In a landmark decision on Singapore insolvency law, by way of an ex tempore judgment, the Court of Appeal dismissed the appeal by the shareholders who challenged the Judicial Managers’ decision to sell the company’s assets for US$100 million. This judgment together with the High Court judgment represent the first reported judgments in Singapore on s 227R of the Companies Act (now s 115 of the Insolvency, Restructuring and Dissolution Act 2018). The Court of Appeal laid down the test to be applied to determine whether a judicial manager acted in a manner which was unfairly prejudicial to the interests of its creditors or members.
To view the full case update, please click below.
The Judicial Managers were represented in the High Court and Court of Appeal by Pradeep Pillai, Joycelyn Lin, Jonas Wong and Lek Haokai of PRP Law LLC.
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