The court also dismisses her application to set aside the S$4.3 million in claims from SME Care that the private trustee has accepted as valid.

The draft SIAC Insolvency Arbitration Protocol sets out a procedure for arbitration at SIAC for the resolution of disputes arising in relation to insolvency proceedings. This update considers the application of the draft Protocol and reviews its key differences from the current SIAC Rules.

This comes after liquidators Cameron Duncan and David Kim got court sanction on an agreement to secure litigation funding.

This update takes a look a the decision of SW Trustees Pte Ltd v Teodros Ashenati Tesemma and others [2024] SGHC 322 where the court laid down important principles on how to value the consideration received, and the consideration provided, for undervalue transaction claims under section 224 of the Insolvency, Restructuring and Insolvency Act 2018.

The decision of the Singapore High Court in Re Mingda Holding Pte Ltd and another matter [2024] SGHC 130 illustrates the considerations for rewarding funding creditors with an appropriate priority in the distribution of assets, and also provides guidance for liquidators seeking to appoint solicitors to assist in their duties or to bring legal proceedings on behalf of the company.

This update looks at some of the key amendments which was introduced with the Insolvency, Restructuring and Dissolution (Amendment) Bill as part of the Ministry of Law’s efforts to bolster Singapore’s insolvency framework and support for financially distressed companies.