Drew & Napier LLC

Can a scheme of arrangement include creditors that are potentially secured without first having their claims to security being fully and finally determined? Will the court entertain belated objections from a creditor regarding creditor classification? This update summarises the court’s views in 𝘙𝘦 𝘏𝘪𝘯 𝘓𝘦𝘰𝘯𝘨 𝘛𝘳𝘢𝘥𝘪𝘯𝘨 (𝘗𝘵𝘦) 𝘓𝘵𝘥 (𝘪𝘯 𝘤𝘰𝘮𝘱𝘶𝘭𝘴𝘰𝘳𝘺 𝘭𝘪𝘲𝘶𝘪𝘥𝘢𝘵𝘪𝘰𝘯) [2024] SGHC 256 on these issues. Read the update here: https://bit.ly/3OmgWPM

In 𝘓𝘪 𝘑𝘪𝘢𝘭𝘪𝘯 𝘢𝘯𝘥 𝘢𝘯𝘰𝘵𝘩𝘦𝘳 𝘷 𝘞𝘪𝘯𝘨𝘤𝘳𝘰𝘸𝘯 𝘐𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘗𝘵𝘦 𝘓𝘵𝘥 [2024] SGCA 48, the Court of Appeal clarified and restated the applicable framework to analyse whether a contractual deposit should be upheld and forfeited when the sale and purchase transaction falls through. This update discusses the Court of Appeal’s analysis on the law of deposits and how it is distinct from the rule against penalties, and suggests some practical considerations for commercial parties who agree for a deposit to be paid by one party ahead of completion of the transaction. Read more here: https://bit.ly/4hXjXDS #corporatelitigation #commerciallitigation #singaporelaw

Congratulations to our IP team for bagging the Singapore Trademark Contentious Firm of the Year and Singapore Trademark Prosecution Firm of the Year at the annual Asia IP Awards 2024! We are the only Singapore law firm to bag two awards in the Singapore categories. We are thankful to our clients who have come through for us, endorsing the work that we have done for them in the best possible way. #teamDrew #intellectualproperty #trademarks #awards #singapore

The global awards won by CEO Cavinder Bull SC and Director Blossom Hing were featured in a Straits Times article yesterday. Cavinder was named Commercial Litigation Lawyer of the Year and Blossom was crowned Restructuring & Insolvency Lawyer of the Year at the Lexology Index (formerly Who's Who Legal) awards held in London last week. Cavinder's recognition follows successes in internationally reported cases such as the claim for more than US$1 billion brought by a former Georgian Prime Minister against Credit Suisse Trust. He also represented the liquidators of collapsed oil trading firm Hin Leong in securing a US$3.5 billion judgment against former oil tycoon Lim Oon Kuin and his family. Blossom is currently advising in a confidential US$2 billion cross-border corporate restructuring case. She also acted for Mr Cheong Jun Yoong of DeFiance Capital, winning a bid for his claim against collapsed cryptocurrency hedge fund Three Arrows Capital to be heard in Singapore, rather than BVI.   Besides their billion-dollar matters, the reporter dived into their fascinating clientele, including a Saudi prince, an Ethiopian sheikh, an EPL football club, alleged pirates, commodity traders, and tycoons in industries such as pulp and paper, timber, shipping and healthcare.   When interviewed, both lawyers shared interesting stories of tenacity and grit. They highlighted the demanding nature of their work, including the extensive research, analysis, and strategic thinking required to build compelling legal arguments. The online story is available here- 𝐓𝐰𝐨 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐥𝐚𝐰𝐲𝐞𝐫𝐬, 𝐰𝐡𝐨𝐬𝐞 𝐜𝐥𝐢𝐞𝐧𝐭𝐬 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 𝐞𝐱-𝐏𝐌 𝐚𝐧𝐝 𝐚𝐥𝐥𝐞𝐠𝐞𝐝 𝐩𝐢𝐫𝐚𝐭𝐞𝐬, 𝐰𝐢𝐧 𝐠𝐥𝐨𝐛𝐚𝐥 𝐚𝐰𝐚𝐫𝐝𝐬: https://bit.ly/3Z0UQaK #teamdrew #LexologyIndexAwards #LexologyIndex #restructuring #disputeresolution #singapore #commerciallitigation

On 11 November 2024, the Insolvency, Restructuring and Dissolution Amendment Bill was introduced in the Singapore Parliament. If passed, the bill will revamp the Simplified Insolvency Programme and make it a permanent feature of Singapore’s insolvency regime. Directors Mohan Gopalan and Mitchell Yeo and Associate Ian Choo discuss the proposed amendments to the Insolvency, Restructuring and Dissolution Act 2018 in this update. Read the update here: https://bit.ly/40R6JSX

