Tag Archives: Singapore

PRC court recognises and enforces a Singapore High Court judgment based on reciprocity principle

The Nanjing Intermediate People's Court in Jiangsu Province, China ("Nanjing Court") recently issued a ruling recognising and enforcing a default judgment granted by the High Court of Singapore ("Singapore Judgment") based on the reciprocity principle. Although permitted under the PRC … Continue reading

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Filed under China, Enforcement

Singapore and Delaware courts adopt Guidelines for Communication and Cooperation between Courts in Cross-Border Insolvency matters

On 1 February 2017, the Supreme Court of Singapore and the United States Bankruptcy Court for the District of Delaware announced that they will formally implement the Guidelines for Communication and Cooperation between Courts in Cross-border Insolvency Matters ("Guidelines").   … Continue reading

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Filed under Insolvency, South East Asia

Singapore: SGX reprimands oilfield services firm for failure to provide a balanced and fair announcement to the market

The Singapore Exchange (SGX) issued a public reprimand to Swiber Holdings Limited (Swiber), an oilfield services firm, on 31 October 2016 (Regulatory Announcement) for failing to provide a balanced and fair project announcement to the market. SGX was of the … Continue reading

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Filed under Financial Services Regulation

Family dispute over the setting-up of a trust rejected because plaintiff consented to the trust at the time of establishment

In a recent case, the Singapore High Court has held that a plaintiff's agreement to the setting-up of a trust to protect a family's wealth (including the assets of a deceased family member) was a valid defence for a defendant … Continue reading

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Filed under Private wealth and trusts

Singapore update: litigation funding moves a step closer and new legislation proposed to give force to settlement agreements made through mediation

Last week saw two important and novel pieces of legislation related to dispute resolution put before the Singapore Parliament.  The first is a bill to amend current legislation to permit third party funding in international arbitration and related litigation.  The … Continue reading

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Filed under ADR, Arbitration

Singapore: MAS withdraws second merchant bank status in AML push

In line with its increased commitment to combat money laundering and terrorist financing in Singapore, the Monetary Authority of Singapore (MAS) has ordered the closure of Falcon Private Bank Ltd, Singapore Branch (Falcon Bank). On 11 October 2016, the MAS … Continue reading

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Filed under Financial Services Regulation, Investigation and compliance, South East Asia

Hague Convention on Choice of Courts comes into operation in Singapore

The Hague Convention on Choice of Court Agreements (Hague Convention) officially came into force on 1 October 2015 and there are currently 30 signatory states, including all members of the European Union and Mexico.  As we have previously reported, Singapore … Continue reading

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Filed under Announcements, Enforcement, Jurisdiction, South East Asia

Singapore and United States affirm efforts to strengthen sharing of tax information

A joint statement issued by the United States and Singapore suggests that US authorities are seeking to accelerate off-shore tax enforcement aimed at US accountholders and financial institutions in Singapore. A joint statement was issued on 2 August 2016 to … Continue reading

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Filed under Enforcement, South East Asia, Tax

Suitability of ad hoc admissions: Singapore Court admits English QC for arbitration appeal

Introduction The Singapore High Court has taken the rare step of allowing an English QC to appear before it in relation to an application to set aside an arbitral award made in an investor-state arbitration; the first successful ad hoc … Continue reading

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Filed under Arbitration, Miscellaneous, South East Asia

Recognition of foreign insolvencies at common law: Singapore sets COMI precedent

For the first time, a court has adopted the ‘centre of main interest’ (COMI) as grounds at common law to recognise foreign insolvency proceedings. The decision earlier this year by the High Court of Singapore (the Court) recognised a Japanese … Continue reading

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Filed under Insolvency, Jurisdiction, South East Asia