Regional news: Singapore

Kirkland, BlackOak advising NASDAQ-listed Binance partner in Singapore-led restructuring

Updated: Singapore-incorporated, NASDAQ-listed digital asset services firm Eqonex has tapped legal counsel from Kirkland & Ellis and boutique firm BlackOak to advise it on a local debt restructuring, as other entities in the group enter voluntary liquidation in the Lion City and Hong Kong.

25 November 2022

3AC’s liquidators seek Cayman recognition, secure protocol in Singapore

The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition of their appointments in the Cayman Islands, as a Singapore court ratified a protocol that lays out guidelines for cooperation between the BVI, Singapore and US courts overseeing the fund’s insolvency proceedings.

24 November 2022

SGRI, Singapore: Sontchi on 16 years on the Delaware bankruptcy bench

Closing the Singapore Global Restructuring Initiative’s inaugural conference, Judge Christopher Sontchi provided 16 observations from his 16 years on the Delaware bankruptcy bench, saying judges will only ever know “a small fraction” of the truth and settlements are “almost always” better than court decisions.

18 November 2022

III & ABLI launch new guide on treatment of insolvent MSEs in Asia

Two international insolvency organisations have launched a new guide on the treatment of insolvent micro and small enterprises in Asia, aiming to plug a gap in the legislative regimes of many Asian jurisdictions.

16 November 2022

SGRI, Singapore: crypto collapses “enliven” opportunity for mediation

The high-profile collapses of FTX and other crypto companies will lead to the “next wave” of mediations and arbitrations, according to speakers at the Singapore Global Restructuring Initiative’s inaugural conference.

15 November 2022

Local disclosure provisions apply extraterritorially, Singapore court affirms

Auditors from Mazars in Singapore and Hong Kong must disclose documents relating to the liquidation of a formerly Singapore-listed investment holding company, after the Singapore High Court found that section 285 of the local Companies Act – which allows liquidators to obtain information on a company’s affairs – has extraterritorial effect.

04 November 2022

Garuda wins Ch15 recognition but Irish lessors prepare for fight

Indonesia’s national airline has secured US recognition of its US$9.5 billion restructuring plan, but two Irish lessors said they will resist attempts by the company to seek enforcement orders.

27 October 2022

Mayer Brown announces joint venture with Singaporean law firm

Updated: Mayer Brown is partnering up with Singaporean law firm PK Wong & Nair to continue its global expansion, three months after it entered a collaboration with French boutique Santoni & Associés.

26 October 2022

Liquidators of 1MDB-linked BVI funds secure recognition in Singapore

The joint liquidators of three British Virgin Island funds believed to have links to scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad have secured recognition of their appointments in Singapore.

20 October 2022

Shareholders may oppose creditors’ winding up petitions, Singapore court rules

In what appears to be the first reported Singaporean decision confirming shareholders have legal standing to oppose creditors’ winding up applications, the Singapore High Court has rejected a winding up petition against the local parent and alleged guarantor of an Indian electronic banking platform.

18 October 2022

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