Global Restructuring Review - Cross-border restructuring and insolvency legal news, features and events

Is the common law Gibbs rule outdated?

By Kyriaki Karadelis

03 February 2017

It was in the context of a Chinese fishery group’s collapse that the Singapore High Court called last September for the “reformulation” of the century-old common law Gibbs rule, arguing that it was outdated. Is the 1890 rule, that a discharge or compromise of debt can only be effective when done in accordance with its governing law, past its use by date? GRR investigates.