[SMULA] Implementing a Pre-Packaged Scheme of Arrangement in Singapore: A Case Study Approach

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 have adopted various forms of pre-packs. Among these jurisdictions, Singapore adopted a pre-packaged scheme of arrangement in 2017. Since then, this restructuring tool has been used by several companies, leading to various successful reorganisations. By simplifying the requirements for the approval of a scheme of arrangement, a pre-pack can reduce the costs of financial distress, and especially those associated with the loss of reputation, employees, suppliers and goodwill. Thus, pre-packs can become an attractive tool to maximise the value of the firm for the benefit of debtors and creditors. However, the implementation of a pre-pack is not always feasible. Moreover, it can be subject to various legal and financial challenges.

This webinar will adopt a unique and practical case study approach to analyse the challenges generally existing in the implementation of a pre-pack in Singapore. To that end, it will review the pre-packs successfully approved since the adoption of this restructuring tool in 2017, as well as the factors that have led to the failure of various pre-packs. This review will be led by two leading legal and financial advisors involved in the first pre-packs successfully approved in Singapore. After a general introduction to the primary features of pre-packs, the speakers will share their practical experience handling pre-packs, with particular emphasis on: (i) how and when financially distressed firms should consider a pre-pack; (ii) relevant stages for the implementation of a pre-pack; (iii) information that needs to be prepared by debtors seeking to approve a pre-pack; (iv) creditor protection in pre-packs; (v) role of lawyers and financial advisors in pre-packs; and (vi) general tips to successfully conduct a pre-pack in Singapore.

This webinar will be useful for all legal practitioners keen on obtaining a practically relevant understanding of pre-packs in Singapore to value-add to their practice.  

 

MODERATOR

Stephen Bull
Associate Professor (Practice) Stephen Bull holds law degrees from Victoria University of Wellington, NZ, and Harvard Law School. He practised corporate law in New Zealand, New York, London and Singapore and was formerly a partner in a leading international law firm. He teaches company law, law of business organisations and corporate insolvency law at the Singapore Management University Yong Pung How School of Law.

 

SPEAKERS

Debby Lim
Debby has a broad commercial practice with overlapping strengths in banking and finance disputes, insolvency and restructuring, domestic and international arbitrations. She has also acted in construction and property-related disputes, shareholder disputes. She focuses on all areas of contentious insolvency, asset recovery work (including major commercial disputes), fraud and investigations. These often involve complex and multifaceted litigation in the aftermath of cross-border corporate collapses. She has represented debtors, creditors and officeholders in myriad insolvency-related litigation, including contested scheme of arrangement applications, creditor disputes, security enforcement and antecedent transactions.

Debby also has significant experience in restructuring and non-contentious insolvency work. Many of these matters involve acting for public-listed companies, including the first “pre-packaged” scheme of arrangement and the first judicial management involving a foreign-incorporated entity. These are precedent-setting matters which impact the way the industry handles similar matters moving forward.

She was also named as one of “40 of the world’s leading restructuring specialists, aged 40 and under,” by the Global Restructuring Review in 2016 and has been lauded as a leading lawyer in many publications including Chambers Asia-Pacific, The Legal 500 (Legalease) and Who's Who Legal for her technical ability and commercial nous.

 

Eunice Yeo
Eunice is a director at KordaMentha, an advisory and investment firm specializing in restructuring services that helps clients to grow, protect and recover value. Eunice has more than 10 years of experience focusing on financial turnarounds, debt advisory and corporate workouts. 

Eunice has been involved in several high profile and complex transactions across Singapore and the Asia Pacific region, regularly advising publicly listed and private companies, lenders and distressed debt investors across the full range of the restructuring transaction cycle to best preserve value for all stakeholders. Her experience spans across multiple sectors such as oil and gas, offshore and marine, construction, manufacturing and renewable energy.
 

 

FEES

a. Registration Fee
Registration fee of S$80.25* (inclusive of GST) applies per module

b. Group Registration
Registration fee of S$74.90* (inclusive of GST) applies if there are at least 10 participants from the same organisation.

c. SMU Alumni (LLB / JD / LLM graduates)
Registration fee of S$74.90* (inclusive of GST) applies for SMU LLB/ JD/ LLM Alumni per module

*Please note that there will be no refund of any fees should the participant cancel the registration/ fail to attend the event. However, registration is transferable. Notice of any change in participant should be sent to the Academy via email: smulawacademy [at] smu.edu.sg, by 15 July 2022.

 

SMU Law Academy reserves the right to cancel or postpone any event. In such case, we will arrange for the refund of fees paid.

 

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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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