Regional news: Singapore

Bribery not a defence to loan claim, Singapore court says

A metal trading company and its directors have been denied leave to defend an Indian bank’s loan recovery claim in Singapore with arguments that the money was secured by bribing the lender’s employees.

25 November 2021

Jail threat for Eagle Hospitality “fraudsters”

A Delaware bankruptcy judge has threatened to jail two shareholders of hotel portfolio group Eagle Hospitality, finding them in contempt of an order to account for fraudulently obtained covid aid.

18 November 2021

Delaware’s Judge Sontchi to serve in Singapore

Judge Christopher Sontchi has announced his intention to step down from the Delaware bankruptcy bench and take up a position as a judge of the Singapore International Commercial Court.

15 November 2021

Cayman beauty group’s liquidators obtain emergency US relief

The liquidators of a Cayman Islands beauty products e-commerce company have secured emergency relief from a New York bankruptcy court to freeze funds held in the local payment processing account of one of the company’s former clients, amid an international dispute over who owns the funds.

05 November 2021

Singapore’s Design Studio Group files winding up application

Two months after a Singapore court rejected its latest scheme of arrangement, interior design company Design Studio Group’s board of directors have commenced a winding up application against it.

03 November 2021

Lim family loses appeal against Ocean Tankers suit

Oil tycoon Lim Oon Kuin and two of his children have failed to overturn a Singaporean summary judgment that found them in breach of their fiduciary duties to shipping group Ocean Tankers, after an appeal court dismissed their “ill-advised attempt to seek a different outcome” on the same evidence.

28 October 2021

Modernland seeks end to New York Chapter 15s after winning recognition

After securing US recognition of a pair of pre-packaged Singaporean schemes earlier this month, Indonesian real estate group Modernland Realty has moved to close its Chapter 15 cases.

27 October 2021

Prosafe schemes sanctioned in Singapore

Norwegian vessel operator Prosafe has won court approval for its two schemes of arrangement in Singapore, freeing up the road ahead for the group to progress a Norwegian restructuring process it launched last month.

19 October 2021

Singapore and Malaysia implement cooperation protocol

Singaporean and Malaysian lawyers have welcomed a “ground-breaking” new protocol on court-to-court communication and cooperation in cross-border insolvency matters between the two countries.

15 October 2021

Gibson Dunn partner absolved of misconduct in Singapore

UPDATED: A Singaporean court has set aside a disciplinary tribunal’s misconduct decision against the head of Gibson Dunn & Crutcher’s local office, dismissing an application by the judicial managers of two subsidiaries of Indian construction company Punj Lloyd.

14 October 2021

Get unlimited access to all Global Restructuring Review content