Singapore Institute of Legal Education

Foreign Practitioner Examinations 2025

Corporate Practice

Contents:

Part I: Company Law Page 1

Part II: Corporate Insolvency Page 14
Part III: Joint Ventures Page 42
Part IV: Take-Overs and Mergers Page 47

(Version: January 2025)

Part I: Company Law

A. BUSINESS VEHICLES

Tjio, Hans, Pearlie Koh, and Pey-Woan Lee. Corporate Law. Academy Publishing, 2015. (“Corporate
Law”), Chapters 1,3 & 4; Business Names Registration Act, Partnership Act; Limited Partnerships Act;
Limited Liability Partnerships Act; Companies Act, sections 2, 4, 17, 18, 19, 30-32, 38, 205B(2) and (3),
355 to 364A, 365 – 386 and Thirteenth Schedule
• Registration of businesses
• Partnerships and limited partnerships
• Limited liability partnerships
• Private unlimited companies
• Public unlimited companies
• Private companies, exempt private companies, and dormant companies
• Public companies (including companies limited by guarantee and companies limited
by shares)
• Listed companies
• Foreign companies registered in Singapore
• Transfer of registration of foreign corporate entity

B. INCORPORATION AND ITS CONSEQUENCES

Corporate Law, Chapters 4 & 6. Companies Act, sections 5-6, 17-20A, 41

• Separate entity doctrine and limited liability
• Definition of related companies
• The concept of a group of companies

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• Perpetual succession
• Lifting the veil of incorporation

Selected cases

Asteroid Maritime Co Ltd v The owners of the Saudi Al Jubail [1987] SGHC 71

Lai Ah Kau v Public Prosecutor [1988] 2 SLR(R) 128 (High Court)

‘The Skaw Prince’ [1994] 3 SLR(R) 146

Win Line (UK) Ltd v Masterpart (Singapore) Pte Ltd [1999] 2 SLR(R) 24

TV Media Pte Ltd v De Cruz Andrea Heidi [2004] 3 SLR(R) 543

New Line Productions, Inc and another v Aglow Video Pte Ltd [2005] 3 SLR(R) 660

Singapore Tourism Board v Children's Media Ltd [2008] 3 SLR(R) 981

Nagase Singapore Pte Ltd v Ching Kai Huat [2008] 1 SLR(R) 80 (High Court)

Children’s Media Ltd v Singapore Tourism Board [2009] 1 SLR(R) 524

Zim Integrated Shipping Services Ltd v Dafni Igal [2010] 2 SLR 426

Lim Chee Twang v Chan Shuk Kuen Helina [2010] 2 SLR 209

Tjong Very Sumito v Chan Sing En [2012] 3 SLR 953

Prest v Petrodel Resources Ltd [2013] 3 WLR 1

Alwie Handoyo v Tjong Very Sumito [2013] 4 SLR 308

Manuchar Steel Hong Kong Limited v Star Pacific Line Pte Ltd [2014] 4 SLR 832

Jhaveri Darsan Jitendra v Salgaocar Anil Vassudeva [2018] 5 SLR 689

Sun Electric Pte Ltd v Menrva Solutions Pte Ltd [2018] SGHC 264

Mohamed Shiyam v Tuff Offshore Engineering Services Pte Ltd [2021] 5 SLR 188

C. THE CONSTITUTION

Corporate Law, Chapter 5. Companies Act, sections 4(13), 22, 26, 26A, 33, 35-37, 39, 184. Companies
(Model Constitutions) Regulations 2015
• Adoption of model constitution
• Contractual effect of the constitution
• Alteration of the constitution
• Restrictions on alteration
• Alteration of objects
• Entrenchment provisions

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• Shareholders’ agreements

Selected cases

Malayan Banking Ltd v Raffles Hotel Ltd [1965-1967] SLR(R) 161

Russell v Northern Bank Development Corporation Ltd [1992] 1 WLR 588 (HL); [1992] 3 All ER
161; [1992] BCLC 1016; [1992] BCC 578 [SW]

Teo Choong Mong Frank v Wilh Schulz GmbH [1998] 2 SLR(R) 312

Golden Harvest Films Distribution (Pte) Ltd v Golden Village Multiplex Pte Ltd [2007] 1 SLR(R)

Sembcorp Marine Ltd v PPL Holdings Pte Ltd [2013] 4 SLR 193

Independent State of Papua New Guinea v PNG Sustainable Development Program Ltd [2016]
SGHC 19 (High Court)

Oro Negro Drilling Pte Ltd v Integradora de Servicios Petroleros Oro Negro SAPI de CV [2019]
SGCA 74

D. CAPACITY AND POWERS OF A COMPANY

Corporate Law, Chapter 8. Companies Act, sections 23-25A

• Objects and powers
• Effect of ultra vires transactions

Selected cases

Banque Bruxelles Lambert v Puvaria Packaging Industries (Pte) Ltd [1994] 1 SLR(R) 736

E. AGENCY IN RELATION TO COMPANIES

Corporate Law, Chapter 7. Companies Act, sections 23(1), 23(1B), 25A-25D, 41(1), 151
• Express authority
• Implied authority
• Usual authority which is the authority that implicitly comes with a particular post
• Ostensible authority
• Ratification
• The “indoor management” rule
• Power of directors to bind company and the limit of such powers

Selected cases

Dart Sum Timber (Pte) Ltd v Bank of Canton Ltd [1981-1982] SLR(R) 376

SPP Ltd v Chew Beng Gim [1993] 3 SLR(R) 17

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Banque Bruxelles Lambert v Puvaria Packaging Industries (Pte) Ltd [1994] 1 SLR(R) 736

SAL Industrial Leasing Ltd v Lin Hwee Guan [1998] 3 SLR(R) 31

Skandinaviska Enskilda Banken AB v Asia-Pacific Breweries (Singapore) Pte Ltd [2011] 3 SLR
540
Independent State of Papua New Guinea v PNG Sustainable Development Program Ltd [2016]
SGHC 19 (High Court)

Blasco, Martinez Gemma v Ee Meng Yen Angela [2021] 3 SLR 1360

F. MEETINGS, RESOLUTIONS AND VOTING

Corporate Law, Chapter 8 (pp. 279-311). Companies Act, sections 64, 152(2), 157A, 160-161, 164A,
168, 169, 174-185, 188, 197, 198, 201, 205(2-4), 207(8), 387A to 387C, 392. Model Constitution,
Articles 48, 51, 63-65, 83-94
• Division of powers between the board and general meeting
• Types of general meetings
• Statutory meeting and statutory report
• Filing of annual returns
• Timelines to hold annual general meetings and filing annual returns and applying for
extension of time
• Exemption for private companies from holding AGMs and safeguards
• Calling of meetings
• Passing of resolutions
• Irregularities
• Electronic communications with members

Selected cases

Credit Development Pte Ltd v IMO Pte Ltd [1993] 1 SLR(R) 68

Jimat bin Awang v Lai Wee Ngen [1995] 3 SLR(R) 496

Sum Hong Kum v Li Pin Furniture Industries Pte Ltd [1996] 2 SLR 488

SAL Industrial Leasing Ltd v Lin Hwee Guan [1998] 3 SLR 482

Polybuilding (S) Pte Ltd v Lim Heng Lee [2001] 2 SLR(R) 12

Lau Ah Lang v Chan Huang Seng [2001] 2 SLR(R) 503

Tong Keng Meng v Inno-Pacific Holdings Ltd [2001] 3 SLR(R) 311

Paillart Philippe Marcel Etienne v Eban Stuart Ashley [2007] 1 SLR(R) 132

Golden Harvest Films Distribution (Pte) Ltd v Golden Village Multiplex Pte Ltd [2007] 1 SLR(R)
940

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Chow Kwok Ching v Chow Kwok Chi [2008] 4 SLR(R) 577

The Oriental Insurance Co Ltd v Reliance National Asia Re Pte Ltd [2008] 3 SLR(R) 121

Thio Keng Poo v Thio Syn Pyn [2010] 3 SLR 143

Dovechem Holdings Pte Ltd v Ng Joo Soon [2011] 4 SLR 345

Chang Benety v Tang Kin Fei [2012] 1 SLR 274 (Court of Appeal, Singapore)

Lim Kok Wah v Lim Boh Yong [2015] 5 SLR 307

Lim Yew Ming v Aik Chuan Construction Pte Ltd and others [2015] SGHC 101

Naseer Ahmad Akhtar v Suresh Agarwal [2015] 5 SLR 1032

Chan Siew Lee v TYC Investment Pte Ltd [2015] SGCA 40

G. THE COMPANY SECRETARY

Companies Act, section 171

• Qualification
• Timeline for appointment

H. THE BOARD OF DIRECTORS

Corporate Law, Chapter 8, pp 310-331. Companies Act, sections 4, 145, 148-149A, 149B, 150, 152,
154-155C, 158, 159, 168, 169, 386AKA, 386AL. Model Constitution Reg 67-73
• Minimum directorship requirements
• Types of directors (de jure, de facto, independent directors, shadow directors,
executive and non-executive)
• Appointment of directors
• Register of nominee directors
• Disqualification of directors
• Removal of directors
• Remuneration of directors
• Payments for loss of office
• Directors’ meetings

Selected cases

Raffles Hotel Ltd v Malayan Banking Ltd [1965-1967] SLR(R) 161

Cosmic Insurance Corp Ltd v Khoo Chiang Poh [1979-1980] SLR(R) 703 (Privy Council) affirming
[1977-1978] SLR(R) 93 (Court of Appeal)

Attorney-General v Chong Soon Choy Derrick [1983-1984] SLR(R) 530

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Quek Leng Chye v Attorney-General [1985-1986] SLR(R) 282

Goh Kim Hai Edward v Pacific Can Investment Holdings Ltd [1996] 1 SLR(R) 540

Fasi Paul Frank v Specialty Laboratories Asia Pte Ltd [1999] 1 SLR(R) 1111

Lee Huay Kok v Attorney-General [2001] 3 SLR(R) 287

Heap Huat Rubber Company Sdn Bhd v Kong Choot Sian [2004] SGCA 12 (Court of Appeal)

Oversea-Chinese Banking Corp Ltd v Justlogin Pte Ltd [2004] 2 SLR (R) 675

W & P Piling Pte Ltd v Chew Yin What [2007] 4 SLR 218

Raffles Town Club Pte Ltd v Lim Eng Hock Peter [2010] SGHC 163

Ong Chow Hong v Public Prosecutor [2011] SGHC 93

Grinsted Edward John v Britannia Brands (Holding) Pte Ltd [1996] 1 SLR(R) 743

SAL Industrial Leasing Ltd v Lin Hwee Guan [1998] 3 SLR(R) 31

Lim Kok Wah v Lim Boh Yong [2015] 5 SLR 307

The Wellness Group Pte Ltd v Paris Investment Pte Ltd [2018] 2 SLR 973

Parakou Investment Holdings Pte Ltd v Parakou Shipping Pte Ltd [2018] 1 SLR 271

TYC Investment Pte Ltd v Chan Siew Lee Jannie [2018] 4 SLR 293

Kardachi v AG [2020] 2 SLR 1190

Re Haeusler [2021] 4 SLR 1407

I. DIRECTORS’ DUTIES AND CORPORATE GOVERNANCE

Corporate Law, Chapter 9. Companies Act 1967, sections 156-157, 157B-157C, 158, 162-163B, 172-
172B, 339(3), 340, 391; Prevention of Corruption Act 1960, sections 6, 14; Penal Code 1871, sections
405, 406, 408, 409
• Directors’ fiduciary duties
• Directors’ statutory duties
• Directors’ duties of care, skill and diligence
• Ratification and authorisation
• Relief from liability
• Insolvent trading, fraudulent trading
• Financial relations with the company
• Nominee directors
• Corruption
• Criminal breach of trust

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• Disclosure requirements of chief executive officers

Selected cases

Mahesan v Malaysian Government Officers’ Co-operative Housing Society [1978] 1 MLJ 149
(Privy Council on appeal from Malaysia)

Chua Boon Chin v McCormack John Maxwell and others [1979-1980] SLR(R) 121

SPP Ltd v Chew Beng Gim [1993] 3 SLR(R) 17

Thahir Kartika Ratna v PT Pertambangan Minyak dan Gas Bumi Negara [1994] 3 SLR(R) 312

