Events in Singapore have shone a spotlight on the rarely discussed issue of corporate governance in a members' voluntary winding up and the related question of corporate governance in insolvent liquidation. First, a series of related litigation concerning the liquidator's conduct and the right...

Singapore's statutory provisions on scheme of arrangement are very similar to that found in most Commonwealth countries. Over the last two decades the scheme has become a popular tool to restructure the debts, both financial and trading, of insolvent companies. The courts have taken a leading...

Overcharging by insolvency practitioners is a problem which has invited legislative and judicial intervention in several commonwealth jurisdictions, and continues to be a concern in many of them. Such intervention is justified on the basis of market failure, as not all beneficiaries of the...

Inability to pay debts is a common ground for winding up insolvent companies in many jurisdictions. The English version contained three commercial (or cash flow) insolvency tests and a balance sheet insolvency test. The three commercial insolvency tests are: neglect to meet a statutory demand,...

Events in Singapore have shone a spotlight on aspects of the rarely discussed matter of corporate governance in members’ voluntary winding up (MVWP). First, a series of related litigation led to the issue of whether statutory derivative action is available in MVWP and the broader issue of...

According to some economists, the deglobalization of the world has commenced. While that is true of trade and of ideas, it may not reflect the experience of existing companies undergoing restructuring which have in a sense been locked into a previous matrix where its assets and stakeholders were...

The insolvency ground of winding up an insolvent company is present in many jurisdictions. In the UK it is found in the Insolvency Act 1986, s.123. It has worked well in practice but has not been as well understood as it should be, and this was brought home forcefully in two recent cases, Re...

This paper argues that the decision of the Singapore Court of Appeal in Media Development Authority of Singapore v. Sculptor Finance (MD) Ireland Ltd [2014] 1 SLR 733 in effectively overruling Ng Wei Teck Michael v. Oversea-Chinese Banking Corp Ltd [1998] 1 SLR(R) 778 has provided much needed...