A Singaporean construction company in liquidation has successfully sued one of its former directors for failing to act in the best interests of the company, highlighting the importance of directors being aware of, and protecting against, potential personal liability for breach of duty.

Directors’ liability – the risk

© 2011 Bloomberg Finance L.P. All rights reserved. Originally published by Bloomberg Finance L.P. in the Vol. 4, No. 6 edition of the Bloomberg Law Reports—Asia Pacific Law. Reprinted with permission. Bloomberg Law Reports® is a registered trademark and service mark of Bloomberg Finance L.P.

Through the three budgets as announced by the Singapore Government, a total of S$9 billion will be disbursed to businesses and individuals in April 2020 to counter the impact that the COVID-19 pandemic has had on the business community in Singapore. Businesses and workers in Singapore will receive reliefs through various measures announced by the Singapore Government in the Solidarity Budget and Reliance Budget, through the enhanced Wage Credit Scheme, Foreign Workers Levy, and the Jobs Support Scheme.

The INSOL International Channel Islands Seminar took place on 13 September 2017 in Guernsey, where tensions rose high as jurisdictions battled it out for the crown of the "go-to" jurisdiction for cross border restructurings.

Japan

Report published on ensuring fair and timely disclosure of information to investors. The FSA announced that the Task Force on Fair Disclosure Rule of the Working Group on Financial Markets of the Financial System Council has published the “Report - Ensuring fair and timely disclosure of information to investors.” (3/3/2017)

Hong Kong

SFC released consultation conclusions on supervisory assistance. The Hong Kong Securities and Futures Commission (SFC) released consultation conclusions on proposed amendments to the Securities and Futures Ordinance (SFO). The amendments would provide assistance to regulators outside of Hong Kong upon request by making inquiries and obtaining certain records and documents from licensed corporations or their related corporations. The proposed supervisory assistance will be subject to both existing and new legislative safeguards.

Singapore is getting serious about becoming the region’s international insolvency hub. In this inaugural podcast from the International Insolvency Institute, Hon. Kevin Carey (Ret.) of Hogan Lovells discusses Hon. Christopher S. Sontchi‘s forthcoming move from Delaware bankruptcy judge to International Judge of the Singapore International Commercial Court (SICC).

The Singapore High Court has recently granted recognition to Hong Kong liquidation proceedings and liquidators for the first time under Singapore's enactment of the United Nations Commission on International Trade Law Model Law on Cross Border Insolvency (the model law).

Does an arbitration agreement protect a

debtor from the threat of liquidation?

27 July 2020

In several Commonwealth jurisdictions, the corporate legislation allows creditors to petition a court to order the winding up of a debtor in circumstances where that debtor is unable to pay its debts as they fall due. Such legislation generally presumes that the debtor is insolvent if it has failed to comply with a statutory notice requiring the debtor to pay a certain debt within a given period of time (a statutory demand).