Hytech Builders Pte Ltd v Tan Eng Leong [1995] 1 SLR(R) 576

Intraco Ltd v Multi-Pak Singapore Pte Ltd [1995] 1 SLR 313

Cheam Tat Pang v Public Prosecutor [1996] 1 SLR(R) 161

Tan Tze Chye v Public Prosecutor [1997] 1 SLR(R) 876

Yeo Geok Seng v Public Prosecutor [1999] 3 SLR(R) 896

Chew Kong Huat v Ricwil (Singapore) Pte Ltd [1999] 3 SLR(R) 1167

Kumagai-Zenecon Construction Pte Ltd v Low Hua Kin [1999] 3 SLR(R) 1049 (High Court)
affirmed [2000] 2 SLR (R) 689 (Court of Appeal)

Kea Holdings Pte Ltd v Gan Boon Hock [2000] 2 SLR(R) 333

Re Ideaglobal.com Ltd [2000] 3 SLR 100

Tong Tien See Construction Pte Ltd v Tong Tien See [2001] 3 SLR(R) 887, [54]

Lim Weng Kee v Public Prosecutor [2002] 2 SLR(R) 848

Caltong (Australia) Pty Ltd v Tong Tien See Construction Pte Ltd [2002] 2 SLR(R) 94

Tokuhon (Pte) Ltd v Seow Kang Hong [2003] 4 SLR(R) 414

Kwee Seng Chio Peter v Biogenics Sdn Bhd [2003] 2 SLR(R) 482

Dayco Products Singapore Pte Ltd v Ong Cheng Aik [2004] 4 SLR(R) 318; cf Maxz Universal
Development Group Pte Ltd v Lian Hwee Choo Phebe [2010] SGHC 64, [34]

Oversea-Chinese Banking Corp Ltd v Justlogin Pte Ltd [2004] 2 SLR(R) 675

Vita Health Laboratories Pte Ltd and Others v Pang Seng Meng [2004] 4 SLR 162

Chip Thye Enterprises Pte Ltd (in liq) v Phay Gi Mo [2004] 1 SLR 434

DM Divers Technics Pte Ltd v Tee Chin Hock [2004] 4 SLR 424

Tang Yoke Kheng (trading as Niklex Supply Co) v Lek Benedict (No 2) [2005] 3 SLR(R) 263

SM Trading Services v Intersanctuary Ltd [2006] SGHC 102

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Golden Village Multiplex Pte Ltd v Phoon Chiong Kit [2006] 2 SLR(R) 307

Liquidator of Leong Seng Hin Piling Pte Ltd v Chan Ah Lek [2007] 2 SLR(R) 77

Townsing Henry George v Jenton Overseas Investment Pte Ltd [2007] 2 SLR(R) 597

W&P Piling Pte Ltd v Chew Yin What [2007] 4 SLR(R) 218

Creanovate Pte Ltd v Firstlink Energy Pte Ltd [2007] 4 SLR(R) 780

Leong Wai Kay v Carrefour Singapore Pte Ltd [2007] 3 SLR(R) 78

JSI Shipping (S) Pte Ltd v Teofoongwonglcloong (a firm) [2007] 4 SLR(R) 460, [159]

Viking Airtech Pte Ltd v Foo Teow Keng [2008] 1 SLR(R) 225

Ng Eng Ghee v Mamata Kapildev Dave [2009] 3 SLR(R) 109

Raffles Town Club Pte Ltd v Lim Eng Hock Peter [2010] SGHC 163

Liquidators of Progen Engineering Pte Ltd v Progen Holdings Ltd [2010] 4 SLR 1089

Swiss Butchery Pte Ltd v Huber Ernst [2010] 3 SLR 813

Tan Hup Thye v Refco (Singapore) Pte Ltd [2010] 3 SLR 1069

Dovechem Holdings Pte Ltd (in liquidation) and others v Ng Joo Soon (alias Nga Ju Soon) [2011]
SGCA 35

Yong Kheng Leong and another v Panweld Trading Pte Ltd and another [2012] SGCA 59

Mona Computers (S) Pte Ltd v Singaravelu Murugan [2014] 1 SLR 847

Dynasty Line Ltd v Sukamto Sia [2014] 3 SLR 277

Guy Neale and others v Nine Squares Pty Ltd [2014] SGCA 64

Ho Kang Peng v Scintronix Corp Ltd (formerly known as TTL Holdings Ltd) [2014] SGCA 22

Tanaka Lumber Pte Ltd v Datuk Haji Mohammad Tufail bin Mahmud and another (Dato Ting
Check Sii and another, third parties) [2015] SGHC 276

Jetivia SA and another v Bilta (UK) Limited and others [2015] UKSC 23 / Bilta (UK) Ltd (in
liquidation) and others v Nazir and others (No 2) [2015] 2 WLR 1168

Bamian Investments Pte Ltd v Lo Haw [2017] SGHC 166, [63] – [66]

Prima Bulkship Pte Ltd v Lim Say Wan [2017] 3 SLR 839

Nordic International Ltd v Morten Innhaug [2017] SGHC 1

Goh Chan Peng v Beyonics Technology Ltd [2017] 2 SLR 592

Sakae Holdings Ltd v Gryphon Real Estate Investment Corp Pte Ltd [2017] SGHC 73

Von Roll Asia Pte Ltd v Goh Boon Gay [2018] 4 SLR 1053

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Ho Yew Kong v Sakae Holdings Ltd [2018] 2 SLR 333

Parakou Investment Holdings Pte Ltd v Parakou Shipping Pte Ltd [2018] 1 SLR 271

Traxiar Drilling Partners II Pte Ltd v Dvergsten, Dag Oivind [2019] 4 SLR 433

UVJ v UVH [2020] SGCA 49

Sim Poh Ping v Winsta Holding Pte Ltd [2020] 1 SLR 1199

Patrick Wee v True Yoga [2023] SGHC(A) 26

J. FINANCIAL STATEMENTS AND AUDIT

Companies Act 1967, Part 6 generally, sections 198, 199, 201 to 204, 205-209A

Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or

Balance-sheet) Regulations 2018
• Company financial statements and financial reporting standards
• Appointment, remuneration and removal of auditors
• Timing to appoint auditors and file financial statements
• Exemption from filing financial statements (i.e. certain dormant companies exempted
from duty to prepare financial statements)
• Applications for exemption as to form and content of financial statements
• Revision of defective financial statements
• Extension of time
• Change of Financial Year End
• Auditors’ duties
• Auditors’ negligence

Selected cases

Tarling Richard Charles v Public Prosecutor [1981-1982] SLR(R) 1

Khoo Ban Hock v Public Prosecutor [1988] 3 MLJ 22

Ikumene Singapore Pte Ltd v Leong Chee Leng [1993] 2 SLR(R) 480

Standard Chartered Bank v Coopers & Lybrand [1993] 3 SLR(R) 29Wuu Khek Chiang George v
ECRC Land Pte Ltd [1999] 2 SLR(R) 352

JSI Shipping (S) Pte Ltd v Teofoongwonglcloong [2007] 4 SLR(R) 460

PlanAssure PAC v Gaelic Inns Pte Ltd [2007] 4 SLR(R) 513

Hau Tau Khang v Sanur Indonesian Restaurant Pte Ltd and another (Hau Tau Thong, non-party)
and another matter [2011] 3 SLR 1128

Ng Joo Soon (alias Nga Ju Soon) v Dovechem Holdings Pte Ltd and another suit [2011] 1 SLR 1155

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Lim Kok Leong v Seen Joo Company Pte Ltd and others [2014] SGHC 239

K. SHAREHOLDERS’ REMEDIES

Corporate Law, Chapter 10 and Chapter 11; Margaret Chew, Minority Shareholders’ Rights and
Remedies (3rd Edition, LexisNexis, 2017). Companies Act 1967, sections 216-216B, 254(1)(i),
Insolvency, Restructuring and Dissolution Act 2018, section 125
• The oppression remedy
• Winding up on the “just and equitable” ground
• The rule in Foss v Harbottle
• Common law derivative actions
• The statutory derivative action

Selected cases

Re S Q Wong Holdings (Pte) Ltd [1987] SLR(R) 286

Re Gee Hoe Chan Trading Co Pte [1991] 2 SLR(R) 114

Re Tri-Circle Investment Pte Ltd [1993] 1 SLR(R) 441

Tullio Planeta v Maoro Andrea G [1994] 2 SLR(R) 501

Teo Gek Luang v Ng Ai Tiong [1998] 2 SLR(R) 426

Low Peng Boon v Low Janie [1999] 1 SLR(R) 337

Yeo Hung Khiang v Dickson Investment (Singapore) Pte Ltd [1999] 1 SLR(R) 773

Kitnasamy Marudapan v Nagatheran Manogar [2000] 2 SLR 598

Hengwell Development Pte Ltd v Thing Chiang Ching [2002] 2 SLR(R) 454

Pang Yong Hock v PKS Contracts Services Pte Ltd [2004] 3 SLR(R) 1

Ng Sing King v PSA International Pte Ltd [2005] 2 SLR(R) 56

Sim Yong Kim v Evenstar Investments Pte Ltd [2006] 1 SLR(R) 685

Ting Shwu Ping v Scanone Pte Ltd [2017] 1 SLR 95

Lim Swee Khiang v Borden Co (Pte) Ltd [2006] 4 SLR(R) 745

Summit Co (S) Pte Ltd v Pacific Biosciences Pte Ltd [2007] 1 SLR(R) 46

Ting Sing Ning v Ting Chek Swee [2008] 1 SLR(R) 197

Chow Kwok Chuen v Chow Kwok Chi and another [2008] 4 SLR(R) 362

Tan Choon Yong v Goh Jon Keat [2009] 3 SLR(R) 840

Over & Over Ltd. v Bonvest Holdings Ltd [2010] 2 SLR 776

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Thio Keng Poo v Thio Syn Pyn [2010] 3 SLR 143

Sinwa SS (HK) Co Ltd v Morten Innhaug [2010] 4 SLR 1

Tam Tak Chuen v Eden Aesthetics Pte Ltd [2010] 2 SLR 667

Tan Chin Hoon and others v Tan Choo Suan and others [2010] SGHC 340

Fong Wai Lyn Carolyn v Airtrust (Singapore) Pte Ltd [2011] SGHC 88

Urs Meisterhans v GIP Pte Ltd [2011] 1 SLR 552

Ng Kek Wee v Sim City Technology Ltd [2014] SGCA 47

Ezion Holdings Ltd v Teras Cargo Transport Pte Ltd [2016] 5 SLR 226

Petroships Investment Pte Ltd v Wealthplus Pte Ltd [2016] SGCA 17

Leong Chee Kin v Ideal Design Studio Pte Ltd [2017] SGHC 192

Perennial (Capitol) Pte Ltd v Capitol Investment Holdings Pte Ltd [2018] SGCA 11

Ho Yew Kong v Sakae Holdings Ltd [2018] 2 SLR 333

Foo Peow Yong Douglas v ERC Prime II Pte Ltd [2018] 2 SLR 1337

DyStar Global Holdings (Singapore) Pte Ltd v Kiri Industries Ltd [2018] SGHC(I) 06

Thio Syn Kym Wendy v Thio Syn Pyn [2018] SGCA 46 and Thio Syn Kym Wendy v Thio Syn Pyn
[2019] SGCA 19

New Ping Ping Pauline v Eng’s Noodles House Pte Ltd [2020] SGHC 271

Hou Chao v Gu Xiaolan [2021] 3 SLR 704

Miao Weiguo v Tendcare Medical Group Holdings Pte Ltd and another [2021] SGCA 116
(overruling Townsing v Jenton Overseas Investment Pte Ltd (in liquidation))

Tiong Sze Yin Serene v HC Surgical Specialists Ltd [2021] 3 SLR 1269

Patrick Wee v True Yoga [2023] SGHC(A) 26

L. CORPORATE CRIME

Corporate Law, Chapter 7; Yeo, Morgan & Chan Criminal Law in Malaysia and Singapore (3rd Edition,
LexisNexis, 2018), Chapter 37
• Attribution of mens rea to a company
• Personal liability of directors and managers for crimes
• Punishment

Selected cases

Trade Facilities Pte Ltd v Public Prosecutor [1995] 2 SLR(R) 7

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Tom-Reck Security Services Pte Ltd v Public Prosecutor [2001] 1 SLR(R) 327

