Regional news: Singapore
Singaporean liquidator ousted as court clarifies meaning of “creditor”
The liquidator of a Singaporean holding company with interests in an Indonesian coal miner has been removed from office and replaced with a team from Quantuma, after the Singapore High Court found he failed to exercise “sufficient vigour” in carrying out his duties.
12 April 2023
Zipmex secures scheme sanction as court permits “administrative convenience” class
Zipmex has become the first crypto platform to persuade a court to sanction a scheme restructuring its debts, having secured a landmark ruling in Singapore allowing it to exclude small retail creditors from voting on the scheme for “administrative convenience”.
06 April 2023
Singapore court denies recognition of solvent liquidation
The Cayman liquidators of a health and beauty products and software group have been denied recognition under the UNCITRAL Model Law in Singapore, on the grounds that the group is “hopelessly and irretrievably solvent”.
05 April 2023
Rajah & Tann partners set up conflict resolution boutique in Singapore
Two former Rajah & Tann partners have quit the firm with eight colleagues to set up what they say is a “first-of-its-kind” boutique in the Lion City.
03 April 2023
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