News & Analysis as of

Singapore Commercial Bankruptcy

Conyers

Recognition with Consequences: Singapore's Terraform Ruling and its Implications for the BVI

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On 11 July 2025, the Singapore International Commercial Court (SICC) in Re Terraform Labs Pte Ltd [2025] SGHC (I) 4 ordered a group of creditors to pay costs to the insolvent estate of blockchain company Terraform Labs. The...more

Jones Day

Clarity in Singapore: How COMI Is Determined Under the UNCITRAL Model Law on Cross-Border Insolvency

Jones Day on

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

Conyers

The Effect of Irregularities on the Validity of a Creditors’ Meeting

Conyers on

The courts are generally reluctant to interfere with the outcomes of creditors’ meetings at which resolutions are voted on and passed. After all, such resolutions are decided and voted on by the creditors, thereby...more

Jones Day

Revisiting Singapore's Corporate Restructuring and Insolvency Regime: Cross-Class Cramdown in Schemes of Arrangement

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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

Jones Day

New Jersey Bankruptcy Court Ruling Highlights the Utility of Chapter 15 in Enforcing Foreign Bankruptcy Court Orders in the United...

Jones Day on

"Comity" is a principle of jurisprudence whereby, under appropriate circumstances, one country recognizes within its borders the legislative, executive, or judicial acts of another nation. Many recent court rulings have...more

Herbert Smith Freehills Kramer

Chapter 15 Case Demonstrates Its Effectiveness as an Expedient Judicial Solution for Singaporean Insolvencies in the United States

Chapter 15 of the Bankruptcy Code (which is based upon the UNCITRAL Model Law on Cross-Border Insolvency) is designed to facilitate cross-border cooperation and coordination among courts during a pending bankruptcy or...more

Jones Day

First Impressions: Singapore International Commercial Court Approves Cross-Border Prepackaged Scheme of Arrangement for...

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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

Jones Day

Singapore Court Issues Landmark Decision Recognizing Indonesian Restructuring Plan

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The Singapore International Commercial Court ("SICC") has handed down its first insolvency-related ruling. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That...more

Jones Day

Singapore International Commercial Court Issues First Decision on Recognition of Cross-Border Bankruptcy Cases under Model Law

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Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the...more

Morgan Lewis

Singapore’s Restructuring and Insolvency Regime Is a Tool for Local and International Companies

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Restructuring debt obligations under Singapore law can be an attractive option for companies seeking debtor-led reorganisations, as the country aims to be a centre for debt restructuring in Asia. There are options for...more

Morgan Lewis

Filing Admiralty In Rem Writs Is Outside Scope of Scheme Moratorium Under Singapore Companies Act

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Guidance from the General Division of the Singapore High Court on the extent to which the protections afforded by the statutory moratoria for schemes of arrangement conflict with the ability of maritime claimants to protect...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, October 2020 # 5

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In Washington: After halting coronavirus stimulus negotiations on Tuesday afternoon, President Donald Trump hours later signaled he would support specific coronavirus relief measures on stimulus checks, help for the...more

White & Case LLP

Singapore restructuring regime: foreign companies establishing eligibility for moratorium protection

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In Re PT MNC Investama TBK [2020] SGHC 149, the Singapore High Court provided guidance as to what is sufficient for a foreign company to establish standing to avail itself to the Singapore restructuring regime. Specifically,...more

White & Case LLP

Singapore rescue financings: introducing roll-ups

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The landmark decision in Design Studio introduces the US rescue financing concept of "roll-ups" to Singapore. This is the first case to consider the appropriateness of the roll-up feature in Singapore and is a pragmatic...more

Latham & Watkins LLP

Relief in the Time of COVID-19 – Temporary Measures

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New legislation suspends contractual obligations for the next six months with related disputes subject to a separate dispute resolution system. On 7 April 2020, the Singapore Parliament passed the COVID-19 (Temporary...more

White & Case LLP

Recent Singapore Case Highlights Considerations Relating to Worldwide Moratorium

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A worldwide moratorium is one of the most important protections and tools available to a debtor in the Singapore cross-border restructuring regime. A recent Singapore High Court case, Re: Zetta Jet Pte Ltd and Others (Asia...more

Morgan Lewis

Singapore Court of Appeal: Proof of Debt Not Listed in Defunct Company’s Assets Was Abandoned

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In a decision that could widely affect accountants, auditors, and other finance professionals, the Singapore Court of Appeal recently ruled that a defunct company had abandoned its right related to a proof of debt due to the...more

Jones Day

The Year in Bankruptcy: 2017

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The initial year of the Trump administration colored much of the political, business, and financial headlines of 2017, both in the U.S. and abroad. Key administration-related developments in 2017 included U.S. withdrawal from...more

Jones Day

Singapore Enacts New Corporate Bankruptcy Law in Bid to Become Center for International Debt Restructuring

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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

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