Comfort Management Pte Ltd v Public Prosecutor [2003] 2 SLR(R) 67

TV Media Pte Ltd v De Cruz Andrea Heidi [2004] 3 SLR(R) 543

New Line Productions Inc v Aglow Video Pte Ltd [2005] 3 SLR(R) 660

Angliss Singapore Pte Ltd v Public Prosecutor [2006] 4 SLR(R) 653

Auston International Group Ltd v Public Prosecutor [2008] 1 SLR(R) 882

Nagase Singapore Pte Ltd v Ching Kai Huat [2008] 1 SLR(R) 80

Skandinaviska Enskilda Banken AB v Asia-Pacific Breweries (Singapore) Pte Ltd [2011] 3 SLR 540

Ho Kang Peng v Scintronix Corp Ltd [2014] SGCA 22

Lim Kopi Pte Ltd v Public Prosecutor [2010] 2 SLR 413

M. SHARES AND MEMBERS

Corporate Law, Chapter 12. Companies Act, sections 4, 7, 62A, 64A, 68, 70, 74, 74A, 75, 121, 123, 125-
130AB, 161, 190, 195(4), 196A-196D, 379 to 381, 386AA to 386AK. Companies (Model Constitutions)
Regulations 2015, First Schedule, paragraphs 28 to 31
• Types of shares
• No par value shares
• Issue of shares
• Share certificates
• Electronic register of members
• Register of registrable controllers
• Register of members of foreign companies
• Ownership of shares
• Transfer of shares
• Share transfer restrictions
• Class rights

Selected cases

Lian Hwee Choo Phebe v Maxz Universal Development Group Pte Ltd [2009] 2 SLR(R) 624

Look Chun Heng v Asia Insurance Co Ltd [1952] MLJ 33

EG Tan & Co (Pte) v Lim & Tan (Pte) [1985-1986] SLR(R) 1081

Pacrim Investments Pte Ltd v Tan Mui Keow Claire [2008] 2 SLR(R) 898

Encus International Pte Ltd v Tenacious Investment Pte Ltd and others [2016] 2 SLR 1178

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Xiamen International Bank v Sing Eng (Pte) Ltd [1993] 2 SLR(R) 176

HSBC (Malaysia) Trustee Bhd v Soon Cheong Pte Ltd [2007] 1 SLR (R) 65

Auston International Group Ltd Another v Ng Swee Hua [2009] 4 SLR(R) 628

JX Holdings Inc v Singapore Airlines Ltd [2016] 5 SLR 988

Suntoso Jacob v Kong Miao Ming [1985-1986] SLR(R) 524

N. MAINTENANCE AND REDUCTION OF CAPITAL

Corporate Law, Chapter 13. Companies Act, sections 7A, 21(1), 76-76K, 78A-78K, 403
• Prohibition on return of assets to members
• Financial assistance for the acquisition of shares
• Acquisition of own shares by the company (Share buybacks)
• Reduction of capital
• Payment of dividends

Selected cases

Merchant Credit Pte Ltd v Industrial & Commercial Realty Co Ltd [1983-1984] SLR(R) 13

Intraco Ltd v Multi-Pak Singapore Pte Ltd [1994] 3 SLR(R) 1064

Chip Thye Enterprises Pte Ltd v Phay Gi Mo [2004] 1 SLR(R) 434

Public Prosecutor v Lew Syn Pau [2006] 4 SLR(R) 210

Wu Yang Construction Group Ltd v Mao Yong Hui [2008] 2 SLR(R) 350

The Enterprise Fund III Ltd and others v OUE Lippo Healthcare Ltd (formerly known as
International Healthway Corp Ltd) [2019] SGCA 48

O. STRIKING-OFF

Companies Act, section 344-344G

ACRA Guidelines on Submitting an Application for Striking-off a Company

https://www.acra.gov.sg/how-to-guides/striking-off-a-local-company
• Types of striking-off
• Striking off requirements
• Striking off procedure

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Part II: Corporate Insolvency

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore)

(Andrew Chan, Consulting Editor)

(2) Law and Practice of Corporate Insolvency (LexisNexis, 2014) (Andrew Chan, General
Editor)

(3) Woon’s Corporations Law (Lexis-Nexis) (Gregory Vijayendran, Updating Editor, Wee
Meng Seng, Sub-editor), Chapters L, M, N and O

(4) Walter Woon on Company Law (3rd Rev edn), Chapter 13, 16 and 17 (Tan Cheng Han,
General Editor)

The Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018) was passed in Parliament on
1 October 2018 and came into effect on 30 July 2020.

A. CORPORATE INSOLVENCY- SOURCES OF LAW

See generally:

(1) Law and Practice of Corporate Insolvency (LexisNexis, 2014) [Chapt I]

(2) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore)

[150.001 - 150.010]

Statutory Materials

Arrangements, reconstructions and amalgamations

(Part VII, Sections 210 to 216A of the Companies Act)

(Part 5, Sections 63 to 72 of the IRDA – applies in a case that involves a compromise or an arrangement
between a company and its creditors or any class of those creditors.)

Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring Rules) 2018

Insolvency, Restructuring and Dissolution (Proofs of Debt in Schemes of Arrangement) Regulations

2020

Insolvency, Restructuring and Dissolution (Prescribed Arrangements and Proceedings) Regulations

2020

Insolvency, Restructuring and Dissolution (Prescribed Companies and Entities) Order 2020

Receivers and Managers

(Part 6, Sections 73 to 87 of the IRDA)

Insolvency, Restructuring and Dissolution (Receivership) Regulation 2020

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Judicial Management

(Part 7, Sections 88 to 118 of the IRDA)

(Section 117 makes applicable section 210 of the Companies Act and certain provisions in Part 5 of the
IRDA)

(Part 9, Sections 217 to 244 of the IRDA)

Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring Rules) 2018

Insolvency, Restructuring and Dissolution (Judicial Management) Regulations 2020

Insolvency, Restructuring and Dissolution (Prescribed Arrangements and Proceedings) Regulations

2020

Insolvency, Restructuring and Dissolution (Prescribed Companies and Entities) Order 2020

Re Engineering Construction (Pte) Ltd (under judicial management) [1992] 2 SLR(R) 435

Chew Eu Hock Construction Co Pte Ltd (under judicial management) v Central Provident Fund Board
[2003] 4 SLR(R) 137

Hitachi Plant Engineering & Construction Co Ltd v Eltraco International Pte Ltd [2003] 4 SLR(R) 384

Re Wan Soon Construction Pte Ltd [2005] 3 SLR(R) 375

Re Swiber Holdings Ltd and another matter [2018] 5 SLR 1130

Re Swiber Holdings Ltd [2018] 2 SLR 1358

Re HTL International Holdings Pte Ltd [2021] 5 SLR 586

Yihua Lifestyle Technology Co, Ltd and another v HTL International Holdings Pte Ltd and others [2021]
2 SLR 1141

Liquidation

(Part 8, Sections 119 to 216 of the IRDA)

(Part 9, Sections 217 to 244 of the IRDA)

(Part 10, Sections 245 to 250 of the IRDA)

(Part 10A, Sections 250A to 250R of the IRDA)

(Part 11, Sections 251 to 253 of the IRDA)

Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring Rules) 2018

Insolvency Restructuring and Dissolution (Court-Ordered Winding Up) Regulations 2020

Insolvency Restructuring and Dissolution (Voluntary Winding Up) Regulations 2020

Insolvency Restructuring and Dissolution (Maximum Amount Payable in Priority) Order 2020

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Re City Securities Pte [1995] 2 SLR(R) 746

Re PCChip Computer Manufacturer (S) Pte Ltd (in compulsory liquidation) [2001] 2 SLR(R) 180

Panorama Development Pte Ltd (in liquidation) v Fitzroya Investments Pte Ltd and another [2003] 1
SLR(R) 93

Show Theatres Pte Ltd (in liquidation) v Shaw Theatres Pte Ltd [2002] 1 SLR(R) 578

Re Lehman Brothers Finance Asia Pte Ltd (in creditors’ voluntary liquidation) [2013] 1 SLR 64

Mohd Zain bin Abdullah v Chimbusco International Petroleum (Singapore) Pte Ltd [2014] 2 SLR 446

Koo Chai-Chau Linda v Fong Wai Lyn Carolyn and others [2016] 1 SLR 21

Seah Chee Wan and another v Connectus Group Pte Ltd [2019] SGHC 228

SCK Serijadi Sdn Bhd v Artison Interior Pte Ltd [2019] 1 SLR 680

Sun Electric Power Pte Ltd v RCMA Asia Pte Ltd [2021] 2 SLR 478

Lim Siew Soo v Sembawang Engineers and Constructors Pte Ltd (Metal Eco Solutions Pte Ltd,
intervener) [2021] 4 SLR 556; [2021] SGCA 16

Registration of Charges

Part IV, Division 8 of the Companies Act (Section 131 to 137)

Rules of Court

(Electronic Filing Service provisions, Order 25 rule 6 and Part 3 and 4 of the Fourth Schedule read with
Order 25)

Kuah Kok Kim v Chong Lee Leong Seng Co (Pte) Ltd [1991] 1 SLR(R) 795

Tohru Motobayashi v Official Receiver and another [2000] 3 SLR(R) 435

Woodcliff Assets Ltd v Reflexology and Holistic Health Academy and Others [2009] SGHC 162

Woodcliff Assets Ltd v Reflexology and Holistic Health Academy Pte Ltd and others [2010] SGHC 315

Inherent jurisdiction

B. WINDING UP – OVERVIEW

Types of Winding-Up

2 main types of liquidation:

Voluntary Liquidation / Compulsory Liquidation:

Voluntary Liquidation

IRDA 2018: Sections 160(1), 161, 163 and 165(1)

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Members’ Voluntary Winding-Up (“MVL”)

IRDA Part 8 and Insolvency Restructuring and Dissolution (Voluntary Winding Up) Regulations 2020

Conversion of MVL to CVL: (IRDA Section 165(1))

Creditors’ Voluntary Winding-Up (“CVL”)

IRDA Part 8 and Insolvency Restructuring and Dissolution (Voluntary Winding Up) Regulations 2020

Compulsory winding up

IRDA Part 8 and Insolvency Restructuring and Dissolution (Court-Ordered Winding Up) Regulations
2020

(1) Court Winding Up (Procedure)

Winding-Up by the Court: Inability of Company to Pay Debts

Locus Standi to apply for winding up order

IRDA: Section 124

Re People’s Parkway Development Pte Ltd [1991] 2 SLR(R) 567

Stonegate Securities Ltd v Gregory [1980] 1 All ER 241

Re Crigglestone Coal Ltd [1906] 2 Ch. 327

Miharja Development Sdn Bhd & Ors v Tan Sri Datuk Loy Hean Heong & Ors and another application
[1995] 1 MLJ 101

Inability to pay debts/Tests for insolvency

IRDA: Sections 125(1)(e) and 125(2)

Re Great Eastern Hotel (Pte) Ltd [1988] 2 SLR(R) 276

Chip Thye Enterprises Pte Ltd v Phay Gi Mo [2004] 1 SLR(R) 434

Australian Property Group Pte Ltd v H.A. & Chung Partnership [2015] SGHC 147

Re Cheyne Finance plc (No 2) [2007] EWHC 2402 (Ch)

Cornhill Insurance plc v Improvement Services Ltd [1986] 1 WLR 114

Byblos Bank v Al-Khudhairy [1987] BCLC 232

BNY Corporate Trustee Services Ltd and others v Eurosail-UK 2007-3BL plc [2013] 1 WLR 1408

Seah Chee Wan and another v Connectus Group Pte Ltd [2019] SGHC 228

Sun Electric Power Pte Ltd v RCMA Asia Pte Ltd [2021] 2 SLR 478

Presumption of insolvency

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IRDA: Section 125

Pac-Asian Services Pte Ltd v European Asian Bank AG [1987] SLR(R) 6

Ng Tai Tuan v Chng Gim Huat Pte Ltd [1990] 2 SLR(R) 231

Re Dayang Construction and Engineering Pte Ltd [2002] 2 SLR(R) 197

BNP Paribas v Jurong Shipyard Pte Ltd [2009] 2 SLR(R) 949

United Overseas Bank Ltd v Bombay Talkies (S) Pte Ltd [2015] SGHC 142

United Fiber System Ltd v China National Machinery & Equipment [2011] 2 SLR 1021

Comptroller of Income Tax v BLO [2017] SGHC 50

Lee Eng Beng, Excessive Statutory Demands in Winding Up and Bankruptcy [1997] SJLS 532

Winding-Up by the Court: Just and Equitable to be Wound Up

IRDA: Section 125(1)(i)

Douglas Foo Peow Yong v ERC Prime II Pte Ltd and another appeal and other matters [2018] 2 SLR 1337

