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Upcoming Events
SMU-Cambridge Roundtable on Corporate Insolvency Law
9 November 2021
8.00pm to 10.45pm SGT
Micro, small and medium-sized enterprises (MSMEs) represent the vast majority of businesses in most countries. Despite their economic relevance, most jurisdictions do not provide an attractive insolvency framework for MSMEs. The 3rd SMU-Cambridge Roundtable on Corporate Insolvency Law will provide an overview of the insolvency reforms for MSMEs happening in various countries around the world, including Australia, Colombia, Myanmar, Singapore and the United States. It will also analyse the principles and policy recommendations that various international organisations, including the World Bank and UNCITRAL, have suggested for the implementation of an efficient insolvency framework for MSMEs.
A Case Study on the Restructuring of Pacific International Lines: Practical Lessons & Takeaways
5 November 2021
4.00pm to 5.30pm SGT
This webinar will adopt a case study approach to analyse the successful turnaround of Pacific International Lines (PIL). For that purpose, the legal and financial advisors involved in PIL’s debt restructuring will share the primary issues faced during the negotiation and approval of this major transaction. Based on their experience handling this case, they will also share practical advice on how to achieve a successful debt restructuring in Singapore. Among other aspects, they will cover: (i) how the tools provided under Singapore’s new restructuring framework can be utilised to achieve a successful debt restructuring; (ii) the features and challenges of conducting a pre-negotiated restructuring, and how this strategy differs from a pre-packaged scheme of arrangement (‘pre-packs’) and a traditional scheme of arrangement; (iii) the features and challenges of conducting a scheme of arrangement under the new restructuring framework; and (iv) the role of lawyers and financial advisors in the design and implementation of a strategy to tackle financial distress.
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Past Events
Recent Developments in Rescue Financing in Singapore: A Case Study Approach
15 July 2021
4:00pm to 5:00pm SGT
This webinar provided an interdisciplinary analysis of the rescue financing provisions existing under Singapore's insolvency and restructuring laws, and how these provisions have been interpreted by the Singapore courts. Topics covered in the seminar included the concept and limits of rescue financing under Singapore law, the types of super priority potentially provided to DIP lenders, legal and financing conditions needed to obtain rescue financing, cross-collateralisation, roll-ups, and valuation issues arising in applications for rescue financing.
Quistclose Trusts and Directors’ Creditor-Regarding Duties in Near-Insolvent Companies
10 June 2021
3:00pm to 4.10pm SGT
This event discussed Professor Hofri-Winogradow's new paper examining 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.
INSOL-SGRI 4IR Webinar Series: The Impact of AI on the Insolvency and Restructuring Profession
4 May 2021
8:00pm to 9:30pm SGT
This webinar, organised by INSOL's Academic Group, Asia Hub and SMU-SGRI, provided attendees with an understanding of the impact of Artificial Intelligence (AI) on the insolvency and restructuring profession. For that purpose, it started by analysing how the increasing use of AI is reshaping the legal industry and the way to deal with financial distress. It then explored how lawyers, judges and insolvency practitioners can deploy AI and data analytics tools to manage insolvency proceedings. It concluded by analysing the challenges and opportunities of AI in the insolvency and restructuring industry.
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| Publications |
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Towards an Optimal Model of Directors’ Duties in the Zone of Insolvency: An Economic and Comparative Approach
By Aurelio Gurrea-Martínez (Singapore Management University)
When a company becomes factually insolvent but it is not yet subject to a formal insolvency proceeding, the shareholders - or the directors acting on their behalf - may engage, even in good faith, in various forms of behaviour that can divert or destroy value at the expense..
Implementing an Insolvency Framework for Micro and Small Firms
By Aurelio Gurrea-Martínez (Singapore Management University)
Micro, small and medium-sized enterprises (MSMEs) represent the vast majority of businesses in most countries around the world. Despite the economic relevance of small businesses, most insolvency jurisdictions do not provide adequate responses...
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| Working Papers |
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The Rise of Pre-Packs as a Restructuring Tool: Theory, Evidence and Policy
The use of pre-packs as a restructuring tool has been traditionally popular in the United Kingdom and the United States. In recent years, however, several jurisdictions around the world, including Singapore, India, Spain, the Netherlands, and the...
The Future of Insolvency Law in a Post-Pandemic World
The COVID-19 crisis has encouraged many countries to amend their insolvency laws. In most cases, these amendments took place temporarily – especially during the hibernation phase of the pandemic. In other countries, however, the pandemic has led to...
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| Blog Posts |
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The post-pandemic restructuring landscape - three trends from Asia
By Emmanuel Chua and Shriram Jayakumar (Baker & McKenzie Wong & Leow)
The worldwide rollout of covid-19 vaccines is well underway. But there is no inoculation yet available from the pandemic’s economic fallout. As government support schemes are rolled back, cratering demands across various industries have necessitated radical relooks...
The swift and silent restructuring of Singapore’s Pacific International Lines
By Stephanie Yeo (WongPartnership)
On 31 March 2021, the world’s 12th largest liner company and Southeast Asia’s largest carrier Pacific International Lines (PIL) announced the completion of the US$600 million investment by Heliconia Capital Management. The investment, which has resulted in...
Singapore Court of Appeal holds that companies are now to be adjudged insolvent using only the cash flow test
By Meiyen Tan and Keith Han (Oon & Bazul)
In Sun Electric Power Pte Ltd v RCMA Pte Ltd (formerly known as Tong Teik Pte Ltd) [2021] SGCA 60 (“Sun Electric”), the Singapore Court of Appeal (per Justice Judith Prakash) addressed in its written ground of decision (“GD”) the questions of: (i) what is the...
An Australian perspective – directors’ duties in an insolvency context: existing regulations and opportunities for reform under UNCITRAL Legislative Guide framework
By Scott Atkins (Norton Rose Fulbright and INSOL International) and Dr Kai Luck (Norton Rose Fulbright)
UNCITRAL’s Legislative Guide on Insolvency Law is one of the key international policy frameworks intended to assist lawmakers globally to implement optimal insolvency processes. It contains an outline of the objects and principles that should be...
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| Other Insolvency News |
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UNCITRAL adopts the Legislative Recommendations on Insolvency of Micro and Small Enterprises
VIENNA, 22 July (UN Information Service) – At its fifty-fourth session, the United Nations Commission on International Trade Law (UNCITRAL) adopted..
The Australian Treasury is seeking views to improve the scheme of arrangement
As part of the 2021-22 Budget, the Government committed to consult on options to improve schemes of arrangement processes to better support businesses..
Singapore Insolvency Conference 2021
The Singapore Insolvency Conference returns in 2021 amidst these pressing
issues. We will be using for the first time a hybrid format to present the conference..
World Bank's Updated Principles for Effective Insolvency and Creditor/Debtor Regimes (New Section for MSMEs)
The World Bank has launched newly updated Principles for Effective Insolvency and Creditor/Debtor Regimes. These principles include a new section on MSMEs and insolvency...
International Insolvency Institute’s 21st Annual Conference
The Annual Conference is the premier international insolvency conference for practitioners, academics, and members of the judiciary..
Extension of the Application Period for the Simplified Insolvency Programme in Singapore
The Ministry of Law (“MinLaw”) will extend the application period for the Simplified Insolvency Programme (“SIP”) by 12 months, to end on 28 July 2022..
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