Regional news: Singapore

HSF launches Singapore disputes group with Morgan Lewis hires

The leader of Morgan Lewis’ Asia disputes group, who has credits on the Noble and Zipmex restructurings, is leaving the firm with three colleagues to launch a new litigation practice at Herbert Smith Freehills in Singapore.

28 March 2023

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

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