Regional news: Singapore

SGRI, Singapore: crypto collapses “enliven” opportunity for mediation

The high-profile collapses of FTX and other crypto companies will lead to the “next wave” of mediations and arbitrations, according to speakers at the Singapore Global Restructuring Initiative’s inaugural conference.

15 November 2022

Local disclosure provisions apply extraterritorially, Singapore court affirms

Auditors from Mazars in Singapore and Hong Kong must disclose documents relating to the liquidation of a formerly Singapore-listed investment holding company, after the Singapore High Court found that section 285 of the local Companies Act – which allows liquidators to obtain information on a company’s affairs – has extraterritorial effect.

04 November 2022

Garuda wins Ch15 recognition but Irish lessors prepare for fight

Indonesia’s national airline has secured US recognition of its US$9.5 billion restructuring plan, but two Irish lessors said they will resist attempts by the company to seek enforcement orders.

27 October 2022

Mayer Brown announces joint venture with Singaporean law firm

Updated: Mayer Brown is partnering up with Singaporean law firm PK Wong & Nair to continue its global expansion, three months after it entered a collaboration with French boutique Santoni & Associés.

26 October 2022

Liquidators of 1MDB-linked BVI funds secure recognition in Singapore

The joint liquidators of three British Virgin Island funds believed to have links to scandal-hit Malaysian sovereign wealth fund 1Malaysia Development Berhad have secured recognition of their appointments in Singapore.

20 October 2022

Shareholders may oppose creditors’ winding up petitions, Singapore court rules

In what appears to be the first reported Singaporean decision confirming shareholders have legal standing to oppose creditors’ winding up applications, the Singapore High Court has rejected a winding up petition against the local parent and alleged guarantor of an Indian electronic banking platform.

18 October 2022

SICC’s “bold and significant” rule changes lauded by practitioners

As the Singapore International Commercial Court implements new rules to bolster its role in cross-border restructurings, local lawyers are bullish on the international insolvency work that will likely emerge from the reforms.

12 October 2022

Singapore’s International Commercial Court gets new rules, as JM probe announced

Two months after former Delaware Chief Bankruptcy Judge Christopher Sontchi began his first term with Singapore’s International Commercial Court, it has announced new rules giving it greater powers and flexibility to hear cross-border insolvency cases – while Singapore’s second minster for law has also revealed a study into the judicial management tool to “unlock its full potential”.

22 September 2022

III NextGen, Toronto: DIP roll-ups across jurisdictions

“You can’t put the toothpaste back in the tube.” Comparing the evolution of rescue financing in the US with Singapore, Spain and Italy, speakers at the International Insolvency Institute’s NextGen conference in Toronto discussed the controversial rise of roll-ups and noted lenders will not stop asking for them now they are used so frequently.

21 September 2022

Sidley, Admiralty Harbour advising as China Fortune Land reveals restructuring terms

Property developer China Fortune Land has revealed details of a proposed debt swap that it will offer to holders of eleven tranches of bonds issued by a Cayman subsidiary – with plans to pursue an English scheme of arrangement if a consent proposal fails.

16 September 2022

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