Wong Kit Kee v KSE Technology (Int’l) Pte Ltd [2019] SGHC 97

Ma Wai Fong Kathryn v Trillion Investment Pte Ltd and other matters [2019] 3 SLR 688

Seah Chee Wan and another v Connectus Group Pte Ltd [2019] SGHC 228

Chong Kok Ming and another v Richinn Technology Pte Ltd and others [2020] SGHC 224

Grimmett, Andrew and others v HTL International Holdings Pte Ltd (under judicial management) (Phua
Yong Tat and others, non-parties) [2022] 5 SLR 991

Tay Yew Huat v Sin Joo Huat Hardware Pte td and another matter [2023] SGHC 276

The Court’s Discretion in Making the Winding-Up Order

Disputing a debt on substantial grounds

IRDA: Section 128

BNP Paribas v Jurong Shipyard Pte Ltd [2009] 2 SLR(R) 949

Chimbusco International Petroleum (Singapore) Pte Ltd v Jalalludin bin Abdullah and other matters
[2013] 2 SLR 801

Mohd Zain bin Abdullah v Chimbusco International Petroleum (Singapore) Pte Ltd and another appeal
[2014] 2 SLR 446

S E Shipping Lines Pte Ltd v Austral Asia Line Pte Ltd [2012] SGHC 220

Metalform Asia Pte Ltd v Holland Leedon Pte Ltd [2007] 2 SLR(R) 268

Strategic Construction Pte Ltd v JH Projects Pte Ltd [2017] SGHC 238

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Comptroller of Income Tax v BLO [2017] SGHC 50

Re Bentimi Pte Ltd [2003] SGHC 92

Re Bayoil SA [1999] 1 All ER 374

Having regard to the wishes of creditors and contributories and other factors (e.g. employees)

IRDA: Sections 128 and 201

BNP Paribas v Jurong Shipyard Pte Ltd [2009] 2 SLR(R) 949

Raiffeisen Zentralbank Osterreich AG v Continental Chemical Corp Pte Ltd [2010] 3 SLR 76

Where company is already in voluntary winding up

IRDA: Sections 124(2)(e), 126(1)

Korea Asset Management Corporation v Daewoo Singapore Pte Ltd [2004] 1 SLR(R) 671

Petroships Investment Pte Ltd v Wealthplus Pte Ltd (in members’ voluntary liquidation) (Koh Brothers
Building & Civil Engineering Contractor (Pte) Ltd [2018] 3 SLR 687

(2) Creditor’s Voluntary Winding Up

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore)

(150.313 – 150.319)

(2) Law and Practice of Corporate Insolvency (LexisNexis, 2014), Chapter VI [2701 - 3054]

(3) Woon’s Corporations Law (Loose-leaf, Lexis-Nexis), Chapter O [3154 - 3403]

(4) Walter Woon on Company Law (3rd Rev edn) (page 742-745)

(5) Tracey Evans Chan, “The Pari Passu Principle in Judicial Management” [2006] 1 SJLS 213

Korea Asset Management Corp v Daewoo Singapore Pte Ltd (in liquidation) [2004] 1 SLR(R) 671

Seagate Technology Pte Ltd v Goh Han Kim [1994] 3 SLR(R) 836

Re Lehman Brothers Finance Asia Pte Ltd (in creditors' voluntary liquidation) [2013] 1 SLR 64

(3) Effect of Winding Up (Including Commencement Of Winding Up)

IRDA: Sections 126 and 161(6)

See generally:

Halsbury’s Laws of Singapore on Insolvency, Vol 13 (2011, LexisNexis Singapore), [150.376 - 150.380]
and [150.424 - 150.428]

Law and Practice of Corporate Insolvency (LexisNexis, 2014), Chapt VI [753 - 801] and Chapt VI, [1402
- 1552]

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Woon’s Corporations Law (Loose-leaf, Lexis-Nexis), Chapter O [951 – 1000] and [1504]

Commencement of Winding Up

IRDA: Sections 126 and 161(6)

Effect of the Winding up

Where beneficial interest in assets lie

Ayerst v C & K (Construction) Ltd [1976] AC 167 (HL)

Power Knight Pte Ltd v Natural Fuel Pte Ltd [2010] 3 SLR 82

Media Development Authority of Singapore v Sculptor Finance (MD) Ireland Ltd [2014] 1 SLR 733

Moratorium on legal and enforcement proceedings

IRDA: Sections 129, 130, 133(1), 170, 206

Re Tiong Polestar Engineering Pte Ltd [2003] 4 SLR(R) 1

Re Wan Soon Construction Pte Ltd [2005] 3 SLR(R) 375

Excalibur Group Pte Ltd v Goh Boon Kok [2012] 2 SLR 999

SCK Serijadi Sdn Bhd v Artison Interior Pte Ltd [2019] 1 SLR 680

Principles applicable in court granting leave to commence or continue proceedings

Hull 308, The [1991] 2 SLR(R) 643

Jumabhoy Rafiq v Scotts Investment (Singapore) Pte Ltd (in compulsory liquidation) [2003] 2 SLR(R)
422

Korea Asset Management v Daewoo Singapore Pte Ltd [2004] 1 SLR 671

Effect on contracts

IRDA: Sections 164(2), 167(4)

IRDA: Section 221

Harrick Engineering Pte Ltd and another v Singapore Finance Ltd and another action [1997] 2 SLR(R)
609

Larsen Oil and Gas Pte Ltd v Petroprod Ltd (in official liquidation in the Cayman Islands and in
compulsory liquidation in Singapore) [2011] 3 SLR 414

The STX Mumbai [2015] 5 SLR 1

Wee Meng Seng, ‘Insolvency and the Survival of Contracts’ [2005] JBL 494

(4) Substantive Consequences Following Winding Up

See generally:

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(1) Halsbury’s Laws of Singapore on Insolvency, Vol 13 (2011, LexisNexis Singapore), (Chapter
6)

(2) Law and Practice of Corporate Insolvency (LexisNexis, 2014) [Chapt VII]

(3) Woon’s Corporations Law (Loose-leaf, Lexis-Nexis) [Chapter O, 5753 – 6151]

(4) Goode, Principles of Corporate Insolvency Law (4th edn, 2011), 175 – 200

Disclaimer of onerous properties

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore),

[150.445] and [150.445]

(2) Law and Practice of Corporate Insolvency (LexisNexis, 2014), Chapter VII [2455] and
Chapter VII [2355 - 2700]

(3) Woon’s Corporations Law (Loose-leaf, Lexis-Nexis), Chapter O [6102 - 6151]

Statutory materials

IRDA: Sections 150, 151, 169 and 230

Quasi-security and other proprietary interests

Carpe Diem Holdings Pte Ltd v Carpe Diem Playskool Pte Ltd and others [2018] SGHC 37

Re David Lloyd & Co (1877) 6 ChD 339

Aluminium Industrie Vaassen BV v Romalpa Aluminium Ltd [1976] 2 All ER 552

Barclays Bank v Quistclose Investments [1970] AC 567

Re Kayford Ltd [1975] 1 All ER 604

Mac-Jordan Construction Ltd v Brookmont Erostin [1992] BCLC 350

Anti-Deprivation Rule

Belmont Park Investments PTY Limited v BNY Corporate Trustee Services Limited and Lehman Brothers
Special Financing Inc [2012] 1 AC 383

Avoidance Provisions

IRDA: Sections 224, 225, 226, 227 and 228

Companies Act: Sections 131 and 149

IRDA: Sections 130, 229, 237, 238, 239 and 240

Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring Rules) 2018

See generally:

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(1) Law and Practice of Corporate Insolvency (LexisNexis), Chapter VII [401-2351]

(2) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (LexisNexis, 2011), [150.701 -

150.785]

(3) Woon’s Corporations Law (Loose-leaf, LexisNexis), Chapter O [5753 – 6101]

(4) Lee Eng Beng, ‘The Avoidance Provisions of the Bankruptcy Act and their Application to
Companies’ [1995] Sing JLS 597

Registrable but unregistered charges

Companies Act: Section 131

Dresdner Bank v Ho Mun-Tuke Don [1992] 3 SLR(R) 307

Ng Wei Teck v OCBC [1998] 1 SLR(R) 778

Smith v Bridgend CBC [2001] 3 WLR 1347

Diablo Fortune Inc v Duncan, Cameron Lindsay and another [2018] 2 SLR 129

Lee Eng Beng, Unregistered Creditor versus Unregistered Charge (1998) 10 SAcLJ 241

Transactions at an undervalue

IRDA: Sections 224, 226 and 227

Rothstar Group Ltd v Leow Quek Shiong [2022] 2 SLR 158

Parakou Shipping Pte Ltd (in liquidation) v Liu Cheng Chan and others [2018] 1 SLR 271

Encus International Pte Ltd (in compulsory liquidation) v Tenacious Investment Pte Ltd & ors [2016] 2
SLR 1178

Velstra Pte Ltd v Dexia Bank NV [2005] 1 SLR(R) 154

Re MC Bacon Ltd [1990] BCLC 324

Agricultural Mortgage Corporation v Woodward [1995] 1 BCLC 1

Phillips v Brewin Dolphin Bell Lawrie Ltd [2001] 1 All ER 673

Show Theatres Pte Ltd (in liquidation) v Shaw Theatres Pte Ltd [2002] 1 SLR(R) 578 (reversed on appeal
on another point- Show Theatres Pte Ltd (in liquidation) v Shaw Theatres Pte Ltd [2002] 2 SLR(R) 1143)

Leun Wah Electric Co (Pte) Ltd v Sigma Cable Co (Pte) Ltd [2006] 3 SLR(R) 227

Re Sonatacus Ltd [2007] EWCA Civ 31

Unfair or undue preferences

Bankruptcy Act: Sections 99, 100 and 102

IRDA: Sections 225, 226 and 227

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Re MC Bacon Ltd [1990] BCLC 324

Re Sonatacus Ltd [2007] EWCA Civ 31

Leun Wah Electric Co (Pte) Ltd v Sigma Cable Co (Pte) Ltd [2006] 3 SLR(R) 227

Chee Yoh Chuang v Progen Holdings Ltd [2010] 4 SLR 1089

Coöperatieve Centrale Raiffeisen-Boerenleenbank BA v Jurong Technologies Industrial Corp Ltd (under

judicial management) [2011] 4 SLR 977

DBS Bank Ltd v Tam Chee Chong (judicial managers of Jurong Hi-Tech Industries Pte Ltd (under judicial
management)) [2011] 4 SLR 948

Living the Link Pte Ltd (in creditors’ voluntary liquidation) v Tan Lay Tin Tina [2016] 3 SLR 321

CCM Industrial Pte Ltd (in liquidation) v Chan Pui Yee [2016] SGHC 231

Post-application dispositions

IRDA: Section 130(1)

Re Wiltshire Iron Co Ltd (1868) 3 Ch App 443

Coutts & Co v Stock [2000] 1 WLR 906

Hollicourt (Contracts) Ltd v Bank of Ireland [2001] Ch 555

Centaurea International Pte Ltd (in Liquidation) v Citus Trading Pte Ltd [2017] 3 SLR 513

QCD (M) Sdn Bhd v Wah Nam Plastic Industry Pte Ltd [1997] 1 SLR(R) 270

Kong Swee Eng v Rolles Rudolf Jurgen August [2011] 1 SLR 873

Cheo Sharon Andriesz v Official Assignee of the estate of Andriesz Paul Matthew, a bankrupt [2013] 2
SLR 297

Centaurea International Pte Ltd (in liquidation) v Citus Trading Pte Ltd [2017] 3 SLR 513

Floating charges for past value

IRDA: Section 229

Re Orleans Motor Co Ltd [1911] 2 Ch 41

Re Yeovil Glove Ltd [1965] Ch 148

Re G T Whyte & Co Ltd [1983] BCLC 311

Mace Builders (Glasgow) Ltd v Lunn [1987] Ch 191

Power v Sharp Investments Ltd [1994] 1 BCLC 111

Jurong Data Centre Development Pte Ltd (provisional liquidator and receivers and managers
appointed) v M+W Singapore Pte Ltd [2011] 3 SLR 337

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Distributing the Proceeds of Recovery

IRDA: Section 144(1)(g)

