Reading Time: 8 minutesIntroduction Let’s say you are an investor. You enter a joint investment with a friend and lend him $100,000. Sadly, the joint venture fails, and to make matters worse, your friend has gone bankrupt and transferred half of your money to his wife. Can you get your money back? Unfortunately, once he is declared bankrupt, […]
SMU Lexicon: Singapore’s Approach Towards Adopting the Multi-Factorial Approach in Insolvency Proceedings
Reading Time: 5 minutesIntroduction In cross-border insolvency, there are two contrasting approaches. On the one hand, there is the territorial approach, focused primarily on the interest of the local creditors.[1] On the other, there is the universal approach, where one court leads the administration of the insolvency proceedings, and other courts cooperate with the main action.[2] For the […]
Vietnam: When subsidiaries go bankrupt – can creditors “seek compensation” from parent companies?
Reading Time: 6 minutesIt is normal and recommended to allow a subsidiary which operates ineffectively and falls into insolvency to go bankrupt for the sake of a healthy business environment. However, except for subsidiaries which are only the front companies to conceal non-transparent or illegal business activities of parent companies, the bankruptcy of an enterprise causes losses to […]
Being bankrupt in Singapore – Should you declare?
Reading Time: 6 minutesFiling for bankruptcy is a serious and stressful decision to make. In such situations, debtors often seek advice on whether, and how they should go about resolving these debts. With the above in mind, this article aims to help you better understand your legal position before seeking a lawyer’s advice on what it means to […]
Dealing with bankruptcy woes
Reading Time: 4 minutesJust being handed a bankruptcy order and feeling helpless? Or stuck in bankruptcy for a while now and trying to get out? Don’t panic yet! With the amendments to the Bankruptcy Law previously on 1 August 2016 , have you had time to relook at whether you can escape your current bankrupt state since then? […]