Regional news: Singapore

Insurer’s Bermudian liquidators secure recognition as Singapore court applies Ascentra

An insurance company with no discernible office, assets, employees or creditors in Bermuda has had its winding up under the Bermuda Insurance Act recognised in Singapore, after a local court found it fell within the “broad approach” established by the Court of Appeal in Ascentra.

01 December 2023

Founder Group liquidators win appeal to wind up Singaporean metals trader

The Hong Kong liquidators of a Peking University Founder Group subsidiary have won an appeal to wind up another affiliate in the group after a Singaporean court found the company’s attempt to resist the winding up petition was “clearly an abuse of process.”

28 November 2023

Babel secures Singaporean scheme meeting

Cryptocurrency lender and asset management group Babel has secured a single creditor meeting for a scheme of arrangement that will pool all claims against separate group entities, after a Singaporean court dismissed an objection by a creditor who said it should be in a separate class.

27 November 2023

Crypto exchange Atom converts Singapore IJM to liquidation

A Singaporean court has wound up two subsidiaries of the crypto exchange Atom, upholding a “novel argument” that empowering a liquidator to conduct enhanced investigations for the benefit of unsecured creditors satisfied the just and equitable requirement for a winding up.

22 November 2023

Hodlnaut enters liquidation as crypto liabilities held to be “debts” under IRDA

Distressed crypto lender Hodlnaut has entered liquidation in Singapore at the request of its interim judicial managers and against at least two of its directors’ wishes, after creditors refused to back a restructuring plan.

13 November 2023

Singapore liquidators restrained as court sets out its powers in Wirecard-related case

The liquidators of a Singaporean fintech company should be restrained from dealing with money allegedly obtained as proceeds from criminal offences relating to the German Wirecard Group, a local court has ruled, setting out its power to grant assistance in foreign criminal matters where it clashes with insolvency legislation.

06 November 2023

Aubit International wound up after failed RO in Cayman

Digital asset manager Aubit International has been wound up in the Cayman Islands with an FTI Consulting duo appointed as liquidators, weeks after the Grand Court declined its petition to appoint restructuring officers.

27 October 2023

Solvent liquidation recognised in Singapore on appeal

A company’s solvency is not a relevant consideration for recognition under Singapore’s version of the UNCITRAL Model Law, according to the Lion City’s Court of Appeal, which has overturned a decision from April.

18 October 2023

Struggling Malaysian engineering company faces arbitrations in Singapore

A joint venture between Shell and the Brunei government has filed two arbitration claims in Singapore against a Malaysian engineering contractor undergoing a US$3 billion debt restructuring.

17 October 2023

Hyflux liquidator joins AlixPartners

A former Kroll managing director who acted as liquidator to Singaporean water utility Hyflux has joined AlixPartners in the city-state.

10 October 2023

Unlock unlimited access to all Global Restructuring Review content