Regional news: Singapore

Singapore court gives guidance on COMI and scope of Model Law recognition

Singapore’s Justice Aedit Abdullah has recognised the Japanese insolvency proceedings of 19 Singapore-incorporated ship-owning companies, in a brief decision issued to assist practitioners on determination of centre of main interests and the scope of what can be recognised under the local embodiment of the UNCITRAL Model Law.

15 September 2022

Singapore court sanctions Hiap Seng scheme

Oil and gas engineering group Hiap Seng has had its scheme of arrangement sanctioned by a Singapore court, more than two years after the company was first placed in judicial management.

31 August 2022

EY appointed interim JMs of Hodlnaut

UPDATED: A team from EY has been appointed interim judicial managers of Singaporean crypto lender Hodlnaut, after a court invited creditors to name alternatives to the lender’s own candidate.

30 August 2022

GRR Live, Singapore: the hub, five years on

Singapore’s freshly appointed official receiver, Francis Ng SC, reflected on the five years since the city-state declared its ambition to be a regional restructuring hub and looked to its future as a potential centre for restructuring troubled cryptocurrency platforms in his keynote at GRR Live.

25 August 2022

Three Arrows Capital secures recognition of BVI liquidation in Singapore

The British Virgin Islands liquidators of collapsed crypto hedge fund Three Arrows Capital have been given the authority to access its financial records and assets held in Singapore.

25 August 2022

GRR Live, Singapore: in pictures

GRR Live returned to Singapore on 24 August for our first international, in-person event since the covid pandemic hit.

25 August 2022

Damodara Ong advising as Singapore crypto lender applies to enter judicial management

Yet another Singaporean crypto lender has applied for court protection – this time in the form of a judicial management order – with Hodlnaut and its counsel Damodara Ong seeking to appoint Tam Chee Chong of Kairos Corporate Advisory as judicial manager.

22 August 2022

Singapore court offers guidance on “sufficient connection” as Zipmex moratoria granted

Hoping to assist practitioners as the crypto winter ushers in a new period of activity for the restructuring industry, the High Court of Singapore has published brief grounds for its decision to extend moratoria for foreign companies within the Zipmex group.

17 August 2022

Chinese developer Skyfame enters soft touch liquidation in Bermuda

Hong Kong-listed Skyfame Realty has entered provisional liquidation in Bermuda after defaulting on its offshore debt, while fellow property developer Evergrande is facing an investigation after lender banks seized over US$2 billion from its subsidiary earlier this year.

17 August 2022

Singapore court sanctions Pacific Radiance schemes

Singapore-listed offshore oil services group Pacific Radiance has completed an almost five-year long restructuring after a Singapore court sanctioned a pair of schemes of arrangement for its subsidiaries.

16 August 2022

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