Setia Law LLC

Our heartiest congratulations to Setia’s co-founder and Director Wern-Jhien Yam, on being recognised as “Future Leader - Partner” by Lexology Index (formerly Who's Who Legal) in their latest Commercial Litigation Report. Wern-Jhien has been highlighted as a "prominent figure in the Singaporean market, where he earns widespread endorsements for his expertise in technology, banking and financial services disputes." Click below to see Wern-Jhien's profile and what peers and clients say: https://lnkd.in/gK_qfvPw #SetiaLaw #LexologyIndex #WWL #whoswholegal #CommercialLitigation #Technology #Finance #FinancialDisputes #BankingDisputes

In Nature One Dairy (Australia) Pte Ltd v Bicheno Investments Pty Ltd [2024] SGCA 44, the Singapore Court of Appeal emphasised the need for directors and shareholders to be prudent in any steps they cause the company to take in contentious restructuring and insolvency proceedings, and that directors who pursue unnecessary litigation may face personal liability for costs incurred by or awarded against the company.     This judgment provides important insights into how shareholders and directors should approach decision-making as the company veers on the brink of insolvency, especially in contentious restructuring and insolvency proceedings.   Setia Law LLC’s Danny Ong, Ayana Ki and Jin Loong Lee successfully represented the respondent creditor.    💡 Key Highlights:   The Court criticised the debtor company’s insistence on pursuing the IJM Appeal, particularly as the judicial management hearing was scheduled within the same month. The Court noted that the company’s additional evidence and arguments could have been raised at the JM hearing, making the IJM appeal an unnecessary use of resources.   The Court stressed that as a company approaches insolvency, shareholders and directors of a company must act with prudence and sensitivity in directing a company’s conduct in litigation with a focus on the interests of creditors, and that cost consequences may vest on them if their decisions result in unnecessary and unwarranted costs being incurred by the company.   Read further here: https://lnkd.in/g8ci7AT6   Read the full Judgment here: https://lnkd.in/grc3sbT3   #LegalUpdate #R&I #InsolvencyLaw #Singapore #SetiaLaw

Let’s take a walk! 🚶♀️ 🚶♂️ Let’s Take a Walk 2024 (“LTAW”) took place last weekend, as participants walked across Singapore for a good cause. The proceeds raised from LTAW will be used to provide aid to individuals and families in Singapore with short-term financial assistance and long-term community care. Setia is extremely proud to be a sponsor of LTAW this year. From pro bono causes to initiatives such as LTAW, Setia is always on the look out for meaningful initiatives to support. This is part of its continued commitment to paying it forward and giving back to the community. Kudos also to our very own Ian Mah who completed 50km within 9 hours! Check out LTAW 2024’s instagram post here: https://lnkd.in/gHawkRBM 

Singapore’s commitment to raising the bar on financial transparency and accountability continues to be demonstrated with the Inter-Ministerial Committee’s report earlier this month to enhance Singapore’s AML framework. As the city-state remains a force of attraction for the region’s wealth management industry, the accompanying risks have to be dealt with holistically. #ICYMI – Director, Wern-Jhien Yam, discussed with Nikkei Asia recently in the first edition of 𝘈𝘚𝘌𝘈𝘕 𝘔𝘰𝘯𝘦𝘺, on the risks Singapore faces as a result of the influx of wealth in recent years. Wern-Jhien pointed that bad actors are increasingly getting sophisticated in their modus operandi and while enhancing regulation is important in our fight against financial crime, a holistic approach such as introducing tools and education is essential for sustainable growth. 📖 Read further: https://lnkd.in/gN8mAx_r #SetiaLaw #FinancialCrime #AntiMoneyLaundering

We are excited to feature the latest instalment of #SetiaLawyerSpotlight, with up and coming disputes lawyer and all-rounder - Ian Mah. From building his practice area in commercial disputes to being an adjunct lecturer at Singapore Management University, Ian shares his journey, passions and thoughts on being part of the Setia family. #SetiaLaw #SetiaLawyerSpotlight #LawyerSpotlight #CommercialDisputes #Restructuring

Many congratulations to the Singapore Management University Rugby team for taking the crown at the 2024 Singapore Rugby Union Tertiary 7s Competiton. Trust it had something to do with the Setia Law LLC emblazoned jerseys! #teamwork #grit #determination #strength #creativity

