Parties entering into arbitration agreements ordinarily abide by their contractually chosen dispute resolution mechanism and proceed accordingly. However, counterparties sometimes start proceedings in a foreign jurisdiction in breach of an arbitration clause. A recent Singapore Court of Appeal decision sets out firm guidance that a party that finds itself in this scenario should act as fast as possible to restrain the counterparty by way of an anti-suit injunction.
In a recent High Court judgment, the plaintiff successfully imposed a winding-up order on a debtor company six weeks after the service of a statutory demand for an underlying debt of $250 million. This decision is an important comment on the standard of proof required for a debtor company to show that there is a dispute – and therefore stave off winding-up proceedings by a creditor – where the underlying contract is subject to arbitration.
In 2017 Parliament aligned Singapore with other leading arbitration jurisdictions by embracing third-party funding as a viable method for increasing access to justice for parties involved in specific arbitration proceedings. Less than one year later, the market for third-party funding in Singapore has seen significant activity, and practitioners and clients alike are keen to explore the benefits and opportunities associated with third-party funding.
The Singapore High Court recently addressed, for the first time in a written grounds of decision, the question of whether a foreign company has the requisite standing to apply for a Section 211B moratorium under the Companies Act. The grounds of decision, which the court noted was issued to assist interested parties, provides much-needed clarity on the requirements of the so-called 'substantial connection test' that foreign applicants must satisfy in order to be eligible for moratorium protection under Section 211B.
In 2016 the Ministry of Law unveiled plans to strengthen Singapore as an international centre for debt restructuring. Pursuant to these plans, numerous complex legislative changes were introduced to Singapore's debt restructuring and insolvency laws. This article focuses on Singapore's experience of transplanting the US Chapter 11 debtor-in-possession financing provisions into the 2017 amendments to the Companies Act.
In these unprecedented times, small and medium-sized enterprises (SMEs) and their owners require swift and cost-effective methods to sustainably manage and restructure their debt burdens, so that they can focus on transforming their businesses to meet the challenges of the post-COVID-19 economy. This article examines the legislative action taken by the government thus far, with a specific focus on its impact on SMEs.
Otonomos BCC Pte Ltd is one of the first technology companies specialising in blockchain technology to be wound up by the Singapore courts. As there are likely to be more insolvency and restructuring cases dealing with cryptocurrency in the near future, this article examines the legal nature of cryptocurrency in the insolvency and restructuring sphere, the feasibility of using cryptocurrency as security and the potential challenges faced by insolvency practitioners relating to cryptocurrency.
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.