and when these recommendations will be implemented.
On 20 July 2016, Singapore’s Ministry of Law accepted the recommendations of the Committee to Strengthen Singapore as an International Centre for Debt Restructuring (the “Committee”).
Counterparties of Swiber Holdings Limited ("Swiber") and its group companies would do well to keep a close tab on any debts outstanding from the group.
Swiber, an SGX-listed company in the oil fields services sector, issued an announcement in the early hours of Thursday 28 July 2016 stating that it filed an application in the Singapore High Court for a voluntary winding up on Wednesday afternoon, together with an application to place the company under provisional liquidation.
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.
Introduction
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
Business relationships and transactions are usually based on contracts, and nothing is as binding on a party as signing on the dotted line. We would expect legal obligations to follow the signee. However, there are instances where signatures can be „disguised‟ or forged. In the case of The Bank of East Asia Limited v Sudha Natrajan [2015] SGHC 328, the Court had to decide whether the signature on a contract was indeed executed by the Defendant, or a forgery as alleged by the Defendant.
Introduction
CLIENT UPDATE 2016 FEBRUARY 1 © Rajah & Tann Singapore LLP Key Legislative and Regulatory Developments in Singapore for the Year 2015 This Update provides a brief summary of the key statutory and regulatory developments in Singapore for the year 2015.
Overview
The IMF, in a January 2016 update to its World Economic Outlook, revised its global growth projections for 2016 and 2017 down by 0.2%, citing a decline in emerging markets' growth and lower prices for energy and other commodities.[1]
With the trough in the global economy set to continue, there is unlikely to be any respite for the marine and trade industries, where counterparty insolvency will become more prevalent.