Re Yagerphone [1935] Ch 392

Re Asiatic Electric Co Pty Ltd [1970] 2 NSWR 612

Re Oasis Merchandising Services Ltd (in liq) Ward v Aitken [1998] Ch 170

Common law protection of creditors

Chip Thye Enterprises Pte Ltd (in liquidation) v Phay Gi Mo [2004] 1 SLR(R) 434

Dynasty Line Ltd (in liquidation) v Sukamto Sia [2015] SGHC 286

Additional statutory protection of creditors

IRDA: Sections 237, 238 and 239

Tang Yoke Kheng (trading as Niklex Supply Co) v Lek Benedict (No 2) [2005] 3 SLR(R) 263

Liquidator of Leong Seng Hin Piling Pte Ltd v Chan Ah Lek [2007] 2 SLR(R) 77

M+W Singapore Pte Ltd v Leow Tet Sin and another [2015] 2 SLR 271

Marina Towage Pte Ltd v Chin Kwek Chong [2021] SGHC 81 (appeal dismissed [2021] SGHC(A) 24)

Tendcare Medical Group Holdings Pte Ltd v Gong Ruizhong [2021] SGHC 80

The treatment of delinquent directors

Companies Act: Sections 149

IRDA: Section 240

Re Kie Hock Shipping (1971) Pte Ltd [1983-1984] SLR(R) 796

Tay Beng Chuan v Official Receiver/Liquidator of Kie Hock Shipping (1971) Pte Ltd [1987] SLR(R) 123

Re Lo-Line Electric Motors Ltd [1988] Ch 477

Re Sevenoaks Stationers (Retail) Ltd [1991] Ch 164

(5) Powers of Liquidator

IRDA: Sections 139, 140, 144, 177, 178 and 181

See generally:

(1) Law and Practice of Corporate Insolvency (LexisNexis 2014), Chapter VI [3154 - 3306]

(2) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore),

[150.459] and [150.491 - 150.494]

(3) Nova Leisure Pte Ltd v Dynasty Theatre Nite-Club KTV & Lounge Pte Ltd [2005] 1 SLR(R)

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466

(4) Edennote Ltd, Re; Tottenham Hotspur plc v Ryman [1996] 2 BCLC 389

Power of sale of company’s property

Re Vanguard Energy Pte Ltd [2015] 4 SLR 597

Regarding the assignment of a cause of action to a third party litigation funder - Solvadis Commodity
Chemicals Gmbh v Affert Resources Pte Ltd [2018] SGHC 210

Re Fan Kow Hin [2018] SGHC 257

Remuneration of liquidator

IRDA: Sections 139 and 144

Re Econ Corp Ltd (in provisional liquidation) [2004] 2 SLR(R) 264

Re International Formwork and Scaffolding [2014] 1 SLR 205

Liquidators of Dovechem Holdings Pte Ltd v Dovechem Holdings Pte Ltd (in compulsory liquidation)
[2015] 4 SLR 955

Kao Chai-Chau Linda v Fong Wai Lyn Carolyn [2016] 1 SLR 21

The Estate costs rule

Chee Kheong Mah Chaly v Liquidators of Baring Futures (Singapore) Pte Ltd [2003] 2 SLR(R) 571

Ho Wing On Christopher v ECRC Land Pte Ltd [2006] 4 SLR(R) 817

Lim Siew Soo v Sembawang Engineers and Constructors Pte Ltd (Metax Eco Solutions Pte Ltd,
intervener) [2021] 4 SLR 556 ([2021] SGCA 16)

Removal of Liquidator

Petroships Investment Pte Ltd v Wealthplus Pte Ltd (in members’ voluntary liquidation) (Koh Brothers
Building & Civil Engineering Contractor (Pte) Ltd and another, interveners) [2017] SGHC 122

Dissolution and discharge of liquidator

IRDA: Sections 147, 148 and 149

See generally:

(1) Law and Practice of Corporate Insolvency (LexisNexis) [Chapter VI 2603-2700]

(2) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore),

[150.475 - 150.479] and [150.496 – 150.700]

(3) Woon’s Corporations Law (Lexis-Nexis), Chapter O [2351 - 2403]

(4) Walter Woon on Company Law (3rd Rev edn) (page 789)

Application for information under Section 244 of the IRDA

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PricewaterhouseCoopers LLP v Celestial Nutrifoods Ltd (in compulsory liquidation) [2015] 3 SLR 665

Sinfeng Marine Services Pte Ltd v Taylor, Joshua James and another and other appeals [2020] 2 SLR
1332

(6) Claims Against The Company

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore),

[150.434 - 150.441] and [150.446 - 150.448]

(2) Law and Practice of Corporate Insolvency (Loose-leaf, LexisNexis), Chapter VI [1752 -
2254]

Provable Debts

IRDA: Section 218

Civil Law Act: Section 4(1)

Wight & Ors v Eckhardt Marine GmbH [2004] 1 AC 147

Re Berkeley Securities (Property) Ltd [1980] 3 All ER 513

Re Islington Metal & Plating Works Ltd [1983] 3 All ER 218

Vasudevan v Icab Pte Ltd [1987] SLR(R) 46

Re Lehman Brothers Finance Asia Pte Ltd (in creditors' voluntary liquidation) [2013] 1 SLR 64

Fustar Chemicals Ltd (Hong Kong) v Liquidator of Fustar Chemicals Pte Ltd [2009] 4 SLR(R) 458

Ong Kian Hoy v Liquidator of HSS Engineering Pte Ltd [2015] 1 SLR 486

Christie Hamish Alexander v Tan Boon Kian [2021] SGHC 62

Lee Eng Beng, Claims for Interest in Winding Up and Bankruptcy (1997) 9 SAcLJ 51 at 69-75

Procedure for Proof

IRDA: Sections 155 and 158(e)

IRDA: Sections 218(3) 219 and 222

IRDA: Sections 140, 141, 142, 143, 152(1), 158(1)(b), 199 and 241

Insolvency, Restructuring and Dissolution (Court-Ordered Winding Up) Regulations 2020: Form CWU-
1

Insolvency, Restructuring and Dissolution (Voluntary Winding Up) Regulations 2020: Form VWU-11

Teo Han Tong v Tecta Pacific (S) Pte Ltd [1997] 3 SLR(R) 312

Re Swiber Holdings Ltd and another matter [2018] 5 SLR 1130

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(7) The Pari Passu Principle of Distribution

The Rule

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore),

[150.456 - 150.457]

(2) Law and Practice of Corporate Insolvency (Loose-leaf, LexisNexis), Chapter VI [2301]

(3) Vanessa Finch, Corporate Insolvency Law: Perspectives and Principles (2nd edn, 2009),
Chapter 14

Statutory materials

IRDA: Section 133(2) and 172 of the IRDA

British Eagle International Airlines v Air France [1975] 2 All ER 390

Hull 308, The [1991] 2 SLR(R) 643

Joo Yee Construction Pte Ltd (in liquidation) v Diethelm Industries Pte Ltd [1990] 1 SLR(R) 171

The Exceptions

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore),

[150.458 - 150.472];

(2) Law and Practice of Corporate Insolvency (LexisNexis 2014) [Chapt VI 2255 - 2602]

Preferential creditors

IRDA: Section 203

Companies (Maximum Amount Payable in Priority in Winding Up) Order 2015

Re Portbase Clothing Ltd [1993] Ch 388

Insurance and rights of indemnity

IRDA: Section 203(7)

Third Parties (Rights Against Insurers) Act (Cap 395)

Statutory subordination

IRDA: Section 121(1)(g)

Soden v British and Commonwealth Holdings plc [1996] 3 All ER 951

Consensual subordination

Goode, Commercial Law (4th edn, 2010), Chapter 22 at pages 655 – 657

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Re Maxwell Communications Corporation plc (No 3) [1994] 1 All ER 737

Low Gim Har v Low Gim Siah [1992] 1 SLR(R) 970

Flawed Assets / Anti-deprivation rule

Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd (Revenue and Customs Comrs)
[2012] 1 AC 383

(8) Insolvency Set-Off

See generally:

(1) Law and Practice of Corporate Insolvency (LexisNexis 2014), Chapter VI [1905 - 2101]

(2) Set-Off Law and Practice: An International Handbook (Oxford University Press 2006)
(William Johnston, Thomas Werlen General Eds) (Singapore chapter by Andrew Chan)

(3) Lee Eng Beng, Security Deposit Arrangements in Insolvency [1996] SAcLJ 458 at 477-487

(4) Lee Eng Beng, Trust Funds, Ascertainability of Beneficial Interest and Insolvency Set-Off
[1996] SAcLJ 489

Impact of Floating Charges & Crystallisation

Conditions for insolvency set-off

IRDA: Section 219

NatWest Bank v Halesowan Presswork & Assemblies [1972] AC 785

Stein v Blake [1996] A.C. 243

Good Property Land Development Pte Ltd (in liquidation) v Société-Générale [1996] 1 SLR(R) 884

BCCI SA (in liq) v Al-Saud [1997] 1 BCLC 457

Re BCCI (No. 8) [1998] AC 214

Panorama Development Pte Ltd v Fitzroya Investments Pte Ltd [2003] 1 SLR 93

Jurong Aromatics Corp Pte Ltd v BP Singapore Pte Ltd [2018] SGHC 21; [2020] 1 SLR 627

(9) Assets Discovered, Post-Dissolution

IRDA: Section 213

Lee Chen Seong Jeremy v Official Assignee [2018] SGCA 51

C. JUDICIAL MANAGEMENT

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore),

[150.042 - 150.084]

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(2) Law and Practice of Corporate Insolvency (LexisNexis 2014), (Chapter IV)

(3) Woon’s Corporations Law (Loose-leaf, LexisNexis), Chapter N

Statutory materials

IRDA: Part 7 and 9Public Consultation on Proposed Amendments to the Companies Act to Strengthen
Singapore as an International Centre for Debt Restructuring – Ministry of Law website:

• <https://app.mlaw.gov.sg/news/public-consultations/public-consultation-on-proposed-
amendments-to-the-companies-act-/>

Responses to feedback from Public Consultation on Proposed Amendments to the Companies Act to
Strengthen Singapore as an International Centre for Debt Restructuring – Ministry of Law website:

• <https://app.mlaw.gov.sg/news/public-consultations/responses-to-feedback-received-from-
public-consultation-on-propo/>

(1) Initiating Judicial Management and The Court’s Jurisdiction to make a Judicial Management
Order

Jurisdiction

IRDA: Sections 90 to 92 – By court application

IRDA: Section 94 – By resolution of creditors

IRDA: S 125(2) – Test of insolvency

Re Genesis Technologies International [1994] 2 SLR(R) 298

Re Structures & Computers Ltd [1998] 1 BCLC 292

Re Colt Telecom Group plc [2002] EWHC 2815

Deutsche Bank AG v. Asia Pulp & Paper Co. Ltd [2003] 2 SLR(R) 320

Re Cosmotron Electronics (Singapore) Pte Ltd [1989] 1 SLR(R) 121

Aims of Judicial Management

IRDA: Section 89

Appointment & Nomination of Judicial Manager

IRDA: Section 91(3) – By court application

IRDA: Section 94(11) – By resolution of creditors

Locus Standi: Applications to Appoint Judicial Managers

IRDA: Section 88(3)

Re Bintan Lagoon Resort Ltd [2005] 4 SLR(R) 336

IRDA: Section 91(6) – weighing of prejudice to unsecured creditors if the judicial management order

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is not made

Extension of Judicial Management Order – Re CNA Group Ltd [2019] SGHC 78

(2) Limits to the Court’s Jurisdiction to make a Judicial Management Order

IRDA: Sections 91(6), (7) and (8)

Re Bintan Lagoon Resort Ltd [2005] 4 SLR(R) 336

(3) Effect of a Judicial Management Order

Statutory moratorium

IRDA: Sections 95 and 96

Judicial Management in Singapore (Butterworths 1990), Chapters 4 and 5

Wellworth Cash & Carry (North Shields) Ltd v North Eastern Electricity Board (1986) 2 BCC 99

Bristol Airport plc v Powdrill [1990] Ch 744

Re Atlantic Computer Systems (No.1) [1992] Ch 505

Re Olympia & York Canary Wharf Ltd [1993] BCLC 453

Electro Magnetic (S) Ltd v DBS Ltd [1994] 1 SLR 734

Re Lomax Leisure Ltd [1999] 3 All ER 22

IRDA: Section 440

Insolvency, Restructuring and Dissolution (Prescribed Contracts under Section 440) Regulations 2020

Leave to proceed with action prohibited by moratorium

Re Atlantic Computer Systems (No 1) [1992] Ch 505

Hinckley Singapore Trading Pte Ltd v Sogo Department Stores (S) Pte Ltd (under judicial management)
[2001] 3 SLR(R) 119

Hyflux Ltd v SM Investments Pte Ltd [2019] SGHC 236

Moratorium does not extinguish right of interest

Re Boonann Construction Pte Ltd [2000] 2 SLR(R) 399

Judicial manager to exercise the powers of management, and displacement of management

IRDA: Section 99(2) and the First Schedule

Ocean Tankers (Pte) Ltd (under judicial management) v Rajah & Tann Singapore LLP [2021] SGHC 47

Judicial manager barred from repayment of debts to which company was subject unless sanctioned
by court or towards discharging security etc.

