Corporate Insolvency Laws in Singapore

2019 ◽  
pp. 191-214
Author(s):  
Amit Kumar Kashyap ◽  
Karan Parihar
Keyword(s):  
Reform Legislation ◽  
Corporate Insolvency ◽  
Corporate Rescue ◽  
Rescue Mechanism

Corporate rescue mechanism in Singapore is based on colonial structure, wherein the companies in distress can go for informal workouts or judicial management and schemes of arrangement under Companies Act. Singapore has just amended the Company Act and incorporated the provisions relating to insolvency and bankruptcy. The chapter reviews the use of schemes of arrangement and judicial management in Singapore as a corporate rescue mechanism and address the reform legislation of 2017 for corporate insolvency.

11. Corporate Insolvency

2016 ◽  
Author(s):  
Imogen Moore
Keyword(s):  
Questions And Answers ◽  
Corporate Insolvency ◽  
The Law ◽  
Corporate Rescue

The Concentrate Questions and Answers series offers the best preparation for tackling exam questions and coursework. Each book includes typical questions, suggested answers with commentary, illustrative diagrams, guidance on how to develop your answer, suggestions for further reading, and advice on exams and coursework. This chapter examines the law on corporate insolvency. It considers the important and topical subject of corporate rescue, reviewing, in particular, administration (including pre-packaged administrations) and Company Voluntary Arrangements. The chapter addresses several issues relating to liquidation, including: winding up petitions and the meaning of ‘inability to pay debts’; assets available to creditors; distribution of assets to creditors; priority of claims; the pari passu principle; and transaction avoidance (dispositions of property after the commencement of winding up; transactions at an undervalue; preferences; voidable floating charges; and transactions defrauding creditors). The potential liability of directors on a company’s insolvent liquidation is considered, concentrating on wrongful and fraudulent trading and disqualification.

scholarly journals THEORIES OF CORPORATE INSOLVENCY: A PHILOSOPHICAL ANALYSIS OF THE CORPORATE RESCUE MECHANISMS UNDER THE COMPANIES ACT 2016

2021 ◽  
Vol 12 (Number 2) ◽  
pp. 167-202
Author(s):  
Thim Wai Chen ◽  
Ruzita Azmi ◽  
Rohana Abdul Rahman
Keyword(s):  
Theoretical Approach ◽  
Philosophical Analysis ◽  
The Us ◽  
Corporate Insolvency ◽  
Financially Distressed ◽  
The Uk ◽  
Corporate Rescue ◽  
A Company ◽  
The Way

This paper aims to provide an examination of the theories that underpin corporate insolvency as developed in the US and the UK, and apply that to the two novel corporate rescue mechanisms; the corporate voluntary arrangement and judicial management, which are embedded in the Companies Act 2016 (CA 2016) of Malaysia. This paper adopted a doctrinal and theoretical approach to law. The tension in the corporate rescue mechanisms in the CA 2016 between creditors and other stakeholders of a company affected the objectives on corporate insolvency in Malaysia. This paper identified the theories that are reflected in the corporate rescue mechanisms in the CA 2016– a gap within the provisions which was left out in the process that ranged from consultancy and leading up to the drafting of the CA 2016. In addition, the objectives of introducing the corporate rescue mechanisms were identified. These findings may pave the way to reform the corporate rescue law in order to enhance its conformity with the objectives of corporate rescue in Malaysia. This in turn would facilitate the recovery of financially distressed companies and the minimisation of the loss of employment.

Introduction

2016 ◽  
Author(s):  
Michael Schillig
Keyword(s):  
United States ◽  
European Union ◽  
Subject Matter ◽  
The United States ◽  
The European Union ◽  
Too Big To Fail ◽  
Reform Legislation ◽  
Conceptual Clarity ◽  
The Subject ◽  
Corporate Insolvency

The Introduction provides a brief summary of the background for the reform legislation on recovery and resolution in the European Union and in the United States, with a particular focus on the ‘too-big-to-fail’ problem. It gives an overview of the content of the Bank Recovery and Resolution Directive, the Single Resolution Mechanisms for the eurozone, and the Orderly Liquidation Authority under the Dodd–Frank Act. It further seeks to provide some terminological and conceptual clarity as regards the subject matter of the book, notably with a view to delineating supervision, resolution, and corporate insolvency. The structure of the book is summarized in outline.

21. Corporate rescue

Company Law ◽  
2019 ◽  
pp. 599-621
Author(s):  
Lee Roach
Keyword(s):  
The Law ◽  
The Uk ◽  
Corporate Rescue ◽  
Rescue Mechanism ◽  
A Company ◽  
Rescue Procedure ◽  
Binding Agreement

This chapter examines the rationale behind the rescue culture and the two principal rescue mechanisms: administration and the company voluntary arrangement. The UK has sought to adopt a rescue culture, under which the law offers struggling companies access to several rescue mechanisms. The principal rescue mechanism is administration, under which an administrator is appointed to try and fulfil the purpose of administration. An administrator can be appointed by the court; the holder of a qualifying floating charge; or the company or its directors. A moratorium is imposed once a company enters administration, which prevents certain actions from proceedings. Meanwhile, a company voluntary arrangement is a rescue procedure that allows a company to enter into a binding agreement with its creditors. A company voluntary arrangement begins with a proposal being made, and that proposal must then be approved by the company and creditors.

