Oon & Bazul LLP updates

Alternative dispute resolution in insolvency and restructuring proceedings
Oon & Bazul LLP
  • Insolvency & Restructuring
  • Singapore
  • 12 July 2019

Singapore is positioning itself as a hub for insolvency and restructuring. Imminent changes to Singapore's mediation landscape suggest that mediation will soon become one of the tools available to insolvency and restructuring practitioners in resolving their clients' concerns. Similarly, there is room for employing arbitration in specific types of dispute, which will assist with insolvency and restructuring matters and help to resolve them more expediently.

Landmark decision: Singapore's first successful application for super priority rescue financing
Oon & Bazul LLP
  • Insolvency & Restructuring
  • Singapore
  • 03 May 2019

An online travel platform recently obtained Singapore's first super priority order for rescue financing pursuant to Section 211E(1)(b) of the Companies Act. This groundbreaking decision provides valuable guidance to insolvency practitioners regarding future applications for super priority rescue financing, which will hopefully increase the attractiveness of distressed financing as an investment opportunity in Singapore, fostering its development as an insolvency and restructuring hub.

First recognition of US bankruptcy proceedings as foreign main proceedings under Singapore Model Law
Oon & Bazul LLP
  • Insolvency & Restructuring
  • Singapore
  • 29 March 2019

The Singapore High Court recently delivered a landmark decision on the recognition of foreign bankruptcy proceedings and the public policy exception under the Singapore Model Law. In this groundbreaking decision, the court ruled on several matters relating to the law for the first time, including the relevant date and other factors for determining a debtor's centre of main interests.

Restructuring and insolvency cases following recent amendments to Companies Act
Oon & Bazul LLP
  • Insolvency & Restructuring
  • Singapore
  • 01 February 2019

The Companies Act was amended in May 2017 to introduce a number of improvements to Singapore's debt restructuring laws regarding super-priority status for rescue financing, schemes of arrangement, judicial management and cross-border insolvency. This article reviews the various court decisions (both reported and unreported) that have been issued since the changes became operative.

Insolvency, Restructuring and Dissolution Bill passed
Oon & Bazul LLP
  • Insolvency & Restructuring
  • Singapore
  • 26 October 2018

The much-anticipated Insolvency, Restructuring and Dissolution Bill was recently passed. The bill aims to ensure that Singapore's restructuring and insolvency laws remain relevant and progressive to support its position as a global restructuring hub. The bill also represents the last phase of implementing recommendations from the Insolvency Law Review Committee and the Committee to Strengthen Singapore as an International Centre for Debt Restructuring.

Public policy in cross-border insolvency under Singapore Model Law
Oon & Bazul LLP
  • Insolvency & Restructuring
  • Singapore
  • 28 September 2018

The Singapore High Court recently delivered a landmark decision on the question of public policy under the United Nations Commission on International Trade Law Model Law on Cross-Border Insolvency, as adopted by Singapore in the Tenth Schedule to the Companies Act (the Singapore Model Law). This is the first reported decision in which a Singapore court has been faced with the question of public policy in an application for recognition of a foreign insolvency proceeding.

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