It’s conference season! We are grateful to be participating in key conversations and exchanging insights with esteemed colleagues and fellow industry experts.    At the recent INSOL International Singapore Seminar, Director, Wern-Jhien Yam joined a panel that discussed the topic of mediation in the context of cross border insolvency and restructuring. With recent interest across the region, the session provided a meaningful opportunity for delegates to engage with the debate and vote on the motion.    Wern-Jhien also spoke on a panel at TechLaw.Fest last week, discussing the nature of digital assets in the age of A.I. and blockchain technologies, potential disputes that would arise from such complexities and ways to mitigate such risks. As pointed in this latest article by Blockhead, Wern-Jhien highlighted that legal challenges continue to persist, which includes attribution of liability and the complexity of suing in a decentralised and anonymous environment. https://lnkd.in/gsUSJSPx   In the weeks to come, we will also be participating in key conferences in Malaysia 🇲🇾 : ◾ Wern-Jhien will join a fireside chat with the Insolvency Practitioners Association of Malaysia (IPAM) on 27 September for a get-together and update session on all things restructuring and insolvency. ◾ He will also be speaking at the Malaysian Insolvency Conference on 14 October, as part of a panel that discusses strategies for tracing and recovering digital and specialised assets.    #SetiaLaw #Insolvency #Restructuring #AssetRecovery #CrossBorderDisputes

🌟 Setia x UKSLSS 🌟 We are thrilled to have participated in the UKSLSS' Legal Forum 2024. It was a fantastic opportunity to connect with young lawyers, share insights about our values and practice areas, and hear what's at the forefront of the next gen's minds. A big thank you to the UKSLSS for organising such a successful event, and to everyone who stopped by our booth—we enjoyed every conversation! We're always happy to address queries regarding recruitment, internships, or the opportunities we offer. Do reach out to recruitment@setialaw.com. Applications should be accompanied by CVs, academic transcripts, and a cover letter.

#ICYMI, our lawyers have been featured in key financial and legal media recently, discussing the new regulatory developments on establishing sources of wealth and the ongoing heightened awareness in the AML drive and accompanying demand for legal advice.     Director Wern-Jhien Yam spoke to Citywire Asia on the back of the latest circular by the Monetary Authority of Singapore (MAS) calling for financial institutions to employ sources of wealth (SOW) corroboration. He noted that the circular underscores the importance of a tailored approach in designing SOW verification processes based on the unique risk profiles and circumstances of each customer, rather than using a one-size-fits-all method.    Associate Director Victoria Ting spoke to Law.com International regarding the heightened awareness the Singapore market is facing concerning AML and compliance obligations. Victoria notes that the increased attention and queries has driven willingness to seek external advice from law firms.    Read further here:  Citywire Asia - https://lnkd.in/gS-ExqRH   Law.com – https://lnkd.in/gp4GFmYa #SetiaLaw #FinancialCrime #AntiMoneyLaundering

In the recent decision of Madison Pacific Trust Limited and ors v PT Dewata Wibawa and ors [2024] SGHC 184 (“Madison Pacific”), the General Division of the High Court has held that an alleged contemnor’s mistake as to the validity of a court order does not come within the defence in s 21 of the AJPA.   The decision in Madison Pacific confirms that s 21 of the AJPA is consistent with the traditional common law position that an order of court may not be disregarded on the basis of a belief that it has been wrongly made. Notably, this was the first reported instance of a custodial sentence being imposed by the Singapore Court for contempt by disobedience of an anti-suit injunction.   💡 Key highlights:    ▪ The applicants obtained an anti-suit injunction from the Singapore Court (the “ASI Order”) which restrained the defendants from proceeding or continuing with, or assisting or participating in, the prosecution of certain proceedings in the courts of Jakarta, Indonesia. After the defendants failed to comply with the ASI Order, the applicants applied for a committal order against the third defendant for his contempt of court committed.    ▪ The third defendant, who was a citizen and resident of Indonesia, claimed that he had believed, based on the advice of his Indonesian lawyers, that the ASI Order was not effective and/or binding on him because the relevant court papers and originating process leading up to the issuance of the ASI Order were not validly served on him in Indonesia. Even if this was wrong, the third defendant argued that this would be an “honest and reasonable mistake” which afforded him a defence under s 21 of the AJPA.   ▪ Justice Chua Lee Ming rejected the third defendant’s argument, holding that a mistake as to the validity of a court order did not fall within the defence in s 21 of the AJPA.    ▪ In so holding, Justice Chua departed from the view taken in another decision of the General Division of the High Court, VFV v VFU [2021] 5 SLR 1428, that for the purposes of s 21 of the AJPA, the mistake may pertain to the validity of the court order itself and need not relate to the substantive contents of the court order.   Our Setia team, comprising Danny Ong, Wern-Jhien Yam, Bethel Chan and Ayana Ki, has successfully represented the applicants.    Read further here: https://lnkd.in/gGTbqf4C #CaseUpdate #SetiaLaw #Insolvency #CrossBorderInsolvency