Court: Singapore High Court

New Silkroutes scheme sanctioned in Singapore

Singaporean healthcare and energy holding company New Silkroutes has obtained sanction of a pre-packaged scheme in Singapore through which its largest unsecured creditor, a Canadian real estate investment group, is set to take a majority stake in the company.

06 December 2023

Hyflux liquidators and KPMG castigated for “excessive” submissions

The liquidators of Singaporean water utility Hyflux have been castigated for submitting a “meandering” statement of claim before the Singapore Supreme Court against the group’s former auditors KPMG, which the judge said had lured the Big Four firm into responding in kind.

27 September 2023

Canadian investor agrees DIP funding deal with Singapore’s New Silkroutes

Singapore-listed healthcare and energy holding company New Silkroutes has entered a debtor-in-possession facility agreement with Canadian real estate investment group Ontario, a week after launching a pre-packaged scheme.

14 September 2023

Judicial manager beats unfair prejudice application in Singapore

Singapore’s High Court has defined the test for creditors seeking to challenge the appointment of a judicial manager on unfair prejudice grounds under the Insolvency Restructuring and Dissolution Act for the first time, in a case concerning a subsidiary of Indonesian textile conglomerate Sritex.

07 September 2023

Singapore court recognises Genesis subsidiary as foreign rep; creditors mount objections in the US

A wholly-owned subsidiary of cryptocurrency lender Genesis has obtained recognition as the lender’s foreign representative in Singapore under the UNCITRAL Model Law, as creditors mount objections to a recently-published restructuring agreement-in-principle in the US.

04 September 2023

Singapore commodities trader secures novel CRO-managed scheme’s sanction

Commodity trader Antanium Resources has secured sanction of the first Singaporean scheme of arrangement to include a class of insured creditors, a year after its creditors obtained a novel order for the compulsory appointment of a chief restructuring officer.

23 June 2023

HK liquidators “authors of their own misfortune” in failing to wind up Singaporean metals trader

The liquidators of a Peking University Founder Group subsidiary in Hong Kong have failed to wind up a Singaporean former affiliate of the group, in a dispute that pitches “aggrieved” offshore bondholders against investors who purchased some of the mainland group’s assets in a 2021 restructuring.

02 June 2023

Vietnamese power project developer enters JM as court applies AnAn principles

A Thai-owned power producer has persuaded a Singapore court to place the developer of a large project in Vietnam into judicial management, denying a request for a stay on the grounds that a disputed debt should be referred to arbitration.

24 May 2023

Medical equipment supplier’s Singapore moratorium denied on bad faith grounds

A medical equipment wholesaler has had its petition for a second moratorium in Singapore rejected, after the High Court found it had not made the filing in good faith.

19 May 2023

Omni Bridgeway allowed to post an undertaking as security for costs in Hyflux case

For the first time, a Singapore court has allowed litigation funder Omni Bridgeway to submit an undertaking as security for costs, in a lawsuit brought by Hyflux's liquidators against the former CEO of the water treatment company, Olivia Lum.

17 May 2023

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