Updates / Insights
An array of commentary, opinion and experience from our experts.
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  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.
The case of the missing diamonds and diamond seeds
In a twin-judgment released by Justice Hri Kumar Nair, the Setia Team comprising Yam Wern-Jhien (Director), Bethel Chan (Associate Director) and Stanley Tan (Associate) successfully secured judgment against an ex-director for misappropriation of diamonds and diamond seeds, as well as a rare order expunging irrelevant, unreliable, and scandalous material adduced by the Defendant in an attempt to tarnish the reputation of the Claimant and its representatives.
Court exercises rarely invoked power to strike out and expunge irrelevant materials from affidavits filed in an opposed application for a judicial management order.
In Re X Diamond Capital Pte Ltd (Metech International Ltd, non-party)  SGHC 201, the Singapore High Court exercised its rarely invoked power under r 21 the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020 (CIR Rules) to strike out and expunge irrelevant materials from affidavits filed in an opposed application for a judicial management order.
Metaverse Disputes – Navigating Jurisdictional Issues in the Metaverse
The Metaverse involves a confluence of cutting-edge technologies and is touted to become as revolutionary as the Internet when it was first brought into the mainstream. With a projected 25% of the global population spending at least an hour a day in the Metaverse and the size of the Metaverse market expecting to reach USD 758 billion by 2026, fraud in the Metaverse is inevitable. In this article, Danny Ong, Jason Teo, and Stanley Tan of Setia Law LLC consider some of the jurisdictional issues that could arise in the Metaverse which victims of fraud are likely to grapple with when seeking relief.
Key takeaways from the ABS’ industry perspective on best practices recommendations on compliance risks with a nexus to digital assets
The Association of Banks in Singapore (ABS) has this month, in collaboration with the MAS, the CAD and Ernst & Young, released a set of ‘best practices’ recommendations from the industry perspective, to help financial institutions (FIs) approach money-laundering (ML), terrorism financing (TF) and sanctions risks in the digital assets space. We summarise the key takeaways for FIs.
Corporate Criminal Liability and the Failure to Prevent in Singapore
Victoria Ting recently published an article with Chambers Expert Focus discussing the question: When does a company commit a crime? The article is reproduced below.
The Singapore Court’s Treatment of Foreign Solvent Liquidations under the UNCITRAL Model Law on Cross-Border Insolvency
Bethel Chan and Lee Jin Loong recently published an article with Chambers Expert Focus discussing the Singapore Courts' stance on foreign solvent liquidations and their entitlement to recognition or assistance under the UNCITRAL Model Law on Cross-Border Insolvency.
Setia Law set to become Singapore’s leading disputes, financial crime and corporate distress specialist.
Setia Law (“Setia”), a first-of-its-kind boutique law firm has launched in Singapore this April. Helmed by Danny Ong and Yam Wern-Jhien along with their talented team of lawyers, Setia Law is a specialist in dispute resolution, fraud and financial crimes, and debt restructuring and insolvency.
Singapore Court Considers Novel Crypto Issues In Three Arrows Case
Jason Teo, Associate Director, was recently appointed as Young Independent Counsel in a creditor’s winding up application brought by Algorand Foundation Ltd against Three Arrows Capital Pte. Ltd., the Singapore-incorporated management company for collapsed cryptocurrency hedge-fund firm Three Arrows Capital.
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