Regional news: Singapore
Former Pareteum executives arrested over “massive” accounting fraud
The US Securities and Exchange Commission and federal law enforcement agencies have brought fraud charges against former executives of global software group Pareteum, which filed Chapter 11 proceedings last year after blaming its management for misstating revenues.
29 September 2023
Hyflux liquidators and KPMG castigated for “excessive” submissions
The liquidators of Singaporean water utility Hyflux have been castigated for submitting a “meandering” statement of claim before the Singapore Supreme Court against the group’s former auditors KPMG, which the judge said had lured the Big Four firm into responding in kind.
27 September 2023
Adaptations to Singapore’s insolvency regime in the post-pandemic era
Featured in Asia-Pacific Restructuring Review 2024
15 September 2023
Canadian investor agrees DIP funding deal with Singapore’s New Silkroutes
Singapore-listed healthcare and energy holding company New Silkroutes has entered a debtor-in-possession facility agreement with Canadian real estate investment group Ontario, a week after launching a pre-packaged scheme.
14 September 2023
Digital asset manager faces Cayman liquidation following Ponzi scheme claims
European crypto asset manager Aubit International is facing a winding up petition in the Cayman Islands from the same retail investors who have accused it of orchestrating an “investment scam” in a US lawsuit.
13 September 2023
Singapore court approves priority status for liquidation funding creditors
A Hong Kong-based supplier and a Cayman Islands fund have secured an order in Singapore giving them priority over other creditors of an international commodities trader, after agreeing to finance the company’s liquidation.
11 September 2023
Judicial manager beats unfair prejudice application in Singapore
Singapore’s High Court has defined the test for creditors seeking to challenge the appointment of a judicial manager on unfair prejudice grounds under the Insolvency Restructuring and Dissolution Act for the first time, in a case concerning a subsidiary of Indonesian textile conglomerate Sritex.
07 September 2023
Singapore court recognises Genesis subsidiary as foreign rep; creditors mount objections in the US
A wholly-owned subsidiary of cryptocurrency lender Genesis has obtained recognition as the lender’s foreign representative in Singapore under the UNCITRAL Model Law, as creditors mount objections to a recently-published restructuring agreement-in-principle in the US.
04 September 2023
Second Singaporean crypto scheme sanctioned becomes first to take effect
The operator of Singaporean cryptocurrency platform Vauld has secured sanction of a scheme of arrangement that will be the first such scheme to take effect in the Lion City, after another crypto lender, Zipmex’s, fell through.
30 August 2023
Ascentra’s Cayman liquidator will not be deposed in Ch15 dispute, New York court rules
A company owned by a shareholder of beauty products retailer Ascentra has failed in its attempts to depose the company’s Cayman liquidator as part of its ongoing efforts to terminate a Chapter 15 recognition order in New York.
28 August 2023