Case Update: Petroships Investment Pte Ltd v Wealthplus Pte Ltd [2016] SGCA 17 – shareholders’ derivative action not available when companies in liquidation

Petroships Investment Pte Ltd v Wealthplus Pte Ltd [2016] 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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Case Update: Re Conchubar Aromatics Ltd [2015] SGHC 322 – Scheme of Arrangement, Restraint Order

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.

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