Regional news: Singapore
3AC liquidators obtain extra-territorial summoning order for fund’s directors
Crypto hedge fund Three Arrows Capital’s liquidators have secured what is thought to be the first extra-territorial summoning order from a British Virgin Islands courts for the private examination of the fund’s truant directors.
01 March 2023
One is better than three: Singapore court rejects JM appointments
An international logistics group’s founder and creditor have failed to persuade a Singapore court to appoint judicial managers on top of receivers allegedly acting in the interests of its bondholders, after the court found it was hard to see the advantage in having three sets of insolvency professionals instead of one.
24 February 2023
Foreign banks and investors accused of “aiding” FTX fraud in Miami suit
An FTX customer has launched a class-action in Florida against several prominent US and foreign entities – including Singapore’s state-owned wealth fund Temasek Holdings and Japan’s Softbank – who he accuses of “aiding and abetting” the collapsed crypto group’s alleged US$8 billion Ponzi scheme.
23 February 2023
Singapore scheme dependent on English damages award “fell short” of moratoria test
A Singapore court has explained why it declined to extend moratoria for four companies in an international social media app start-up that are pursuing a British property tycoon for damages over revoked freezing orders they say drove them to distress.
10 February 2023
Former Oon & Bazul restructuring co-head joins NRF alliance firm
Singapore-based restructuring partner Meiyen Tan has joined Norton Rose Fulbright’s local alliance firm Ascendant Legal, leading her former firm, Oon & Bazul, to elevate partner Keith Han to sole head of its restructuring practice.
06 February 2023
Malaysia’s Sapura Energy obtains recognition in Singapore
Three subsidiaries of Malaysian oil and gas services company Sapura Energy have secured Singaporean recognition of their ongoing restructuring proceedings following a flurry of winding up petitions filed against the group last year.
01 February 2023
Hodlnaut creditors seek liquidation after rejecting restructuring plan
Major creditors of distressed Singaporean crypto lender Hodlnaut are seeking to place it into liquidation after rejecting a restructuring plan that would have left the company’s allegedly fraudulent directors in control.
17 January 2023
New Silkroutes Group seeks moratorium in Singapore after asset sales falter
Shook Lin & Bok and KordaMentha are advising a Singaporean investment holding company that has applied for a moratorium amid a delayed restructuring with a Canadian group, a failed deal to sell some dental clinics, and letters of demand from a bank.
16 January 2023
Singapore court grants prospective priority to creditor funding liquidator’s investigations
In what appears to be the first reported decision concerning section 204 of Singapore’s Insolvency, Restructuring and Dissolution Act, the Singapore High Court has ruled that courts have the power to confer an advantage on creditors who provide liquidators with funding and an indemnity to cover their investigations and asset recovery work.
05 January 2023
3AC liquidators can subpoena co-founder through Twitter
The foreign representatives of crypto fund Three Arrows Capital have secured permission to subpoena one of its co-founders via Twitter, after allegedly failing in repeated attempts to establish his whereabouts and obtain company information.
04 January 2023