Reading Time: 6 minutesThis article has been published in IBA Banking Law Committee Publications. Insolvency laws in Myanmar Myanmar insolvency legislation is interspersed with and revolves around the Rangoon Insolvency Act 1910 (‘Rangoon Act’), the Burma Insolvency Act 1920 (‘Burma Act’) and the Myanmar Companies Law 2017 (MCL). Like the majority of laws in the country, both the […]
Banks need to adhere to Etridge Duties when dealing with vulnerable guarantors
Reading Time: 4 minutesThe Article in 60 Seconds Vulnerable guarantors include spouses or family members who could be emotionally influenced by a creditor Banks need to adhere to the Etridge Duties or risk voiding the guarantee (see Sudha Natrajan v The Bank of East Asia Ltd [2016] SGCA 66) A checklist of 5 important steps in discharging Etridge […]
Receiving payments from a company when winding-up proceedings have been commenced against it
Reading Time: 4 minutesCentaurea International Pte Ltd (in liquidation) v Citus Trading Pte Ltd [2016] SGHC 264 We examine the first local reported decision on the issue of validating payments under Section 259 of the Companies Act. Essentially, while any payment made by a company after the commencement of its winding is prima facie void, Section 259 provides […]
Curveball Series: Recovering assets in a corporate insolvency as a creditor
Reading Time: 7 minutesIf you are in the unenviable position of having to recover assets from a company that is insolvent as a creditor, here are a few useful steps to know about as you go about it. Information on the status of the liquidation Where the Official Receiver has been appointed as liquidator, the Official Receiver will […]
What is Corporate Insolvency and how does it affect you?
Reading Time: 3 minutesCorporate Insolvency: What it is and Options Having garnered attention given the recent liquidation application of Singapore listed company Swiber Holdings, the term “corporate insolvency” is a term that most have heard before but know little about or what it means for the people associated with it. Corporate insolvency is a state where a particular […]