Regional news: Singapore

Gibbs trips Prosafe recognition in Scotland

Norwegian vessel operator Prosafe has failed to obtain recognition of its Singaporean moratoria in Scotland, with a Scottish court reasoning they were akin to schemes that the Gibbs rule prevented from binding an English law-governed debt owed to a Chinese shipbuilder.

27 September 2021

Design Studio Group restructuring denied after disclosure dispute

Seven months after creditors rejected interior design company Design Studio Group’s inter-conditional Singaporean and Malaysian schemes of arrangement, a Singaporean court has dismissed its latest attempt to restructure due to inadequate disclosure and class composition issues.

13 September 2021

Singapore appeal court weighs in on when to grant relief from JM decisions

Shareholders of a leather furniture manufacturer who sought to overturn the sale of its business a year ago on the basis that its judicial managers should have approved a different investment offer, have failed to persuade the Singapore Court of Appeal.

10 September 2021

China Fishery to launch UK restructuring plan

A Peruvian arm of industrial fishing conglomerate China Fishery Group is pursuing a UK restructuring plan to complete a creditor takeover, alongside a Chapter 11 plan and a Singaporean scheme of arrangement.

09 September 2021

Third party arbitration funding granted super-priority in Singapore scheme

Funding provided by Omni Bridgeway to help a struggling commodity trader pursue an arbitration in Hong Kong has been granted super-priority status in the trader’s Singaporean scheme proceedings.

02 September 2021

Modernland pre-pack schemes sanctioned in Singapore

Indonesian real estate group Modernland Realty has secured court approval of a pair of Singaporean pre-packaged schemes of arrangement, prompting its counsel to predict an increase in use of the new procedure.

31 August 2021

Oslo-listed Prosafe seeks moratorium extension in Singapore

Norwegian vessel operator Prosafe has applied to extend its Singaporean moratorium while its scheme proceedings rumble on.

26 August 2021

Oon & Bazul and Withers bolster Singapore restructuring offerings

Withers has hired the former co-head of White & Case’s banking and restructuring practice in Asia, while Singaporean firm Oon & Bazul has announced a new restructuring co-head of its own.

18 August 2021

Oon & Bazul guide engineering group’s Singapore scheme filing

International engineering group TEE is seeking help from Oon & Bazul to pursue a scheme of arrangement in Singapore, amid a raft of creditor claims against it and arbitration over a Malaysian construction contract.

13 August 2021

Singapore Court of Appeal examines Model Law, denies stay

The Singapore Court of Appeal has declined to stay a local creditor's claim following the recognition of a Malaysian winding-up process, in the first appeal judgment to examine recognition of foreign proceedings under Singapore’s version of the UNCITRAL Model Law.

10 August 2021

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