Appeal Court clarifies that solvent foreign liquidators may be recognised in Singapore as “Foreign Proceedings” under the model law

Singapore’s highest court has definitively held that foreign insolvency, restructuring or liquidation proceedings concerning solvent companies should be recognised in Singapore (Re Ascentra Holdings, Inc (in official liquidation) v SPGK Pte Ltd [2023] SGCA 32), overturning a first instance decision taking the contrary view. The Singapore Court of Appeal accepted the first appellant’s (“Ascentra“) submission … Read more

Keeping the door open: Hong Kong Court reaffirms commitment to mutual recognition of insolvency proceedings with Mainland China

Two recent cases, Re Guangdong Overseas Construction Corporation [2023] HKCFI 1340 (the GOCC Case) and Re Trinity International Brands Limited [2023] HKCFI 1581 (the Trinity Case), reaffirm the commitment of the Hong Kong Court to cooperating with the Mainland Court in terms of mutual recognition and assistance of insolvency proceedings. These cases show that the Hong Kong … Read more

Good things take time: Parliamentary Joint Committee delivers report on Australia’s corporate insolvency framework

The Parliamentary Joint Committee on Corporations and Financial Services (the Committee) has delivered its report following an inquiry into the “effectiveness of Australia’s corporate insolvency laws in protecting and maximising value for the benefit of all interested parties and the economy”.[1] The Committee has recommended that, as soon as practicable, the Australian government should commission … Read more