Regional news: Singapore
Singapore appellate court sets out rules for director winding-up appeals
The Singapore Court of Appeal has set out two general rules to prevent directors and shareholders from using a company’s funds to pursue unmeritorious appeals against winding-up orders when the monies should be reserved for paying creditors.
11 June 2021
Gibson Dunn advising as Indonesian clothing manufacturer seeks US recognition
Indonesian clothing company Sri Rejeki Isman has filed Chapter 15 petitions in New York to have its PKPU and Singaporean proceedings recognised, with Gibson Dunn & Crutcher, REVLaw, AJCapital Advisory and Aji Wijaya & Co taking roles across the different jurisdictions.
08 June 2021
Hyflux judicial managers seek liquidation
The judicial managers of Singaporean utility Hyflux have applied to wind it up after failing to secure a rescue deal, three years since the group began seeking a restructuring.
07 June 2021
Baker & McKenzie advises Indonesian garment manufacturer on worldwide moratorium
A Singaporean court has granted Indonesian garment manufacturer Pan Brothers and its subsidiaries an interim worldwide moratorium, after a creditor applied to put it in PKPU proceedings in Jakarta.
04 June 2021
BP fails to escape Hin Leong fraud suit in Singapore
A Chinese bank can pursue claims against global oil company BP over alleged fraudulent dealings with insolvent oil trader Hin Leong, following a ruling in the High Court of Singapore.
03 June 2021
Singaporean hotel group’s non-US entities can stay in Chapter 11
A bank has failed in its bid to oust Singaporean affiliates from hotel portfolio owner Eagle Hospitality Trust’s Chapter 11 proceedings, with the Delaware bankruptcy court also approving the sale of 14 of the group’s US hotels.
03 June 2021
New leaders for Potter Anderson, Gibson Dunn and Erskine Chambers
Delaware-based law firm Potter Anderson & Coroon has promoted a new restructuring head in Wilmington, while Gibson Dunn & Crutcher has announced new practice chairs in Asia, Europe and the US, and the UK’s Erskine Chambers has appointed a company and insolvency specialist as its new head.
03 June 2021
Chinese oil company secures Cayman JPLs amid corruption probe
Practitioners from Grant Thornton have been appointed as Cayman joint provisional liquidators of a Chinese oil and gas company that defaulted on US$248 million of Singaporean notes, amid an investigation by Hong Kong anti-corruption authorities.
02 June 2021
BonelliErede helps rescue Italian Greensill casualty
Italy’s BonelliErede is advising Venice-based bank Ifis on its purchase of a local lender out of compulsory liquidation, after it collapsed under the weight of its exposures to Greensill’s German banking subsidiary.
28 May 2021
The post-pandemic restructuring landscape - three trends from Asia
Against the backdrop of the covid-19 pandemic and soon-to-be-rescinded government support schemes, local principal Emmanuel Chua and associate Shriram Jayakumar at Baker & McKenzie Wong & Leow in Singapore discuss three key trends to look for in the "new normal".
20 May 2021