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IRDA: Section 99(6)

(4) The Judicial Manager

Eligibility

IRDA: Sections 91(3), 94(12) and 104(5)

Duties and liabilities of the judicial manager

IRDA: Sections 97, 99 to 108 and 110 and the First Schedule

General powers

IRDA: Section 99 and the First Schedule

Re Atlantic Computer Systems PLC [1992] 2 W.L.R. 367

Re Baring Futures (Singapore) Pte Ltd; Director of the Serious Fraud Office v Judicial Managers of
Baring Futures (Singapore) Pte Ltd [1995] 2 SLR(R) 757

Access to information

- IRDA: Sections 106. 243 and 244

Power to challenge prior and other transactions

IRDA: Sections 224 to 229

Re Wan Soon Construction Pte Ltd [2005] 3 SLR(R) 375

Altus Technologies Pte Ltd v OCBC Ltd [2009] 4 SLR(R) 296

Neo Corp Pte Ltd v Neocorp Innovations Pte Ltd [2006] 2 SLR(R) 717

Meeting to consider the judicial manager’s proposals

IRDA: Sections 107 and 108

Insolvency, Restructuring and Dissolution (Judicial Management) Regulations 2020: Sections 23 to 44

Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore) [150.076 to

150.081]

Law and Practice of Corporate Insolvency (LexisNexis 2014) [Chapter IV 2453]

Woon’s Corporations Law, Chapter N [1052-1201]

Re Engineering Construction (Pte) Ltd (under judicial management) [1992] 2 SLR(R) 435

(5) Schemes of Arrangement Proposed in Judicial Management

IRDA: Section 117

(6) Costs, Expenses and Remuneration of Judicial Manager

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IRDA: Sections 102(1)(b), 104(3), 113 and 114

Re Econ Corp Ltd (in provisional liquidation) [2004] 2 SLR(R) 264

(7) Discharge from Judicial Management

Judicial Management in Singapore (Butterworths 1990), Chapter 10, Section X

Duty to apply to court for discharge if the purposes specified in the order has been achieved or is
incapable of achievement

IRDA: Sections 112 and 115(3)(d)

Yihua Lifestyle Technology Co, Ltd and another v HTL International Holdings Pte Ltd and others [2021]
2 SLR 1141

Failure of creditor’s meeting to approve judicial manager’s statement of proposals

IRDA: Section 108(5)

(8) Termination Of Judicial Management

See generally:

(1) Law and Practice of Corporate Insolvency (LexisNexis 2014) [Chapter IV 2501 - 2603]

(2) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore)

[150.058 and 150.072 to 150.075]

(3) IRDA: Sections 91, 104, 112

Termination of the office of judicial manager

Termination via order of Court

IRDA: Section 104(1)(a)

Resignation

IRDA: Section 104(1)(a)

Cessation of status as approved company auditor

IRDA: Section 104(2)

Discharge of Order

IRDA: Sections 112(1) and (2)

Expiry of judicial management order

IRDA: Sections 111(1) and (2), and 104(2)

Requirement to vacate office upon discharge of judicial management order and notify registrar/apply
to court for order of discharge

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IRDA: Sections 104(2) and 112(3)

D. RECEIVERSHIP

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore)

[150.088 to 150.300]

(2) Woon’s Corporations Law, Chapter M (Lexis-Nexis)

Statutory materials

IRDA: Part 6

Companies Act: Section 131

Conveyancing and Law of Property Act: Sections 24(1)(c) and 29

Civil Law Act: Section 4(10) and Item 5 - First Schedule - Supreme Court of Judicature Act

(1) Appointment of a Receiver

Cryne v Barclays Bank plc [1987] BCLC 548

Re Jaffe Ltd (in liq) v Jaffe (No 2) [1932] NZLR 195

Bank of Baroda v Panessar [1986] 3 All ER 751

Roberto Building Material Pte Ltd v OCBC Ltd [2003] 3 SLR(R) 217

Sheppard & Cooper Ltd v TSB Bank plc (No 2) [1996] 2 All ER 654

(2) Duties of Debenture Holder when deciding whether to Exercise Power of Appointment

Roberto Building Material Pte Ltd v. OCBC Ltd [2003] 3 SLR(R) 217

Re Potters Oils Ltd (No 2) [1986] 1 All ER 890

(3) Effect of Appointment of Receiver

Moss Steamship Company Limited v Whinney [1912] A.C. 254

Haw Par Brothers International Ltd v Overseas Textiles Co Ltd [1977-1978] SLR(R) 352

(4) Qualifications of Receiver

IRDA: Section 74

(5) Receiver’s Status

Gebrueder Buehler AG v Chi Man Kwong Peter and others [1988] 1 SLR(R) 185

Gomba Holdings UK Ltd v Minories Finance Ltd [1989] 1 All ER 261

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BP Singapore Pte Ltd v Jurong Aromatics Corp Pte [2020] 1 SLR 627

Companies Act: Section 4(1)

IRDA: Section 61(1)

(6) Powers of Receiver

IRDA: Sections 83 and 84

Conveyancing and Law of Property Act: Section 29

(7) Duties of Receiver

See generally:

IRDA: Sections 75, 76, 81-86

Law and Practice of Corporate Insolvency (LexisNexis, 2014) [Chapter V: 1203-1704]

Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore) [150.130-150-

148]

Woon’s Corporations Law, Chapter M (Lexis-Nexis)

Medforth v Blake [2000] 1 Ch. 86

R A Price Securities Ltd v. Henderson [1989] 2 NZLR 257

Downsview Nominees v First City Corp Ltd [1993] AC 295

Roberto Building Material Pte Ltd v. OCBC Ltd [2003] 3 SLR(R) 217

Wee, “Duties of a Mortgagee and a Receiver: Where Singapore Should and Should Not Follow English
Law” (2008) 20 SAcLJ 559

Kao Chai-Chau Linda v Fong Wai Lyn Carolyn and others [2016] 1 SLR 21

No duty in timing power of sale

Den Norske Bank ASA v Acemex Management Co Ltd [2003] EWCA Civ 1559

Liabilities in relation to pre-appointment contracts

Gosling v Gaskell [1897] AC 575

Welsh Development Agency v Exfinco [1992] JBL 541

Re Diesels & Components Pty Ltd (1985) 9 ACLR 825

Freevale Ltd v Metrostore (Holdings) Ltd [1984] Ch 199

Liabilities in relation to post-appointment contracts

IRDA: Section 75

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Chin Bobby v Hong Lam Marine Pte Ltd [1999] 3 SLR(R) 907

Lee Eng Beng, “Personal Liability of Judicial Managers and Receivers under the Companies Act” [1996]
8 SAcLJ 249

DUTY TO PAY PREFERENTIAL DEBTS

IRDA: Section 86 read with 203

IRC v Goldblatt [1972] Ch 498

Effect of Liquidation

QCD (M) Sdn Bhd v Wah Nam Plastic Industry Pte Ltd [1997] 1 SLR(R) 270

Harrick Engineering Pte Ltd v Singapore Finance Ltd [1997] 2 SLR(R) 609

Termination of receivership

Rottenberg v Monjack [1993] BCLC 374

E. SCHEMES OF ARRANGEMENT (WITHIN AND OUTSIDE JUDICIAL MANAGEMENT)

See generally:

(1) Halsbury’s Laws of Singapore on Insolvency, Volume 13 (2011, LexisNexis Singapore)

[150.011 to 150.040]

(2) Law and Practice of Corporate Insolvency (LexisNexis, 2014) (Chapter III)

(3) Woon’s Corporations Law, Chapter L (Lexis-Nexis)

(4) Walter Woon on Company Law (3rd Rev edn) (Chapter 11- page 663 to 670)

Statutory materials

Companies Act: Part VII, Sections 210

IRDA: Part 5, Sections 63 to 72

Insolvency, Restructuring and Dissolution (Proofs of Debt in Schemes of Arrangement) Regulations

2020

Insolvency, Restructuring and Dissolution (Prescribed Arrangements and Proceedings) Regulations

2020

Insolvency, Restructuring and Dissolution (Prescribed Companies and Entities) Order 2020

Public Consultation on Proposed Amendments to the Companies Act to Strengthen Singapore as an

International Centre for Debt Restructuring – Ministry of Law website:

• <https://app.mlaw.gov.sg/news/public-consultations/public-consultation-on-proposed-
amendments-to-the-companies-act-/>

Responses to feedback from Public Consultation on Proposed Amendments to the Companies Act to

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Strengthen Singapore as an International Centre for Debt Restructuring – Ministry of Law website:

• <https://app.mlaw.gov.sg/news/public-consultations/responses-to-feedback-received-from-
public-consultation-on-propo/>

(1) Scope and Purpose of Scheme of Arrangement

Companies Act: Part VII, Sections 210

IRDA: Part 5, Sections 63 to 72

Re TPC Korea [2010] 2 SLR 617

Daewoo Singapore Pte Ltd v CEL Tractors Pte Ltd [2001] 2 SLR(R) 791

The types of companies that a scheme can be proposed for: Companies Act, section 210(11) read with
IRDA, section 246(1)(d) and (3).

(2) Who can apply to Court to convene a Scheme Meeting

Company: Companies Act, Section 210(1)

Judicial Manager: IRDA, Section 117(a)(i) read with Companies Act, Section 210(1)

Liquidator: IRDA, Section 144(1)(c)

See also:

Re Glendale Land Development Ltd (in liq) (1982) 7 ACLR 171

SAAG Oilfield Engineering (S) Pte Ltd (formerly known as Derrick Services Singapore Pte Ltd) v Shaik
Abu Bakar bin Abdul Sukol & anor and another appeal [2012] 2 SLR 189

(3) Effect of Application – Interim Moratorium

Automatic interim moratorium – IRDA: Section 64

Re Ng Huat Foundations Pte Ltd [2005] SGHC 112

Sri Hartamas Development Sdn Bhd v MBf Finance Bhd [1990] 2 MLJ 31

Hitachi Plant Engineering & Construction Co Ltd v Eltraco International Pte Ltd [2003] 4 SLR(R) 384

UDL Argos Engineering & Heaving Industries Co Ltd v Li Oi Lin [2001] HKCFAR 358

Re Kuala Lumpur Industries Bhd [1990] 2 MLJ 180

Re Gae Pty Ltd [1962] VR 253

McVeigh & Anor v Linen House Pty Ltd and Anor (No 2) (2000) 1 VR 31

Re Reid Murray Acceptance Ltd [1964] VR 82

In re Savoy Hotel Ltd [1981] Ch 351

Re TPC Korea [2010] 2 SLR 617

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The Royal Bank of Scotland NV (formerly known as ABN Amro Bank NV) and others v TT International
Ltd and another appeal [2012] 2 SLR 213

Re Conchubar Aromatics Ltd and other matters [2015] SGHC 322

Re Punj Lloyd Pte Ltd and another matter [2015] SGHC 321

Re Sembawang Engineers and Constructors Pte Ltd [2015] SGHC 250

Pacific Andes Resources Development Ltd and other matters [2016] SGHC 210

Re IM Skaugen SE and other matters [2019] 3 SLR 979

Hyflux Ltd v SM Investments Pte Ltd [2019] SGHC 236

The Ocean Winner and other matters [2021] 4 SLR 526

(4) Classification of Creditors

SAAG Oilfield Engineering (S) Pte Ltd v Shaik Abu Bakar bin Abdul Sukol [2012] 2 SLR 189

The Royal Bank of Scotland NV v TT International Ltd [2012] 2 SLR 213

Re Conchubar Aromatics Ltd [2017] 3 SLR 748 (to be read with SGCA case)

SK Engineering & Construction Co Ltd v Conchubar Aromatics Ltd [2017] SGCA 512 SLR 898

UDL Argos Engineering & Heavy Industries Co Ltd v Li Oi Lin [2001] HKCFA 19

Wah Yuen Electrical Engineering Pte Ltd v Singapore Cables Manufacturers Pte Ltd [2003] 3 SLR(R) 629
(applied UDL Argos)

