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”).
On April 1, 2012 Drydocks World LLC (DDW) and its subsidiary Drydocks World — Dubai LLC (DDW Dubai), a Dubai- and Asia-based ship building and repair company that is wholly owned by Dubai World, became the first company to commence a reorganization proceeding in the Special Tribunal1 (the Tribunal) created by Dubai Decree No. 57 for 2009 (Decree 57) and avail itself of Decree 57’s integrated legal framework.
Facts
The plaintiff (“Mdm Cheo”) commenced divorce proceedings against her husband (“the bankrupt”) two weeks after she knew that the latter had been served a statutory demand by a bank to pay around US$8.67 million.
Global Distressed Alpha Fund I Ltd Partnership v Integrated Financial Advisory Ltd [2012] SGHC 152.
Assenagon Asset Management S.A. v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited) [2012] EWHC 2090 (Ch)
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.