Regional news: Singapore
MIE’s “unique” cross-border debt restructuring
Lawyers from Walkers take a step-by-step walk through the “unique” Cayman and US restructuring of Chinese oil and gas company MIE – particularly its novel adoption of an order for the conditional withdrawal of a winding up petition presented by a “friendly creditor” and corresponding discharge of provisional liquidators before the restructuring was completed.
09 June 2022
Bankrupt former KPMG restructuring leader sues HSF in London
KPMG’s former restructuring leader for South East Asia has filed a claim against Herbert Smith Freehills in London, alleging he lost his job after the firm told the Big Four group about personal debts he revealed when he approached it for advice.
30 May 2022
Singapore court clarifies pre-IRDA third party funding rules
An insolvent Singaporean real estate developer has secured an order declaring that a funding arrangement entered by its liquidator to pursue a claim does not violate rules against champerty or maintenance.
23 May 2022
Fraud allegations lead to Ch11 filing for global software group
A global software group with operations around the world has sought Chapter 11 protection in New York, blaming its former management for misstating revenues in 2018 and 2019.
18 May 2022
Host of global firms advise as Chinese oil group completes “unique” restructuring
Chinese oil company MIE Holdings has completed a global restructuring using a Cayman scheme and a Chapter 15 filing in New York – along with a novel order that conditionally discharged its joint provisional liquidators before the restructuring was completed.
14 April 2022
Quantuma expands into Asia
UK-headquartered advisory group Quantuma is expanding its international presence into Asia with the launch of a new office in Singapore, led by recent recruit Luke Furler.
14 April 2022
ABLI webinar: Utilising foreign jurisdictions to restructure Indonesian companies
English law seems to contradict the principles incorporated in the UNCITRAL Model Law, according to a speaker at a recent webinar hosted by the Asian Business Law Institute, where panellists also discussed foreign law considerations in Singaporean and Indonesian restructurings.
13 April 2022
Lim family wins appeal over Rajah & Tann representation
The owners of insolvent oil trader Hin Leong and shipping company Ocean Tankers can progress with a claim to remove Rajah & Tann as the companies’ counsel after winning an appeal in Singapore.
07 April 2022
Singapore appeal court rules on fresh security as a transaction at an undervalue
Granting fresh security for an existing debt does not constitute a transaction at an undervalue in principle – but granting it for a third-party debt may do so, the Singapore Court of Appeal has found, addressing the issues in the jurisdiction for the first time.
29 March 2022
Hiap Seng Engineering’s Singapore scheme drums up creditor support
Creditors of struggling oil and gas services provider Hiap Seng Engineering have approved a scheme of arrangement proposed by its judicial managers, two months after the company entered an agreement for a US$11.8 million cash injection.
17 March 2022