Madison Pacific’s Post

How an insolvency lawyer responds to doom & gloom in the economy . . . 🌏 🚦 ✈ the botox still allows me to smile . . . 🤣 Has our time finally arrived? Well, we have to do it a bit differently this time. Using appropriate processess to rescue businesses, save jobs and find growth. ▶ "INSOL International leaders interviewed generally recognise that insolvency is changing, globally. Quite a few noted insolvencies have changed over the last 20 years. Leaders see a move away from more process-based defaults and bankruptcies to a far more collaborative approach, willing to look at restructurings to get a better outcome. This is expected to continue and possibly accelerate."* ▶ There has been a recognition of the the need for updates in many jurisdictions, and the value of completing a global framework that offers informal as well as formal mechanisms for crisis management. ⏬ Check out our Harneys guide to the Cayman Islands' insolvency reform: Restructuring Officer and refined scheme of arrangement https://lnkd.in/gk8peEaN #caymanislands #bvi #bermuda #offshorelitigation #INSOL *INSOL website

"A walkthrough the French restructuring toolbox," by Saam Golshani, Anne-Sophie Noury, Alicia Bali and Alexis A. Hojabr (White & Case LLP). Check out this new article published on the Singapore Global Restructuring Initiative (SGRI) Blog! #insolvency #restructuring #EU #France #debtors #creditors https://lnkd.in/dS-btPTE

#France #Restructuring #Insolvency - Our partners Saam Golshani, Anne-Sophie Noury, Alicia Bali and Alexis A. Hojabr share their insights on the recent key developments in the French restructuring and insolvency #framework.  💬 The restructuring and insolvency framework in France has undergone significant reforms in recent years, driven both by the willingness to harmonize European practices under the impulse of the European institutions and by the survival of measures initially introduced in response to economic challenges posed by the COVID-19 pandemic. These reforms aim to facilitate the restructuring of distressed businesses while balancing the rights of creditors, particularly when their approach complicates the restructuring process, even though their situation would not entitle them to any rights in the event of compulsory liquidation. Read more here 👇 https://lnkd.in/eAGXQuwq

"A survey of insolvency practitioners in Singapore: How Singapore can become more competitive as an international/Asian restructuring hub", by Dwan Tan (Managing Director, Ashurt ADTLaw), Tristan Teo (Counsel, Ashurst ADTLaw) and Tony Grundy (Counsel, Mori Hamada & Matsumoto - Singapore). Check out this new article published on the Singapore Global Restructuring Initiative (SGRI) Blog! #restructuring #insolvency #Singapore #international #hub #survey #practitioners https://lnkd.in/dbx2KHTz

[#restructuring] Ministry of Law, Singapore on November 11 introduced proposed legislative changes in Parliament to make the Simplified Insolvency Programme (SIP) a permanent feature of the Insolvency, Restructuring and Dissolution Act. The SIP was first introduced during the #pandemic to help micro and small companies to restructure their debts, or wind up, via a simpler, faster and cheaper insolvency process. It has since been extended three times. In the press release, the Ministry said that it would tweak the #SIP so that it would have one general eligibility criterion (i.e., up to SGD 2 million in a debtor’s total liabilities), a simpler application process and more effective administration. The proposed changes will be debated at the next available Parliament sitting. Read the full press release at https://lnkd.in/gvkQz43c. #SME #debt #restructuring #windingup #IRDA

Keep learning with IPAS! Join our webinar, How to Sell and Not Get Into Trouble – A Practitioner’s Guide to Understanding the Duties Involved in Selling a Distressed Company’s Assets on 27 November. One core aspect of a restructuring or insolvency matter is to sell assets belonging to the company. Insolvency practitioners are familiar with the duty to obtain the true market value for the asset. However, how does that translate into practice? What sort of mechanism would one put in place to fulfil this duty? Join us as we unpack this concept and provide real-life examples of sale processes.   Register on Eventbrite now at https://lnkd.in/gJwgS_ci or contact IPAS at course@ipas.org.sg for more information.   #IPAS #insolvency #distressed #assets

As cryptoassets lack tangible existence or connection to the material world, it is especially challenging to determine through conventional lenses their notional “location” (or jurisdictional location) for the purposes of various legal doctrines. For instance, the jurisdictional location of an asset may be a relevant factor when determining whether the Singapore court is the more appropriate forum than a foreign court to hear a dispute (i.e., a forum conveniens analysis). The forum conveniens analysis arises where a defendant to Singapore proceedings seeks a stay of the Singapore proceedings to have the dispute heard by a foreign court.   In the recent decisions of Cheong Jun Yoong v Three Arrows Capital Ltd and others [2024] SGHC 21 (3AC HC) and Three Arrows Capital Ltd and others v Cheong Jun Yoong [2024] SGHC(A) 10 (3AC AD), both the General and Appellate Divisions of the High Court had to decide whether the Singapore court or the British Virgin Islands court was the more appropriate forum to hear a dispute concerning an alleged trust over certain cryptoassets. They thus had the opportunity to consider for the first time the issue concerning the jurisdictional location of cryptoassets and its significance in a forum conveniens analysis.   In this update, our Restructuring & Insolvency Partners Stephanie Yeo, Joel Chng, Md Noor E Adnaan and Eden Li take a look at 3AC HC and 3AC AD.   Click on the link below to view the full update.

"The Singapore International Court and Beyond: Charting the Next Frontier for Cross-Border Insolvency", by Scott Atkins (Australian Chair and Global Co-Head of Restructuring, Norton Rose Fulbright) and Dr. Kai Luck (Senior cross-border restructuring, insolvency and regulatory lawyer). Check out this new article published on the Singapore Global Restructuring Initiative (SGRI) Blog! #insolvency #restructuring #crossborder #SICC #Singapore #global #hub https://lnkd.in/d4HQneUm

After an unsettling conversation with a client in Singapore, who was advised by an insolvency practitioner that an "on the spot" sale of assets would fulfil their liquidation duties, we thought it useful to provide some practical suggestions, for owners and stakeholders to consider, when dealing with assets of businesses in financial distress. In the event of potential insolvency, the responsibility of business owners shifts significantly towards protecting the interests of creditors. Do: ▪︎ Formulate a detailed and well-structured sales strategy. ▪︎ Aim for the highest feasible selling price for the assets. ▪︎ Before proceeding with sales, ensure all risks, including ownership concerns, are thoroughly addressed. Don't: ▪︎ Take shortcuts. While it may be tempting to do so when faced with a situation of financial difficulties, such actions can have long-term consequences. ▪︎ Seek advice from and/or engage dubious advisors or practitioners (as our client did) who may not prioritise your interests and those of the creditors. ▪︎ Delay seeking guidance from trusted professionals. Early intervention can reveal alternatives to formal insolvency, which a consultancy like Solvent can assist with, potentially averting adverse outcomes. This overview is meant for general information and not as specific advice. We urge those facing financial challenges to promptly consult with a reputable advisor, and if necessary, legal professional, to explore and implement suitable strategies for resolution or mitigation. We offer an intial no-obligation confidential discussion on your circumstances, and the options available to you.

"Strengthening IBC: Extend prepack to big companies, says industry" In a recent Business Standard article, Zeeshan Farooqui advocated for the creation of a distinct framework for real estate insolvency. He also suggested that the government should introduce amendments to address cross-border and group insolvency issues and streamline the liquidation process by enhancing the oversight role of the stakeholders' consultative committee. Read more: https://lnkd.in/gVuimtgM #Insolvency #IBC #RealEstate #CrossBorderInsolvency #GroupInsolvency #LiquidationProcess #CorporateLaw #FinancialRegulations #KSK