In re Fullerton Capital Ltd [2025] SGCA 11, a BVI-incorporated company entered into insolvency proceedings in the British Virgin Islands ("BVI"). The liquidators sought recognition of the BVI liquidation as a "foreign main...more
8/5/2025
/ Appeals ,
British Virgin Islands ,
COMI ,
Commercial Bankruptcy ,
Cross-Border ,
Debtors ,
Foreign Bankruptcies ,
Insolvency ,
Singapore ,
Statutory Interpretation ,
The Model Law ,
UNCITRAL
As chapter 15 of the Bankruptcy Code quickly approaches its 20th anniversary in a global economy, the volume of cross-border bankruptcy cases has rapidly escalated. With multinational companies having affiliates throughout...more
7/22/2025
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Chapter 7 ,
COMI ,
Commercial Bankruptcy ,
Creditors ,
Cross-Border ,
Debt Restructuring ,
Debtors ,
Foreign Bankruptcies ,
Insolvency ,
Multinationals ,
Popular
On March 11, 2025, the Committee to Enhance Singapore's Corporate Restructuring and Insolvency Regime (the "Committee") published a report (the "Report") outlining its recommendations to further enhance and modernize...more
The Year in Bankruptcy: 2024 -
A brief chronicle of the year's notable developments in corporate bankruptcy and restructuring, including business bankruptcy filings, significant court rulings, and legislative...more
2/4/2025
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Creditors ,
Debt Restructuring ,
Debtors ,
Insolvency ,
Restructuring
The expansion of global commerce in recent years has been accompanied by a significant increase in the volume of cross-border bankruptcy cases. Many of those cases involve "recognition" of foreign bankruptcy or insolvency...more
2/3/2025
/ Asset Freeze ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Corporate Veil ,
Foreign Bankruptcies ,
Insolvency ,
Jurisdiction ,
Public Policy ,
Reorganizations
The Singapore International Commercial Court (the "SICC"), a division of the General Division of the High Court and part of the Supreme Court of Singapore, was established in 2015 as a trusted neutral forum to meet increasing...more
The Singapore International Commercial Court (the "SICC"), a division of the General Division of the High Court and part of the Supreme Court of Singapore, was established in 2015 as a trusted neutral forum to meet increasing...more
9/27/2024
/ Chapter 11 ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Foreign Corporations ,
Insolvency ,
Restructuring ,
Restructuring and Dissolution Act 2018 (IRDA) ,
Singapore ,
Singapore International Commercial Court ,
UNCITRAL
Determining a foreign debtor's "center of main interests" ("COMI") for purposes of recognizing a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code can be problematic in cases...more
The Situation: The Adler Group sought to restructure more than €6 billion of debt by means of a UK restructuring plan ("RP"), to give itself a runway for a planned wind-down and asset sales, leading to an enhanced return for...more
2/9/2024
/ Commercial Bankruptcy ,
Cramdown ,
Creditors ,
Debt ,
Debt Restructuring ,
Insolvency ,
Jurisdiction ,
Lenders ,
Pari Passu ,
Restructuring ,
Shareholders ,
UK ,
Winding Down
Chapter 15 Recognition Limited to Foreign Insolvency, Liquidation, or Restructuring Proceedings -
In In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022), the U.S. Bankruptcy Court for the...more
In In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022), the U.S. Bankruptcy Court for the Southern District of New York denied without prejudice a petition filed by the joint provisional liquidators...more
Like debtors, bankruptcy trustees, official committees, examiners, and estate-compensated professionals, foreign representatives in chapter 15 cases have statutory reporting obligations to the bankruptcy court and other...more
New York Bankruptcy Court Rules That Good Faith Is Not The Gatekeeper To Chapter 15 -
Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11...more
11/10/2021
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 15 ,
Chapter 7 ,
Commercial Bankruptcy ,
Corporate Restructuring ,
Creditors ,
Debtors ,
Good Faith ,
Insolvency ,
Leveraged Buyout
Chapter 15 petitions seeking recognition in the United States of foreign bankruptcy proceedings have increased significantly during the more than 16 years since chapter 15 was enacted in 2005. Among the relief commonly sought...more
11/10/2021
/ Appeals ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 15 ,
Commercial Bankruptcy ,
Cross-Border ,
Discovery ,
Foreign Bankruptcies ,
Insolvency ,
Transfer of Assets ,
UNCITRAL
The EMEA Determinations Committee's recent bankruptcy determination involving Selecta CDS provides additional insight on the types of chapter 15 filings that are likely to trigger Credit Events.
On October 12, 2020, the...more
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments -
The Netherlands—On 5 September 2017, the...more
12/21/2017
/ Acquisitions ,
Belgium ,
Chapter 11 ,
CONSOB ,
Disclosure Requirements ,
Distributed Ledger Technology (DLT) ,
EU ,
European Commission ,
Foreign Direct Investment ,
France ,
Germany ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
Insolvency ,
Italy ,
Money Laundering ,
Netherlands ,
REIT ,
UK
On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 (the "Act") to enhance the country's corporate debt restructuring framework. The Act, a copy of which is available here, was assented to...more
6/2/2017
/ Amended Legislation ,
Chapter 11 ,
Commercial Bankruptcy ,
Companies Act ,
Corporate Restructuring ,
Cross-Border ,
Debt Restructuring ,
Insolvency ,
Moratorium ,
Ring-Fencing ,
Scheme of Arrangement ,
Singapore ,
UNCITRAL
The Action: Courts in Singapore and the states of New York and Delaware have formally implemented Guidelines for Communication and Cooperation between Courts in Cross-border Insolvency Matters....more
On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 ("Act") to enhance the country's corporate debt restructuring framework. The Act was assented to by President Tony Tan Keng Yam on March...more
4/8/2017
/ Automatic Stay ,
Companies Act ,
Corporate Restructuring ,
Cramdown ,
Cross-Border ,
Debt Restructuring ,
Debtors-in-Possession ,
Insolvency ,
Moratorium ,
New Legislation ,
Ring-Fencing ,
Scheme of Arrangement ,
Singapore ,
Super Priority
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments...more
3/28/2017
/ Anti-Corruption ,
Avoidance ,
BaFin ,
Corporate Taxes ,
Creditors ,
Cross-Border ,
Debtors ,
EU ,
Foreign Investment ,
France ,
Germany ,
Insolvency ,
Italy ,
Netting Agreements ,
Sapin II