11. Corporate Insolvency

2020 ◽  
pp. 195-220
Author(s):  
Imogen Moore
Keyword(s):  
Questions And Answers ◽  
Corporate Insolvency ◽  
The Law ◽  
Corporate Rescue

The Concentrate Questions and Answers series offers the best preparation for tackling exam questions and coursework. Each book includes typical questions, suggested answers with commentary, illustrative diagrams, guidance on how to develop your answer, suggestions for further reading, and advice on exams and coursework. This chapter examines the law on corporate insolvency. It considers the important and topical subject of corporate rescue, reviewing, in particular, administration and company voluntary arrangements. The chapter addresses several issues relating to liquidation, including: winding up petitions and the meaning of ‘inability to pay debts’; assets available to creditors; distribution of assets to creditors; priority of claims; the pari passu principle; and transaction avoidance (dispositions of property after the commencement of winding up, transactions at an undervalue, preferences, voidable floating charges, and transactions defrauding creditors). The potential liability of directors on a company’s insolvent liquidation is considered, concentrating on wrongful and fraudulent trading and disqualification.

scholarly journals International Insolvency Regimes and Rescue Measures Particularly with Reference to the USA and the UK

2020 ◽  
Vol 2 (1) ◽  
pp. 26-33
Author(s):  
Rehmat Ali ◽  
Keyword(s):  
Financial Distress ◽  
Radical Change ◽  
Company Law ◽  
Procedural Law ◽  
The World ◽  
The Usa ◽  
Bankruptcy Code ◽  
The Uk ◽  
Corporate Rescue ◽  
Rescue Mechanism

The court has since the dawn of modern company law enjoyed the jurisdiction to order the liquidation of a solvent company. Now radical change has been introduced in the world, in the field of winding up of the companies since the incorporation of the companies in the world. Different jurisdictions like USA in shape of Chapter 11 of bankruptcy code 1978, UK in shape of scheme of arrangements, workout plan etc., South Africa in shape of appointing Judicial Management and Australia in shape of Official Manager have developed various set of rules and regulations dealing with insolvency and other liquidations problem, when company is subject to financial distress, and also alternative corporate rescue mechanism to deal with the corporate disputes of similar nature between management of the companies and others. In this modern corporate world the investor would choose the place where he has more opportunities and protection to his capital. Favorable substantive and procedural law and rules which are sympathetic towards redress of his corporate dispute are the requirement of an investor. Insolvency jurisdictions of UK and USA are more favorable to the foreign investors because there is a sophisticated and more adequate procedural advantage. This paper also aims, inter alia, to analyze the new techniques prevalent in various jurisdictions of the USA and The UK.

1 National Report for Australia

2016 ◽  
Author(s):  
Symes Christopher
Keyword(s):  
Personal Bankruptcy ◽  
National Report ◽  
Participation Rights ◽  
Corporate Insolvency ◽  
The Law ◽  
Corporate Rescue ◽  
Insolvency Proceedings

This chapter discusses the law on creditor claims in Australia. For corporate insolvency and corporate rescue, creditor claims are dealt with by the Corporations Act 2001 (Cth), predominantly in ss 553 to 554J and 555 to 564. For personal bankruptcy, creditor claims are covered by the Bankruptcy Act 1966 (Cth), sections 82 to 104. Australian law traditionally does not distinguish between foreign claims and local claims, nor does it treat the rights of foreign creditors any differently from those of local creditors. The remainder of the chapter presents sections that deal with insolvency claims, administration claims, and non-enforceable claims, arising from bankruptcy, liquidation, and voluntary administration. Each section covers: the definition and scope of the claim; rules for submission, verification, and admission or satisfaction of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.

Corporate Insolvency Law and Reforms in South Africa

2019 ◽  
pp. 88-106
Author(s):  
Amit Kumar Kashyap ◽  
Harsha Asnani
Keyword(s):  
South Africa ◽  
South African ◽  
Insolvency Law ◽  
Corporate Insolvency ◽  
Corporate Rescue ◽  
Rescue Procedures ◽  
Legal Infrastructure

Every country has provided business recuse system and a regime for the protection of insolvent debtors. South Africa has had this legal infrastructure since 1926 when the statutory procedure of judicial management was introduced by the Companies Act 1926. The chapter discusses the judicial management, mechanisms to secure unpaid debts, carrying on business during insolvency, and the new corporate rescue procedures applicable for South African companies as provided in Companies Act 2008. The chapter also puts a light on corporate insolvency informs in South Africa.

11. Corporate Insolvency

2018 ◽  
Author(s):  
Imogen Moore
Keyword(s):  
Questions And Answers ◽  
Corporate Insolvency ◽  
The Law ◽  
Corporate Rescue

The Concentrate Questions and Answers series offers the best preparation for tackling exam questions and coursework. Each book includes typical questions, suggested answers with commentary, illustrative diagrams, guidance on how to develop your answer, suggestions for further reading, and advice on exams and coursework. This chapter examines the law on corporate insolvency. It considers the important and topical subject of corporate rescue, reviewing, in particular, administration and company voluntary arrangements. The chapter addresses several issues relating to liquidation, including: winding up petitions and the meaning of ‘inability to pay debts’; assets available to creditors; distribution of assets to creditors; priority of claims; the pari passu principle; and transaction avoidance (dispositions of property after the commencement of winding up; transactions at an undervalue; preferences; voidable floating charges; and transactions defrauding creditors). The potential liability of directors on a company’s insolvent liquidation is considered, concentrating on wrongful and fraudulent trading and disqualification.

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