Regional news: Singapore

An Indonesian court has recognised and acted in support of a foreign restructuring for what could be the first time, dismissing a creditor’s PKPU application against garment manufacturer Pan Brothers because it was bound by a worldwide moratorium issued in Singapore.

27 July 2021

A Dutch subsidiary of India’s Jain Irrigation Systems has won court approval for an English scheme it chose over a WHOA process, after providing evidence that Brexit would not prevent its recognition in the Netherlands.

26 July 2021

After more than three years of failed restructuring attempts, a Singaporean court has placed water treatment company Hyflux in liquidation – and made a costs order against one of its potential investors, which tried to halt its winding-up.

21 July 2021

Ashurst has bolstered its Asian restructuring practice with the hire of partner Robert Child from Clifford Chance in Singapore.

20 July 2021

Indonesian real estate group Modernland Realty has secured creditor approval for two Singaporean pre-pack schemes of arrangement, designed to restructure New York law governed notes.

13 July 2021

Featured in Heads-Up

“The development of Singapore into an Asian restructuring hub needs time. We have all the tools necessary to get there, but you need to give us time to develop.” Chong Yee Leong, head of Allen & Gledhill’s restructuring & insolvency practice and co-head of its international arbitration practice, discusses the highs and lows Singapore has faced as it presses on with its bid to become a restructuring hub, and compares them to some of the lessons learned from its 30-year journey to becoming a popular seat for international arbitrations.

08 July 2021

The German administrator of scandal-hit payments processor Wirecard has agreed to sell an Indian subsidiary of the company, as he continues to offload assets held around the world.

07 July 2021

UPDATED: A host of law firms have advised on the successful multi-jurisdictional restructuring of Malaysian-controlled cruise ship operator Genting Hong Kong, which halted payments on its US$3.4 billion debt pile in August last year.

06 July 2021

Creditors of global oil trader Falcon Energy Group have voted against its Singaporean scheme of arrangement for a second time.

30 June 2021

India’s IDBI Bank has obtained a US$239 million English judgment against the Cypriot guarantor of two oil companies that entered liquidation in Singapore two years ago.

29 June 2021