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Quistclose Trusts and Directors’ Creditor-Regarding Duties in Near-Insolvent Companies
We examine how Quistclose trusts should be designed so that their creation fulfils, rather than breach, the creditor-regarding duties of directors of near-insolvent companies, including their duty to take the interest of company creditors, as a whole, into account, and their duty to avoid wrongful, insolvent or fraudulent trading. Distinguishing between three types of Quistclose trusts – the Quistclose type, the Twinsectra type and the Re Kayford type – we identify those trusts of each type that do not involve creating a voidable preference, directors breaching their duty to take into account the interests of creditors as a class, or wrongful, insolvent or fraudulent trading. We then identify five characteristics of those Quistclose trusts that conform to directors’ creditor-regarding duties in the vicinity of insolvency.
This webinar is jointly organised by the Singapore Global Restructuring Initiative and the Trusts, Wealth and Philanthropy Initiative.
Programme
3:00pm Introduction
Mr Harold Foo
Assistant Director, Policy Advisory Division
Ministry of Law of Singapore
3:05pm Presentation - Quistclose Trusts and Directors’ Creditor-Regarding Duties in Near-Insolvent Companies
Professor Adam Hofri-Winogradow
Montesquieu Chair in Comparative Law
The Hebrew University of Jerusalem
3:40pm Commentary
Ms Jo Tay
Partner
Allen & Gledhill LLP
3:55pm Q&A Session
Mr Harold Foo (Moderator)
Professor Adam Hofri-Winogradow
Ms Jo Tay
4:10pm End of Webinar
Speakers
Mr Harold Foo
Assistant Director (Policy Advisory)
Ministry of Law
Mr Harold Foo is an Assistant Director in the Policy Advisory Division at the Ministry of Law. He has been closely involved in debt restructuring and insolvency policy development and legislative reform in Singapore, including the Insolvency, Restructuring and Dissolution Act – Singapore’s omnibus insolvency legislation.
At the international level, Mr Foo has been a member of the Singapore delegation to UNCITRAL Working Group V (Insolvency Law) since 2017. He was actively involved in the negotiations and completion of the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-related Judgments (2018) and the UNCITRAL Model Law on Enterprise Group Insolvency (2019). He has been the Chair of the Working Group since 2019, overseeing the Working Group’s deliberations on a simplified insolvency regime.
Prior to joining the Singapore Legal Service, Mr Foo was a member of the debt restructuring and insolvency team at one of Singapore’s largest law firms.
Professor Adam Hofri-Winogradow
Montesquieu Chair in Comparative Law
The Hebrew University of Jerusalem
Adam Hofri-Winogradow is Montesquieu Chair in Comparative Law at the Hebrew University of Jerusalem, Israel. Specialising in trusts and corporations, Adam has published extensively on modern trusts law, utilising quantitative, qualitative and normative research methods. Adam has served as visiting professor at the University of Virginia, Georgetown Law Center, Western Ontario University and elsewhere. He has been a member of STEP - the Society of Trusts and Estates Practitioners - since 2008.
Ms Jo Tay
Partner
Allen & Gledhill LLP
Jo is a Partner in the Restructuring & Insolvency Practice Group, Litigation, at Allen & Gledhill LLP. She specialises in cross-border restructuring and insolvency matters and structured finance transactions, and practises generally in the area of equity and trusts. Jo has been extensively involved in advising financial institutions on the debt restructuring regimes in Singapore, in the context of complex financial transactions. She has been reviewed in IFLR1000 as “an excellent lawyer” who is “able to seamlessly provide advice”. Jo graduated with a Master of Laws (First Class) from the University of Cambridge. Before that, she graduated from SMU with the Kwa Geok Choo Top Law Student Award, having read a double degree programme in Law (LLB) and Business Management (BBM, Finance).
DATE
10 June 2021 (Thursday)
TIME
3:00pm - 4:10pm (Singapore time)
FEE
Complimentary
WEBINAR LINK
Zoom details will be sent to all registrants
PUBLIC CPD POINT
1
PRACTICE AREA
Corporate/Commercial
TRAINING CATEGORY
General
ATTENDANCE POLICY
Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For this activity, this includes logging in at the start of the webinar and logging out at the conclusion of the webinar in the manner required by the organiser, and not being away from the entire activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to http://www.sileCPDcentre.sg for more information.
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