The liquidators of the plaintiff Dynasty Line Ltd. ("Dynasty") brought proceedings against the first defendants ("Sia") and second defendant ("Lee") for breaches of duty owned to Dynasty while they were its directors.
When goods are delivered to a professional storage operator (we will refer to them as a warehouseman) for safe keeping, they may become subject to a lien. A lien is a security right which gives the warehouseman rights over the goods that can take precedence over the rights of others, including the owner. The warehouseman is entitled to exercise the lien when he or she is left unpaid for services rendered and in so doing will gain legal control over the goods.
When the debts of a bankrupt or an insolvent company are denominated in a foreign currency, the Official Assignee or liquidator would need to convert the debt into Singapore dollars when making a distribution to creditors.
The recent Singapore case of Re Lehman Brothers Finance Asia Pte Ltd (in creditors' voluntary liquidation) determined that the debts of a company in foreign currency, which had been admitted in proof by the liquidators, were to be converted at the exchange rate prevailing at the "resolution date". In this context, resolution date means the day the resolution was passed placing the company into liquidation.
This table provides an overview of the key developments in 2012 to date.
During bankruptcy proceedings, much like in corporate insolvency, there is always the concern that the debtor will dispose or transfer away his property so as to keep it out of reach of his creditors.
The Monetary Authority of Singapore (Amendment) Bill ("MAS Bill") and the Financial Institutions (Miscellaneous Amendments) Bill ("FI Bill") were tabled before Parliament on 4 February 2013.
The appellant ("Mdm Cheo") commenced divorce proceedings against her hubsand (the "bankrupt") two weeks after he had been served a statutory demand by a bank to pay around US$8.67 million.
The recent Court of Appeal decision in SAAG Oilfield Engineering (S) Pte Ltd v Shaik Abu Bakar bin Abdul Sukol & Anor [2012] SGCA 7 has important implications as to the scope of creditors under a scheme of arrangement under section 210 of the Companies Act.
The defendant in this case was the liquidator of Kaki Bukit Industrial Park Pte Ltd (“Company”).