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