Insights
Singapore Court of Appeal holds that foreign liquidation proceedings involving solvent companies are within the scope of Singapore’s adaptation of the UNCITRAL Model Law on Cross-Border Insolvency
In June 2023, Setia Law’s Bethel Chan and Lee Jin Loong published an article discussing the Singapore Court’s treatment of foreign solvent liquidations under the UNCITRAL Model Law on Cross-border Insolvency (the “Model Law”) in Re Ascentra Holdings, Inc [2023] SGHC 82 (“Re Ascentra (HC)”).
The Singapore High Court had held that the voluntary liquidation of a solvent company, Ascentra Holdings, Inc under the Cayman Islands Companies Act (2021 Revision) was not entitled to recognition as a “foreign main proceeding” under Article 2(f) of the Third Schedule to the Insolvency, Restructuring and Dissolution Act 2018, which is Singapore’s enactment of the Model Law (the “SG Model Law”). At the time of the article, the decision was under appeal.
14 November 2023
