In an application by Win-Win Aluminium Systems Pte Ltd (the
“Company”) pursuant to section 210 of the Companies Act, the Company
sought an order to convene a meeting of creditors for the purposes of
approving a scheme of arrangement.

The case of Noerwest Pte Ltd (in liquidation) v Newport Mining Ltd [2010] SGHC144 involved the sale of the shares of a company which owned phosphate mining and production fascilities in the Sichuan province.

In the recent Singapore High Court decision of Kong Swee Eng v Rolles Rudolf Jurgen August, the court held, among other things, that the concept of overreaching applies to a sale exercised by a mortgagee pursuant to a contractual right in a charge (as opposed to a statutory power of sale) and that the winding up of a company does not frustrate the sale and purchase of shares in the company.

Where one of the factors behind an insolvent company granting its creditor security was a desire to put that creditor in a more advantageous position in the company's insolvency, held that the grant of security amounted to a unfair preference that rendered the security void:

2010 saw many important legal developments in the area of business finance & insolvency law both internationally as well as in Singapore.

Patrick Ang, Chin Wei Lin and Jonathan Lee from the Business Finance & Insolvency Practice of Rajah & Tann LLP acted for Standard Chartered bank in successfully overturning a decision of the High Court in Standard Chartered Bank v Loh Chong Yong Thomas [2010] SGCA 2.

The key issue arising in Econ Piling Ltd and Anor v Sambo E&C Pte Ltd and another matter was whether the join liability of Company A as a partner of Company B in a joint venture partnership was released as a result of a scheme of arrangement which released the debts and liabilities of Company B.

Introduction

When a company enters liquidation, the appointed liquidator often needs approval from the Court or a liquidation committee before she can perform certain acts on the company’s behalf. The English High Court case of Gresham International Ltd v Moonie [2009] EWHC 1093 (Ch) established that even where the liquidator has failed to obtain such approval before acting, the Court has the general discretion to grant retrospective approval.

Covid-19 has brought about much uncertainty for businesses worldwide and it is timely for a special edition of Going Concerns to provide a "survival guide" in the following jurisdictions Singapore, the People's Republic of China ("PRC"), Hong Kong, United Kingdom and the United Arab Emirates ("UAE"). This special edition will also touch on recent legislation and stimulus packages introduced by governments of the above (where applicable) in response to the Covid-19 outbreak, which will impact both creditors and debtors.

Survival guide

The Singapore Court may grant freezing injunctions in aid of foreign court proceedings, but the Court must have jurisdiction over the defendant, and a substantive claim must nevertheless be brought against the defendant in Singapore

In Bi Xiaoqiong v China Medical Technologies, Inc (in liquidation) and

another [2019] SGCA 50 (“China Medicalâ€), the Singapore Court of Appeal

(“CoAâ€) confirmed that the Singapore Court may grant freezing (or Mareva)

injunctions in support of foreign court proceedings. However, the Singapore