In the previous article, we explained that you may fend off creditors from winding up your company by applying for a Judicial Management Order while your company rehabilitates financially. In this post, we will explain the effects of a Judicial Management Order, including its effects in light of the COVID-19 situation. Effect of a […]
What is Winding Up? The winding up of a company is a process where the company ceases to exist and its assets are seized and realised. Any remaining monies will be used to pay off the creditors of the company, the expenses and costs of the winding up, and any balance thereafter will be dispensed […]
Another way for companies to avoid winding up is to negotiate compromises and settlements with all its creditors. However, it is not easy to obtain the agreement of each and every creditor as they may be afraid of being disadvantaged in terms of their priority in the repayment process. The law mitigates the difficulty of […]
There is plenty of fanfare over the fact that Singapore has a United Nations Convention named after it and among all the pretence that where a convention is signed is somehow relevant, you may be wondering what exactly this “Singapore Convention” actually does.
ENFORCING JUDGMENTS & AWARDS II: ENFORCING A FOREIGN ARBITRAL AWARD IN SINGAPORE Suppose you just went through a long, tiring, expensive arbitration overseas and finally the arbitral tribunal issues an award in your favour, only to realise the other party (let’s call him the “debtor”) has their assets in Singapore, so enforcing the award in […]
If you are a creditor of a company which is insolvent, you may petition to wind the company up to realise your debts. Winding up of a company is a process where the company ceases to exist and its assets are seized and realised. Any remaining monies will be used to pay off the creditors […]