Sovereign Life Assurance Co v. Dodd [1892] 2 QB 573

Re Horizon Knowledge Solutions Pte Ltd [2004] SGHC 270

Pathfinder Strategic Credit LP v Empire Capital Resources Pte Ltd [2019] 2 SLR 77

Re DSG Asia Holdings Pte Ltd [2021] SGHC 209

Re Brightoil Petroleum (S’pore) Pte Ltd [2022] SGHC 35

(5) Voting on the Proposed Scheme

Companies Act: Sections 210(1), (3), (3AA) and (3AB)

IRDA: Section 117

The Royal Bank of Scotland NV v TT International Ltd [2012] 2 SLR 213

SK Engineering & Construction Co Ltd v Conchubar Aromatics Ltd [2017] 2 SLR 898

Inspection and adjudication of proofs of debt for schemes of arrangement

IRDA: Section 68

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Power of court to order a re-vote

IRDA: Section 69

Power of court to approve scheme of arrangement without creditors’ meeting (i.e. a pre-packaged
scheme)

IRDA: Section 71

Re DSG Asia Holdings Pte Ltd [2022] 3 SLR 1250

If there are bondholders / noteholders involved

Re Swiber Holdings Ltd [2018] 5 SLR 1358

(6) Transparency And Provision Of Information

Companies Act: Section 211

Re Halley's Departmental Store Pte Ltd [1996] 1 SLR(R) 81

Wah Yuen Electrical Engineering Pte Ltd v Singapore Cables Manufacturers Pte Ltd [2003] 3 SLR(R) 629

Re Econ Corp (in provisional liquidation) [2004] 2 SLR(R) 264

Re Heron International NV [1994] 1 BCLC 667

The Royal Bank of Scotland NV v TT International Ltd [2012] 2 SLR 213

The Royal Bank of Scotland NV v TT International Ltd [2012] 4 SLR 1182

Pathfinder Strategic Credit LP v Empire Capital Resources Pte Ltd [2019] SGCA 29

(7) Super-Priority for Rescue Financing

IRDA: Section 67

Re Attilan Group Ltd [2018] 3 SLR 898

Re Design Studio Group Ltd [2020] 5 SLR 850

(8) Court Discretion to Approve Scheme

Companies Act: Section 210(3)

The Royal Bank of Scotland NV (formerly known as ABN Amro Bank NV) and others v TT International
Ltd and another appeal [2012] 2 SLR 213

The Oriental Insurance Co Ltd v Reliance National Asia Re Pte Ltd [2008] 3 SLR(R) 121

Wah Yuen Electrical Engineering Pte Ltd v Singapore Cables Manufacturers Pte Ltd [2003] 3 SLR(R) 629

Re Halley's Departmental Store Pte Ltd [1996] 1 SLR(R) 81

Daewoo Singapore Pte Ltd v CEL Tractors Pte Ltd [2001] 2 SLR(R) 791

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Re Econ Corp Ltd [2004] 1 SLR(R) 273

Re Horizon Knowledge Solutions Pte Ltd [2004] SGHC 270

SK Engineering & Construction Co Ltd v Conchubar Aromatics Ltd [2017] 2 SLR 898

(9) Implementation of Scheme, Following Court Order

Companies Act: Section 212

Hitachi Plant Engineering & Construction Co Ltd v Eltraco International Pte Ltd [2003] 4 SLR(R) 384

Chew Eu Hock Construction Co Pte Ltd (under judicial management) v Central Provident Fund Board
[2003] 4 SLR(R) 137

The Oriental Insurance Co Ltd v Reliance National Asia Re Pte Ltd [2008] 3 SLR(R) 121

Administration of the Scheme

Re Glendale Land Development Ltd (in liq) (1982) 7 ACLR 171

Effect on Third Parties

Daewoo Singapore Pte Ltd v CEL Tractors Pte Ltd [2001] 2 SLR(R) 791

Econ Piling Pte Ltd and another v Sambo E&C Pte Ltd and another matter [2010] 3 SLR 764

Re: Empire Capital Resources Pte Ltd [2018] SGHC 36

Pathfinder Strategic Credit LP v Empire Capital Resources Pte Ltd [2019] 2 SLR 77

(10) Remuneration of Scheme Manager / Disclosure

The Royal Bank of Scotland NV v TT International Ltd (nTan Corporate Advisory) [2015] 5 SLR 1104

The Royal Bank of Scotland NV v TT International Ltd [2012] 4 SLR 1182

eSys Technologies Pte Ltd v nTan Corporate Advisory Pte Ltd [2013] 2 SLR 1200

nTan Corporate Advisory Pte Ltd v TT International Ltd [2018] SGCA 69

F. CROSS-BORDER ASPECTS OF INSOLVENCY LAW & RESTRUCTURING

IRDA: Part 11 and Third Schedule – UNCITRAL Model Law on Cross-Border Insolvency

• Introduction – Preamble and General Provisions - Article 1

• Foreign representative’s right of access to Singapore proceedings - Articles 9 - 13

• Foreign representative’s application for recognition – Articles 15 - 17

• Distinction between a foreign main proceeding and a foreign non-main proceeding – Article 2

• Effects of recognition of a foreign main proceeding and foreign non-main proceeding – Articles
19 - 21

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See generally: Guide to Enactment of the UNCITRAL Model Law on Cross-Border Insolvency

(1) Winding up of Foreign Companies

On jurisdiction

IRDA: Division 1, Part 10

Re Griffin Securities Corp [1999] 1 SLR(R) 219

Re Projector SA [2009] 2 SLR(R) 151

Section 246(1)(d) and (3) of the IRDA – substantial connection with Singapore

Re PT MNC Investama TBK [2020] SGHC 149

On administration

IRDA: Division 2, Part 10

RBG Resources plc (in liquidation) v Credit Lyonnais [2006] 1 SLR(R) 240

Beluga Chartering GmbH (in liquidation) v Beluga Projects (Singapore) Pte Ltd (in liquidation) and Anor
[2014] 2 SLR 815

Abolition of “ring-fencing” – Section 250(3)(c) of the IRDA

(2) Assistance to foreign insolvency proceedings or restructuring

IRDA: Division 2, Part 10

Beluga Chartering GmbH (in liquidation) v Beluga Projects (Singapore) Pte Ltd (in liquidation) and Anor
[2014] 2 SLR 815

Re Opti-Medix Ltd [2016] 4 SLR 312

Re Taisoo Suk (as foreign representative of Hanjin Shipping Co Ltd) [2016] 5 SLR 787

Paulus Tannos v Heince Tombak Simanjuntak and others and another appeal [2020] 2 SLR 1061

Recognition under UNCITRAL Model Law on Cross-border Insolvency

• Distinction between a foreign main proceeding and a foreign non-main proceeding – Article 2
Re Tantleff, Alan [2023] 3 SLR 250

Ascentra Holdings, Inc (in official liquidation) and others v SPGK Pte Ltd [2023] SGCA 32

• Recognition of a foreign main proceeding and foreign non-main proceeding – Articles 19 -21

Re Zetta Jet Ltd (No. 2) [2019] 4 SLR 1343

Re Rooftop Group International Pte Ltd [2020] 4 SLR 680

United Securities Sdn Bhd v United Overseas Bank Ltd [2021] 2 SLR 950

Re Thresh, Charles and another (British Steamship Protection and Indemnity Association

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Ltd and another, non-parties) [2023] SGHC 337

Judicial Management

IRDA: Part 7

Deutsche Bank AG v Asia Pulp & Paper Co Ltd [2003] 2 SLR(R) 320

Schemes of Arrangement

IRDA: Section 64(5)

Re Pacific Andes Resources Development Ltd [2018] 5 SLR 125 ([2016] SGHC 210)PT MNC Investama
[2020] SGHC 149

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Part III: Joint Ventures

A. CHOOSING THE LEGAL FORM

(1) Contractual Joint Ventures

• Common law partnerships

(2) Equity Joint Ventures

• Companies
• Limited Liability Partnerships

Recommended Text

Hewitt on Joint Ventures (6th Edition, Ian Hewitt, Simon Howley, James Parkes, Thomson
Sweet & Maxwell 2016) (“Hewitt”), Chapters 3, 4 and 5

Walter Woon on Company Law, (3rd Edition, Tan Cheng Han SC (editor), Thomson Sweet &
Maxwell 2009) (“Walter Woon”), Chapter 1

Statutes

Companies Act 1967 (“Companies Act”)

Limited Liability Partnerships Act 2005

Partnership Act 1890

B. CONTRACTUAL JOINT VENTURES

(1) Uses:
• R&D/Technology Collaborations
• Works Project Joint Ventures
• Joint Operating Agreements
• Property Development Joint Ventures

(2) Key Matters for Consideration:

• Objectives
• Responsibilities/Contributions
• Governance
• Operational management
• Allocation of Costs
• Sharing of Profits/Income
• Ownership of Intellectual Property Rights

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• Sharing of liabilities/indemnities
• Term and termination
• Consequences of termination
• Restrictive Covenants
• Anti-Trust/Competition Issues
• Confidentiality
• Governing law and dispute resolution

Recommended Text

Hewitt, Chapter 4

C. EQUITY JOINT VENTURES

(1) Capitalisation/Funding
• Ordinary and Preference Shares
• Cash Injection
• Contribution in Kind
• Shareholder Loans
• Security from Shareholders
• Future Financing Commitments
• Profit Distribution/Dividend Policy

Recommended Text

Hewitt, Chapters 7 and 9

Statutes

Sections 4, 64, 64A, 70, 75, 161, 180 and 403, Companies Act

(2) Governance and Management

• Composition of Board of Directors/Managers
• Control and Decision Making
• Operational Management (eg. CEO, CFO, COO)
• Rights and Obligations of Shareholders/Partners
• Obligations and Liabilities of Nominee Directors

Recommended Text

Hewitt, Chapter 8

Walter Woon, Chapter 8

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Statutes

Sections 157, 157A, 157C and 158, Companies Act

Selected Cases

Boulting v Association of Cinematograph, Television and Allied Technicians [1963] 2 QB 606

Oversea-Chinese Banking Corp Ltd and another v Justlogin Pte Ltd and another
[2004] 2 SLR(R) 675

Kumagai Gumi Co Ltd v Zenecon Pte Ltd [1995] 2 SLR(R) 304

(3) Minority Investment and Protection

• Voting Rights at the Board and Shareholder Level
• Reserved Matters
• Remedies for Minority Oppression under Sections 216 and 216A of the Companies Act

Recommended Text

Hewitt, Chapter 9

Statutes

Matters which, under the Companies Act, would require a special resolution by a company:
Sections 17(7), 18(4), 26(1), 28, 29(3), 29(4), 29(7), 29A(2), 30, 31, 33, 34, 64A(3), 65(2), 74A(2),
76(10), 76D, 76DA, 78, 78B, 78C, 78G, 168(5)(b), 174(9), 215C, 215D, 232

Matters which, under the Insolvency, Restructuring and Dissolution Act 2018, would require a
special resolution by a company: Sections 125, 160(1)(b), 164(3), 177, 178, 187

Matters which, under the Companies Act, would require an ordinary resolution unless the
constitution of the company requires otherwise: Sections 71(1), 73(1), 76C, 76E, 96(1)(b), 149B,
152(1) read with (2), 152(9), 160(1), 161(1), 162(3)(c), 162(4)(a), 163(1), 163(3A), 168(1), 169,
174(9), 205(4), 205(7)(b), 205(16)(a), 210

Matters which, under the Insolvency, Restructuring and Dissolution Act 2018, would require an
ordinary resolution unless the constitution of the company requires otherwise: Section 91(1),
151(6), 160(1)(a), 164(1), 164(2), 164(5), 167(1), 169(1)

Sections 216 and 216A, Companies Act

Selected Cases & Articles

Russell v Northern Bank Development Corp Ltd [1992] 1 W.L.R. 588

Giora Shapira, "Voting Agreements and Corporate Statutory Powers" (1993) 109 LQR 210; B J
Davenport, "What Did Russell v. Northern Bank Development Corporation Ltd. Decide?" (1993)
109 LQR 553

Over & Over v Bonvests Holdings Ltd and another [2010] 2 SLR 776

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(4) Transfers of Shares

• Transfer Restrictions
• Right of First Offer / Right of First Refusal
• Tag Along / Drag Along Clauses
• Intra-group Transfers

