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
Hong Kong’s restructuring scene is one of the most cross-border in the world, with three-quarters of its listed companies incorporated offshore and most restructurings having a mainland China connection. But the territory still lacks a statutory regime for cross-border recognition – as recently brought into focus in the restructuring of Singaporean engineering company CW Group. What does this mean for international insolvencies in the region?
Norwest Holdings Pte Ltd (in Liquidation) v Newport Mining Ltd [2011] SGCA 42
ISSUE FOUR 2017 FUNDING IN FOCUS Are Asian arbitral centres going to surpass the old continent? PwC Damages: an expert’s view Who wins, where and why? Stockholm, Sweden, Scandinavia Freshfields Bruckhaus Deringer 60 seconds Q&A with Erin Miller Rankin Brick Court Chambers Competition damages litigation in London pre- and post- Brexit Wilberforce Chambers Getting at trust assets and piercing the corporate veil Disputes funding for corporates CONTENTS Are Asian arbitral centres going to surpass the old continent?
Singapore’s new (the Omnibus Bill) was passed by parliament on 1 October 2018 and is expected to come into force later this year or in early 2019.
The Omnibus Bill, which was introduced to parliament on 10 September 2018, consolidates Singapore's corporate and personal insolvency and restructuring laws into a single enactment. It also generally updates the insolvency legislation and introduces a significant number of new provisions, particularly in respect of corporate insolvency.
Globalisation has been described as an evolving set of consequences – some good, some bad and some unintended. In this regard, when companies go global, insolvency is perhaps the furthest thing from their minds. Yet, while business failure may be unintended, when a global company becomes insolvent or attempts debt restructuring, its insolvency representative e.g. liquidator or manager, will often have to deal with assets and creditors across the globe.