Regional news: Singapore

Australia recognises Russian personal bankruptcy

The foreign representative of a bankrupt Russian entrepreneur has successfully obtained recognition in Australia under the Model Law; meanwhile a Singaporean bankruptcy trustee has received assistance from an Australian court under a local bankruptcy statute, despite the bankrupt’s attempts to stall the application with claims of conspiracy, a faulty laptop and a sore throat.

01 July 2022

Eagle Hospitality's Ch11 denied recognition in Singapore

A Singapore court has declined to recognise a real estate investment trust’s Chapter 11 restructuring under the local implementation of the UNCITRAL Model Law, finding the law only applies to corporate entities and does not extend to a collective investment scheme.

24 June 2022

Furniture maker’s JM extended to stop rescue reversal in China

The judicial managers of a leather furniture manufacturer that was rescued in 2020 have failed to persuade a Singaporean court it should now be wound up to prevent its shareholders from undoing the rescue in China.

14 June 2022

MIE’s “unique” cross-border debt restructuring

Lawyers from Walkers take a step-by-step walk through the “unique” Cayman and US restructuring of Chinese oil and gas company MIE – particularly its novel adoption of an order for the conditional withdrawal of a winding up petition presented by a “friendly creditor” and corresponding discharge of provisional liquidators before the restructuring was completed.

09 June 2022

Bankrupt former KPMG restructuring leader sues HSF in London

KPMG’s former restructuring leader for South East Asia has filed a claim against Herbert Smith Freehills in London, alleging he lost his job after the firm told the Big Four group about personal debts he revealed when he approached it for advice.

30 May 2022

Singapore court clarifies pre-IRDA third party funding rules

An insolvent Singaporean real estate developer has secured an order declaring that a funding arrangement entered by its liquidator to pursue a claim does not violate rules against champerty or maintenance.

23 May 2022

Fraud allegations lead to Ch11 filing for global software group

A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.

18 May 2022

Host of global firms advise as Chinese oil group completes “unique” restructuring

Chinese oil company MIE Holdings has completed a global restructuring using a Cayman scheme and a Chapter 15 filing in New York – along with a novel order that conditionally discharged its joint provisional liquidators before the restructuring was completed.

14 April 2022

Quantuma expands into Asia

UK-headquartered advisory group Quantuma is expanding its international presence into Asia with the launch of a new office in Singapore, led by recent recruit Luke Furler.

14 April 2022

ABLI webinar: Utilising foreign jurisdictions to restructure Indonesian companies

English law seems to contradict the principles incorporated in the UNCITRAL Model Law, according to a speaker at a recent webinar hosted by the Asian Business Law Institute, where panellists also discussed foreign law considerations in Singaporean and Indonesian restructurings.

13 April 2022

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