Filing for insolvency will soon be simpler and more cost-effective as Singapore moves to revamp and make permanent the Simplified Insolvency Programme (SIP), the Singapore Business Review reported. The government, through the Insolvency, Restructuring and Dissolution (Amendment) Bill, has put forward changes to the Simplified Debt Restructuring Programme (SDRP) and Simplified Winding Up Programme (SWUP) under the SIP.
Read more
Slightly over two-fifths of the bankruptcy orders in the first half of 2024 were due to business failures, with debtors borrowing from various sources including banks, credit card issuers, licensed moneylenders and private individuals, the Straits Times reported. This was stated by Minister of State for Trade and Industry and Monetary Authority of Singapore (MAS) board member Alvin Tan in Parliament on Oct 16. He was responding to two questions by Mr Derrick Goh (Nee Soon GRC) and labour MP Melvin Yong (Radin Mas) on the causes for the rising number of bankruptcies in Singapore.
Read more
Singapore oil tycoon Lim Oon Kuin will be sentenced on November 18 for cheating and forgery in one of the biggest trading scandals to rattle the energy-trading hub, Bloomberg News reported. In a Singapore court on Tuesday, public prosecutor Christopher Ong argued for a 20-year jail sentence for Lim on three counts, including instigating forgery and deceiving HSBC Holdings Plc. Lim’s defence lawyers led by Davinder Singh sought a 7-year period. The sentence is the latest development in the dramatic downfall of the founder of now-defunct oil company Hin Leong Trading Pte.
Read more
Singapore’s High Court approved former oil tycoon Lim Oon Kuin’s agreements to pay about $3.59 billion to the liquidators of his company and creditor HSBC Holdings Plc, ending the multi-year civil cases against him and his family, Bloomberg News reported. The Lims didn’t admit liability. They will pay the sum with interest and costs in the consent judgments agreed in court proceedings on Monday. OK Lim and his children Evan Lim Chee Meng and Lim Huey Ching will file for bankruptcy, they said in separate statements.
Read more
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.
Already a member? Login here.
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.
Already a member? Login here.
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.
Already a member? Login here.
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.
Already a member? Login here.
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.
Already a member? Login here.
Applications for bankruptcy rose in the first half of 2024, as did the number of people declared eventually bankrupt, the Straits Times reported. Recent Law Ministry (MinLaw) data shows that 2,334 people filed for bankruptcy in the six months to June 30, up 25 per cent on the same period in 2023, while 594 were later declared bankrupt, an increase of 11 percent. Read more. (Subscription required.)
Read more