Category: Law

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Case: Ang Chek Chin v ANS Import & Export Pte Ltd (formerly known as Ang Ngee Seng Import & Export Pte Ltd) [2020] SGHC 177 – who has right to be heard in winding up application

Singapore Law; Legal; Lawyer

Ang Chek Chin v ANS Import & Export Pte Ltd (formerly known as Ang Ngee Seng Import & Export Pte Ltd) [2020] SGHC 177

(Coram: Audrey Lim J)

Significance: Generally, a person who is not of the class of persons (company, creditor, contributory, official receiver or liquidator) should not be allowed to appear to be heard on the application to wind up the company. However, in appropriate circumstances, a person who would be directly affected by a winding up order may have the right to be added as a party to the proceedings.

S 285 of the Companies Act to summon a person is not meant for the purpose of determining whether a winding up should be granted but predicated on a winding up order made or provisional liquidator being appointed. The proper procedure for summoning witnesses is in s 257(2) of the CA, which allows the court on a winding up application to do certain things including directing a trial and directing that oral evidence be taken.

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MAS Consultation on New Omnibus Act for the Financial Sector – Virtual Assets Service Providers & Digital Tokens

Significance: The Monetary Authority of Singapore (MAS) intends to pass a new omnibus statute to regulate all financial institutions (FIs), including (among others) virtual assets service providers (VASPs) or digital tokens (DT) service provider registered in Singapore but which perform services outside of Singapore.

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Case: Re Design Studio Group Ltd and other matters [2020] SGHC 148 – Roll-up financing granted super-priority

Singapore Law; Legal; Lawyer

Re Design Studio Group Ltd and other matters [2020] SGHC 148

Significance: The High Court granted the applicants super-priority to a debt arising from rescue financing under s 211E of the Companies Act, now s 67 of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA“). Notably, the financing was a ‘roll-up’, i.e. using newly input post-petition finances to pay off existing pre-petition debt, such that the pre-petition debt is effectively paid off and “rolled up” into the super-priority post-petition debt.

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Case: Re PT MNC Investama TBK [2020] SGHC 149 – Foreign company held to have standing to apply for moratorium for a scheme of arrangement

Singapore Law; Legal; Lawyer

Re PT MNC Investama TBK [2020] SGHC 149 – Foreign company held to have standing to apply for moratorium for a scheme of arrangement

Significance: Indonesian company successfully applied for a moratorium under section 211B of the Companies Act, now section 65 of the Insolvency, Restructuring and Dissolution Act 2018 (“IRDA“) (which came into force on 31 July 2020). The court, per Aedit Abdullah J, was satisfied that the applicant has a substantial connection to Singapore as per s 351(1)(d) and s 351(2A) of the Companies Act, now s 246(e) of the IRDA.

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Case: CIMB Bank Bhd v World Fuel Services (Singapore) Pte Ltd [2020] SGHC 117 – Claim failed for inability to prove document was authentic

Singapore Law; Legal; Lawyer

Significance: The Singapore High Court dismissed the bank’s claim to enforce a Deed of Debenture as the bank failed to prove that the debenture was authentic. The bank failed to call as witnesses the persons who signed the debenture, choosing instead to rely on other factual witnesses (not expert witnesses) to give evidence on the signatories’ signatures.

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6 Ways Businesses Can Maximise Their Downtime During COVID-19 Season

By Ronald JJ Wong and Nee Yingxin

If your business is experiencing a slow-down because of Circuit Breaker and social distancing measures during this COVID-19 season 19, now is the best time to repair legal foundations, review internal systems, and position your business for when things pick up again.

Here are 6 key areas you should review.

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