Recommended Text

Hewitt, Chapter 12

(5) Deadlock

Management Structures to Avoid Deadlock

• Independent Director’s Swing Vote
• Casting Vote
• Chairman Rotation

Deadlock Resolution Mechanisms:

• Referral to shareholders/ parties’ chairmen or chief executives
• Referral to mediation/expert/arbitration
• Voluntary Winding Up
• Put and Call Options
• Shoot-Out Procedures, e.g. Russian Roulette, Texas Shoot-Out, Sealed Bids

Recommended Text

Hewitt, Chapter 10

(6) Termination
• Fixed Term Joint Venture
• IPO
• Termination by mutual agreement
• Termination for cause (e.g. default, change in control)
• Insolvency of Joint Venture
• Consequences of Termination (put/call at premium/discount, winding up of joint
venture)

Recommended Text

Hewitt, Chapter 13

(7) Other Considerations

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• Restrictive Covenants
• Anti-Trust/ Competition Issues
• Confidentiality
• Joint Venture Constitution
• Governing law and dispute resolution

Recommended Text

Hewitt, Chapters 11 and 14

Statutes

Section 54, Competition Act 2004

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Part IV: Take-Overs and Mergers

A. INTRODUCTION

(1) Legal and regulatory framework

• Securities and Futures Act 2011
• Companies Act 1967
• Competition Act 2004
• Singapore Code on Take-overs and Mergers (the “Take-over Code”) and practice
statements issued by the SIC (as defined below)
• Listing Rules of the Mainboard of the Singapore Exchange Securities Trading Limited
(the “SGX-ST Listing Manual”)

(2) The Take-Over Code

• Objective of the Take-over Code
• Legal effect of the Take-over Code
• The Take-over Code is administered by the Securities Industry Council (the “SIC”)
• Entities which are subject to the Take-over Code

(3) Means of effecting control of public entities: The common methods to take-over or acquire
securities of a target entity so that the target entity becomes a subsidiary of the acquiring entity
includes:
• Offer of cash, shares or other securities (or a mixture of any of these) for a take-over
bid
• Reverse take-overs
• Scheme of arrangement
• Amalgamation
• Voluntary delisting

B. TAKE-OVER OFFERS

(1) Making an Offer

• Concept of “acting in concert” in ascertaining whether take-over offers have to be
made
• Secrecy
• Equal treatment of shareholders
• Joint offerors and rule against special deals
• Irrevocable undertakings
• Announcement / withdrawal of offer

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• Acceptance of offer

(2) Types of Take-Over Offers

• Mandatory offer
 What triggers a mandatory offer
 Type of Conditions that can be attached to the offer
 Minimum offer price
 Threshold for acceptance
 Nature of consideration
 Chain principle
 Whitewash
• Voluntary offer
 Type of Conditions that can be attached to the offer
 Minimum offer price
 Threshold for acceptance
 Nature of consideration and when cash consideration is required in a Voluntary
Offer
• Partial offer
 Approval by the SIC
 Conditions attached to consent for a Partial Offer
 Threshold for acceptance
 Requirement for shareholder approval
 Nature of consideration and when cash consideration is required in a Partial Offer

(3) Regulator’s Consents

• SIC
• SGX-ST
• Regulators of specific industry
• Competition and Consumer Commission of Singapore – Merger control

(4) Merger Control

• The Competition Act sets out the competition law regime in Singapore
• The Competition and Consumer Commission of Singapore (the “CCCS”) administers
and enforces the Competition Act. The CCCS website (www.cccs.gov.sg) contains
useful information on the competition law regime and guidelines issued by the CCCS
to supplement the provisions in the Competition Act.
• Merger control regime: Prohibition under section 54 of the Competition Act
(substantial lessening of competition within any market for goods or services in
Singapore)

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 Elements and scope of the “section 54 prohibition”

 Types of merger that falls within the scope of section 54
 Self-assessment and voluntary notification: CCCS Guidelines on Merger
Procedures 2012, CCCS Guidelines on the Substantive Assessment of Mergers
2016 and CCCS Guidelines on Market Definition
 Effect of contravening section 54

(5) Some Key Issues relating to Take-Over Offers

• Prohibitions against financial assistance
• Break fees
• Timetable – prescribed in the Take-over Code
• Documentation – accuracy of statements made
• Duties of directors and controlling shareholders of target company
• Disclosure obligations during offer period
• Financial disclosures, treatment of profit forecasts and what constitutes a profit
forecast
• Dealing restrictions / insider dealing
• Non selective disclosure of information to shareholders, analysts or stockbrokers
• Suspension of trading and compulsory acquisition of minority shareholdings

(6) Threshold for Triggering Compulsory Acquisition

• Compulsory acquisition procedures under section 215 of the Companies Act

C. REVERSE TAKE-OVERS

(1) Legal Framework

• Rule 1015 of the SGX-ST Listing Manual (very substantial acquisitions or reverse take-
overs)
• Take-over Code – Appendix 1

(2) Requirements under Rule 1015 of the SGX-ST Listing Manual

• When an acquisition is subject to Rule 1015 of the SGX-ST Listing Manual
• Approval of the SGX-ST
• Approval of the SIC for a whitewash waiver
• Convening a general meeting and obtaining shareholders’ approvals for the
acquisition and whitewash resolution
• Shareholders entitled to vote on the acquisition and whitewash resolution
• Required majority for approving the acquisition and whitewash resolution
• Requirements to be satisfied by the enlarged group

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• Disclosure requirements applicable to the announcement of the acquisition and the

shareholder circular

D. SCHEMES OF ARRANGEMENT

(1) Legal framework

• Section 210 of the Companies Act
• Take-over Code – Exemption from compliance with certain requirements

(2) Requirements under section 210 of the Companies Act

• Types of entities subject to the provisions on schemes of arrangement
• Application to court to convene a scheme meeting:
 Who may initiate a scheme
• Convening a scheme meeting and obtaining shareholders’ approvals for a scheme
 Shareholders entitled to vote on a scheme
 Required majority for approving a scheme
• Applying for court order to sanction a scheme

E. AMALGAMATION

(1) Legal Framework

• Sections 215A to 215K of the Companies Act – amalgamation without court order
• Take-over Code – Exemption from compliance with certain requirements

(2) Requirements under Sections 215A to 215K of the Companies Act

• Who may make use of the amalgamation process
• Types of amalgamation process: Full and short-form amalgamation
• Full amalgamation process
 Requirements on the amalgamation proposal
 Duty on board of directors of amalgamating company:
 Board resolutions
 Solvency statements
 Director’s declaration
 Shareholders’ approval of amalgamation proposal
 Notification to secured creditors and other relevant parties
 Registration of amalgamation
• Short-form amalgamation process
 Duty on board of directors of amalgamating company:

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 Solvency statements
 Director’s declaration
 Shareholders’ approval of amalgamation proposal
 Notification to secured creditors
 Registration of amalgamation
• Court intervention in amalgamation process

F. VOLUNTARY DELISTING

(1) Legal Framework

• Rules 1307 and 1309 of the SGX-ST Listing Manual and
• Take-over Code – Exemption from compliance with certain requirements

(2) Requirements Under Rules 1307 And 1309 Of The SGX-ST Listing Manual (including the
changes to the voluntary delisting regime effective 11 July 2019)
• Approval of the SGX-ST
• Convening a delisting meeting and obtaining shareholders’ approvals for the delisting
proposal
 Shareholders entitled to vote on a delisting proposal
 Required majority for approving a delisting proposal
• Reasonable exit alternative/offer for the shareholders
 Nature of consideration
 Compliance with Take-over Code
• Appointment of an independent financial adviser to advise on exit offer
• Requiring independent financial adviser to opine that exit offer is fair and reasonable

TAKE-OVERS AND MERGERS READING LIST

Text books

Corporate Acquisitions and Mergers, (Singapore Chapter), by Peter FC Begg (Editor-in-Chief),

by Andrew M Lim, Lim Mei, Richard Young, Christopher Ong, Daren Shiau, Sunit Chhabra, Lim
Pek Bur, Yeo Boon Kiat (Wolters Kluwer)
https://www.allenandgledhill.com/media/11695/kluwers-corporate-acquisitions-and-
mergers-singapore-chapter.pdf

Corporate Law by Hans Tjio, Pearlie Koh and Lee Pey Woan, 2015 (Academy Publishing)

Mergers and Acquisitions in Singapore: Law and Practice (Second Edition) by Wan Wai Yee and
Umakanth Varottil, 2023 (Lexis Nexis)

Merger Control in Singapore: Law and Practice by Daren Shiau and Elsa Chen, ebook 2016
(Lexis Nexis)

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Take-overs and Mergers (3rd Ed) by Chandrasegar Chidambaram, 2020 (Lexis Nexis)

Walter Woon on Company Law (Revised 3rd Ed) by Prof Tan Cheng Han (General Editor), 2009
(Sweet & Maxwell.

Articles

Public Mergers and Acquisitions in Singapore: overview (1 July 2020) by Andrew M Lim,
Christopher Koh and Michelle Fum (Practical Law Country Q&A)
(https://www.allenandgledhill.com/media/9068/public-mergers-and-acquisitions-in-
singapore-overview.pdf)

International Comparative Legal Guide Private Equity 2023 Ninth Edition Chapter 19,
Singapore by Christian Chin and Lee Kee Yeng, edited by Dr Markus P Bolsinger & Christophe
Field, Dechert LLP https://www.allenandgledhill.com/media/12092/iclg-to-private-equity-
2023.pdf

Competition Law in Singapore: Overview by Daren Shiau, Elsa Chen and Scott Clements,
(Practical Law Country Q&A) https://www.allenandgledhill.com/media/12245/practical-law-
competition-law-in-singapore_overview.pdf

Takeover Guide: Singapore, International Bar Association (2017) by Andrew M Lim, Michelle
Fum and Lauren Chung, Allen & Gledhill LLP
(https://www.ibanet.org/LPD/Financial_Services_Section/Securities_Law_Committee/Takeov
erGuides.aspx)

Financial Assistance Guide: Singapore, International Bar Association (2022) by Andrew M Lim
and Steven Seow, Allen & Gledhill LLP

https://www.allenandgledhill.com/media/11058/iba-financial-assistance-guide-singapore-
chapter.pdf

Merger Control Laws and Regulations Singapore 2024, by Lim Chong Kin and Dr Corinne Chew

https://iclg.com/practice-areas/merger-control-laws-and-regulations/singapore

Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Act 2023:
Provisions on compulsory acquisition of shares, disqualification of directors and penalties
imposed on directors to take effect on 1 July 2023
https://www.allenandgledhill.com/sg/publication/articles/24811/companies-business-trusts-
and-other-bodies-miscellaneous-amendments-act-2023-provisions-on-compulsory-
acquisition-of-shares-disqualification-of-directors-and-penalties-imposed-on-directors-to-
take-effect-on-1-july-2023

Amalgamation – New Method to Merge and Take-over Companies [2008] 20 SAcLJ 135 by Wee
Meng Seng, Assistant Professor, Faculty of Law, National University of Singapore

Effecting Compulsory Acquisition via the Amalgamation Procedure in Singapore [2007] 2 SJLS
323 by Wan Wai Yee, Assistant Professor, School of Law, Singapore Management University

Statutes

Companies Act 1967, sections 76 and 76A (prohibition against financial assistance), 79 to 91
(substantial shareholding disclosure requirements), 210 to 212 (schemes of arrangement),

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215 to 215AB (compulsory acquisition) and 215A to 215K (amalgamation)

Competition Act 2004, sections 54 to 60 (merger control)

Securities and Futures Act 2001, Part 7 (substantial shareholding and unitholding disclosure
requirements), section 138 (Securities Industry Council), section 139 (Take-over Code) and
section 140 (Offences relating to take-over offers)

Code, practice statements and guidelines issued by SIC at https://www.mas.gov.sg/securities-

industry-council

Singapore Code on Take-overs and Mergers

SIC Practice Statements and Guidelines and Bulletins

Listing rules and regulatory announcements/statements, guidance and regulator’s column

issued by the SGX at https://regco.sgx.com/

The SGX Listing Manual

Regulator’s Column (including the regulator’s column on what SGX Regco expects of
independent financial advisers for listed issuers) https://www.sgxgroup.com/media-
centre/20230703-regulators-column-what-sgx-regco-expects-independent-financial

Competition and Consumer Commission of Singapore (CCCS) Guidelines

CCCS Guidelines relating to the merger control regime available at CCCS website at
www.cccs.gov.sg

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