Significant 5-person coram Singapore Court of Appeal decision clarifies the no reflective loss principle: Miao Weiguo v Tendcare Medical Group Holdings Pte Ltd (formerly known as Tian Jian Hua Xia Medical Group Holdings Pte Ltd) (in judicial management) and another  SGCA 116
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Petroships Investment Pte Ltd v Wealthplus Pte Ltd  SGCA 17
Significance: Singapore Court of Appeal holds that shareholders’ derivative actions–whether statutory or common law actions–are not available as regards companies in liquidation.
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In company law, what’s the proper plaintiff rule and the no reflective loss principle? Why is it said that only the company can bring claims regarding corporate wrongs? Can the shareholder ever do so?
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Different legal structures are appropriate for different scenarios and considerations. This table sets out the possible options of legal structures and significant factors or considerations relating to each.
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Significance: High Court holds that an order restraining further proceedings in any action or proceeding against a company may be granted under s 210(10) even if no application had yet been made under s 210(1) for a meeting of creditors or members, provided there was a proposal of a compromise or arrangement sufficiently detailed as to indicate that was something definitive that could be put to the creditors shortly, and the application was made bona fides.
Continue reading “Case Update: Re Conchubar Aromatics Ltd  SGHC 322 – Scheme of Arrangement, Restraint Order”