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Singapore Insolvency

Conyers

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

Conyers on

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

Jones Day on

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

BCLP

Adjudication and Insolvency: Interface of Two Statutory Regimes Affecting the Construction Industry

BCLP on

Adjudication has become a key tool in the construction industry, helping employers and contractors resolve disputes quickly and keep cash flowing on projects. But when insolvency enters the picture, things can get tricky —...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

Morrison & Foerster LLP

Singapore International Commercial Court Approves First Cross-Border Pre-Packaged Scheme of Arrangement

Over the Summer, the Singapore International Commercial Court (“SICC”) issued a landmark decision in In Re No Va Land Investment Group Corp [2024] SGHC(I) 17, authored by International Judge (and MoFo alum) James Michael...more

Jones Day

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

Jones Day on

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

White & Case LLP

Arbitration and Insolvency: A Comparative View from England & Wales, Singapore and Hong Kong

White & Case LLP on

If the agreement between a creditor and debtor refers disputes to arbitration, what limits should be placed on the creditor to pursue winding-up proceedings based on an unpaid debt under that agreement? Should a court simply...more

White & Case LLP

Statutory Avoidance Provisions in Singapore – An Overview

White & Case LLP on

Following an overhaul of the Singapore insolvency regime which came into force on 30 July 2020, the insolvency and restructuring framework was consolidated in the omnibus Insolvency, Restructuring and Dissolution Act 2018...more

Jones Day

Singapore Court Issues Landmark Decision Recognizing Indonesian Restructuring Plan

Jones Day on

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

Hogan Lovells

AnAn refined – Singapore Court of Appeal allows winding-up in spite of arbitration agreement

Hogan Lovells on

The Singapore Court of Appeal has overturned the High Court decision in the case of Founder Group (Hong Kong) Limited (in liquidation) v Singapore JHC Co Pte Ltd [2023] SGCH 159, in the latest development concerning the...more

A&O Shearman

Interpreting the UNCITRAL Model Law on Cross-Border Insolvency: Singapore courts adopt a uniform, consistent and expansive...

A&O Shearman on

Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly...more

Hogan Lovells

AnAn affirmed – Singapore court confirms arbitration agreements trump winding-up applications

Hogan Lovells on

The Singapore High Court has again confirmed that a winding-up application concerning a disputed debt that is subject to an arbitration agreement will be dismissed if the arbitration agreement is prima facie valid and covers...more

A&O Shearman

First Singapore case considering a director’s right to apply for leave to wind up a company

A&O Shearman on

Adip Mittal v Offshore Holding Company Pte Ltd [2022] SGHC 239 is the first Singapore case dealing with when a director can apply for the winding up of a company....more

Hogan Lovells

Singapore International Commercial Court: Singapore’s latest step in becoming a debt restructuring hub

Hogan Lovells on

Since 1 October 2022, the Singapore International Commercial Court now has jurisdiction to hear cross-border restructuring and insolvency matters. In addition, foreign lawyers may be appointed to make submissions in...more

A&O Shearman

High Court further clarifies when foreign companies may use Singapore’s restructuring regime

A&O Shearman on

In Re Zipmex Co Ltd (2022), the Singapore High Court held that Thai, Indonesian and Australian subsidiaries of the Zipmex Group had their Centre of Main Interest in Singapore. It noted that it would have been evident to...more

A&O Shearman

High Court suggests that it should lean in favour of not granting approval for the transfer of shares where the shares are of an...

A&O Shearman on

Under the Insolvency, Restructuring and Dissolution Act 2018, a transfer of shares in a company made after the commencement of winding up of that company by the Court is void unless otherwise ordered by the Court. While this...more

Morgan Lewis

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

Morgan Lewis on

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

Singapore High Court Decision Clarifies When Foreign Debtors May Restructure Debts in Singapore

Morgan Lewis on

The Singapore High Court has clarified the definition of “centre of main interests” in the context of a crypto exchange group seeking to restructure its collective debts in Singapore. The analysis has implications to any...more

White & Case LLP

Chapter 11 proceedings of REITs are not recognised under the Singapore Model Law

White & Case LLP on

In Re Tantleff, Alan [2022] SGHC 147, the Singapore High Court considered for the first time whether the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency (30 May 1997) (the...more

White & Case LLP

Singapore court considers whether lock-up agreements alter the classification of creditors

White & Case LLP on

Lock-up agreements typically involve the company's creditors committing in advance to vote at the relevant class meeting in favour of the contemplated scheme. Lock-up agreements serve an important commercial purpose of either...more

Hogan Lovells

Recent developments in Singapore’s quest to become Asia’s international debt restructuring hub

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Singapore is getting serious about becoming the region’s international insolvency hub.  In this inaugural podcast from the International Insolvency Institute, Hon. Kevin Carey (Ret.) of Hogan Lovells discusses Hon....more

White & Case LLP

The Singapore Court of Appeal considers the UNCITRAL Model Law

White & Case LLP on

The automatic stay under the version of the UNCITRAL Model Law on Cross-Border Insolvency adopted by Singapore ("Singapore Model Law") is an accessible and powerful tool for protection under the Singapore restructuring regime...more

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