Drew & Napier, in collaboration with the International Chamber of Commerce, recently hosted an insightful discussion titled “Arbitration and Biofuel – Sustainable Dispute Resolution,” which shed light on the direction of the biofuel industry, common disputes between feedstock sellers and purchasers, and how arbitration has played a key role in resolving these disputes, as well as key strategies to pre-empt such conflicts in this niche sector. Director Rakesh Kirpalani moderated a session with Zeng Shu Fei Tsu-fei C., Founder and CEO of KH Marque Pte Ltd, and Irene Mira, Deputy Director, Arbitration & ADR, South Asia of the ICC International Court of Arbitration, Singapore, ICC Arbitration where they shared valuable insights on the suitability of arbitration in these disputes and highlighted key considerations for avoiding future conflicts in this specialised area. #drewevents #disputeresolution #arbitration #singaporelaw

Director Benjamin Gaw was quoted in a Business Times article which discussed the review of advertisements by Singapore’s authorities regarding telemedicine providers promoting certain weight-loss drugs, with lawyers suggesting that these providers could be violating regulations that prohibit advertising prescription-only medicines. The telemedicine providers have put out ads for glucagon-like peptide 1 agonists (GLP-1s), a class of drugs that are used to treat Type 2 diabetes and have gained attention for their effectiveness in aiding weight loss. In Singapore, GLP-1s such as Wegovy and Saxenda have been approved for weight-loss treatment, and patients can obtain them only through a valid prescription by a licensed medical professional. In the past year, some telemedicine platforms began offering these drugs as part of new weight-loss management services, and advertising them on social media platforms such as Instagram. In a written parliamentary reply in September, Health Minister Ong Ye Kung said GLP-1 drugs are “prescription medicines which can only be dispensed by a registered medical practitioner or a licensed retail pharmacy to a patient with a valid prescription, and are strictly prohibited from advertisements and sales on local online platforms”.   When interviewed by Business Times, Benjamin noted that “Advertisements of specified health products – including GLP-1s – are regulated by the Health Products (Advertisement of Specified Health Products) Regulations 2016 (HPAR)”. “Under Regulation 7 of the HPAR, advertisements for prescription-only medicines are prohibited.”, he added. He explained that “More broadly, the HPAR also stipulates that advertisements of specified health products must not encourage inappropriate or excessive use; mislead on quality and efficacy; nor arouse unwanted or unrealistic expectations of the drugs’ effectiveness, among other things.” Benjamin also said that even if enforcement action has yet to be taken against the advertisers, that does not mean that the ads are in line with regulations.   You may read the full article on pp. 1-2 of today’s The Business Times (14 November 2024) or online here: https://bit.ly/4hOHdUA #drewinsights #healthcare #lifesciences #singaporelaw

We are pleased to announce that Director Abhinav Bhushan has been appointed to the Dubai International Arbitration Centre's (DIAC) panel of arbitrators.   DIAC is one of the leading arbitral institutions in the world. The centre administers and supports arbitration, mediation, and other forms of dispute resolution, facilitating the settlement of commercial disputes across jurisdictions and nationalities, outside of judicial courts.   Abhinav’s appointment reinforces DIAC’s commitment in diversity and effective dispute resolution by providing its clients a choice to appoint an Indian national residing in Singapore.   Please join us in congratulating Abhinav!

Head of Investment Funds, Director Ron Cheng will be speaking at an exclusive event, hosted by The Asset in association with DBS Bank, on how innovative vehicles are reshaping fund management in the region.   At this in-depth discussion, he will be diving into the VCC as a game-changer for fund management in Singapore, exploring how it can optimise strategies, drive growth, and boost efficiency.   Register here: https://bit.ly/3CqT4YB

We are delighted to announce that our directors have been recognised as leading practitioners in Lexology Index’s Commercial Litigation report 2024, for their exceptional skills, remarkable contributions and extensive experience in advising some of the most significant commercial litigation matters globally.   𝐆𝐥𝐨𝐛𝐚𝐥 𝐄𝐥𝐢𝐭𝐞 𝐓𝐡𝐨𝐮𝐠𝐡𝐭 𝐋𝐞𝐚𝐝𝐞𝐫 Cavinder Bull, SC Siraj Omar, S.C.   𝐑𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐞𝐝 Jimmy Yim, SC Randolph Khoo 邱武德 Benedict Teo Yuet Min Foo Mahesh Rai   𝐅𝐮𝐭𝐮𝐫𝐞 𝐋𝐞𝐚𝐝𝐞𝐫 Adam Maniam The Lexology Index (formerly Who’s Who Legal) has more than 25 years’ experience researching the global legal market and combines extensive research and objective case analysis to curate a unique selection of recommended experts across 73 countries, showcasing the insights of some of the world’s foremost litigation lawyers in a single report.   You may read more here: https://bit.ly/4hFPs57