The Singapore High Court in Re Lehman Brothers Finance Asia Pte Ltd (in creditors' voluntary liquidation) [2012] SGHC 190 was confronted with the issue of whether debts of a company in a currency other than Singapore Dollars which are admitted in proof by its liquidators should be converted at the exchange rate prevailing on the date on which the company's statutory declaration was lodged, or on the date of the passing of the resolution placing the company in liquidation.

In Re Lehman Brothers Finance Asia Pte Ltd, the liquidators of Lehman Borthers Finance Asia Pte Ltd made an application to court to determine the relevant exchange rate for the conversion of foreign currency debts to Singapore Dollars in creditors' voluntary liquidation ("CVL")

The issue in The Royal Bank of Scotland NV v TT International Ltd [2012] SGCA 53 centered on whether a success-based professional fee arrangement should have been disclosed to the scheme creditors and the Court prior to the sanction of a scheme of arrangement.

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 Singapore Court of Appeal recently issued a landmark decision on schemes of arrangement in the case of The Royal Bank of Scotland NV & Ors v TT International Limited [2012] SGCA 9.

The appellant was made bankrupt in January 1998. Some time after she had been made bankrupt, her sister passed away.

SAAG Oilfield Engineering (S) Pte Ltd (formerly known as Derrick Services Singapore Pte Ltd) v Shaik Abu Bakar bin Abdul Sukol & Anor and another appeal [2012] SGCA 7