Regional news: Singapore
Moratorium application dismissed as unfeasible in Singapore
In what local lawyers say is one of the first tests of the IRDA regime, a Singaporean court has refused to grant a restructuring moratorium to an electronics company, finding its proposed scheme of arrangement was not feasible.
23 March 2021
Indonesian businessman refused Singapore IVA on appeal
An Indonesian businessman who had his voluntary arrangement thrown out earlier this year because it appeared to be funded by a foreign third party in a poor financial state, has failed to convince the Singapore High Court to reinstate it on appeal.
12 March 2021
Hin Leong wound up in Singapore after JMs fail to find buyer
Singapore oil trader Hin Leong is set to be wound up after its judicial managers failed to secure a sale of its assets, nearly a year after a financial scandal scuppered its restructuring moratorium.
10 March 2021
Pacific International Lines scheme sanctioned
Southeast Asia’s largest shipping liner Pacific International Lines has secured a unique scheme of arrangement in Singapore, which its lawyers say is one of the largest and quickest cross-border restructurings undertaken since Singapore’s new regime was implemented in 2017.
04 March 2021
“Their conduct was reprehensible”: Singapore court slaps down local liquidators
The liquidators of a Singaporean engineering company and counsel from Tan Kok Quan and Rajah & Tann have been rebuked by the city-state’s Court of Appeal for deliberately misleading and seriously breaching their duties to the court.
04 March 2021
Christopher Lee & Ong hires new co-head in Malaysia
A former general counsel of EY Hong Kong has joined Rajah & Tann’s Malaysian affiliate Christopher Lee & Ong as co-head of its restructuring group.
01 March 2021
Ocean Tankers owners fail to remove Rajah & Tann
Rajah & Tann has successfully struck-down attempts by members of Singaporean billionaire Lim Oon Kuin’s family to have it removed as counsel to the judicial managers of shipping company Ocean Tankers and oil trader Hin Leong.
25 February 2021
Cayman avoidance order overturned against Canadian businessman
An avoidance order handing shares in a Canadian businessman’s companies to his Cayman bankruptcy trustee has been overturned by a Cayman appeal court, but litigation against his wife is set to continue.
25 February 2021
Australian voluntary administrators to serve claim on Harneys in BVI
In separate actions in Australia, the voluntary administrators of a Congolese gold mine owner have secured permission to serve a security interest claim on a Harneys arm in the BVI, while a Queensland court is to consider recognising a Singaporean personal bankruptcy.
23 February 2021
KrisEnergy finalises restructuring in Singapore
Cayman-incorporated oil and gas company KrisEnergy has completed its restructuring in Singapore, two weeks after its scheme was sanctioned with amendments over the reach of a moratorium clause.
16 February 2021