Singapore report (February 2021 update) – Corporate Restructuring and Insolvency in Asia 2020

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The Singapore report has been updated in Feburary 2021. 

Reporters: Manoj Pillay Sandrasegara and Sim Kwan Kiat

Index

A. INTRODUCTION

i. Historical developments

ii. Recent developments

B. CORPORATE RESCUE MECHANISM

i. Factors affecting the choice of restructuring option

ii. Court supervision in schemes of arrangement and judicial management

iii. Out-of-court workouts

iv. Pre-insolvency procedures

a. Which entities can implement a scheme
b. Process of implementing a scheme
c. Moratoria
d. Control and supervision over the scheme process
e. International recognition

v. Formal insolvency procedures

a. Which entities can enter into judicial management?
b. Process of entering into judicial management
c. Moratoria
d. Judicial managers
e. Control and supervision of judicial management

vi. Variations of formal insolvency procedures

vii. Conversion of proceedings

a. Conversion from a scheme of arrangement
b. Conversion from judicial management

viii. Treatment of rescue financing

ix. Sale of assets

x. Third-party funding

xi. Exercise of termination rights under contracts

C. ACTORS AND INSTITUTIONS IN INSOLVENCY PROCEEDINGS

i. Courts

ii. State and regulatory agencies

iii. Insolvency office-holders

iv. Directors and managers of distressed entities

a. In general
b. Where the company is placed in judicial management

v. Creditors

a. Ranking, priority and resolution of creditor claims

I. RANKING AND PRIORITY
II. FILING OF PROOFS OF DEBT AND RESOLUTION OF CLAIMS
III. TRADING OF CREDITOR CLAIMS

b. Treatment of foreign creditors
c. Impact of moratorium on secured creditors
d. Creditor supervision of procedures

I. CONSTITUTION OF CREDITORS' COMMITTEES, MEETINGS AND VOTING

A. JUDICIAL MANAGEMENT
B. SCHEME OF ARRANGEMENT
C. LIABILITY AND REMUNERATION
D. ACCESS TO INFORMATION

D. AVOIDANCE AND CLAWBACK RULES AND SAFE HARBOUR PROVISIONS

i. Undervalue transactions

ii. Unfair preferences

iii. Extortionate credit transactions

iv. Floating charges for past value

v. Transaction to defraud creditors

a. Funding avoidance actions

E. EMPLOYMENT, STAKEHOLDING AND PENSION ISSUES

i. Adoption and termiantion of employment contracts and collective agreements

a. Judicial management
b. Scheme of arrangement

ii. Treatment of employee and/or pension claims

a. Judicial management
b. Scheme of arrangement

F. SMALL AND MEDIUM-SIZED ENTERPRISES

G. INTERNATIONAL AND CROSS-BORDER LAW

H. STATISTICS

APPENDIX OF LEGISLATION REFERRED TO