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The Singapore High Court has prevented foreign liquidators from suing Standard Chartered and BSI Bank over transactions allegedly linked to the 1Malaysia Development Bhd (1MDB) scandal, ruling that Singapore’s cross-border insolvency framework cannot be applied to deals executed before the law took effect in 2018, the BusinessTimes.com.sg reported.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Singapore will launch an arbitration framework next week for resolving restructuring, debt and insolvency disputes, offering businesses and creditors an alternative to traditional court processes, Bloomberg News reported. “The SIAC Restructuring and Insolvency Arbitration Protocol is a first, for an international arbitration institution, in proposing the use of arbitration to resolve” such disputes, Murali Pillai, senior minister of state for law, said Thursday. The initiative is the latest in Singapore’s efforts to enhance the city-state’s appeal as a hub for restructuring in Asia.
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