(a) In relation to each type of insolvency procedure available in the legal system of this economy, to what extent are the claims of foreign creditors recognised in the context of administration of that procedure?

 

There is no discrimination against foreign creditors. They are entitled to come in and prove in a liquidation or judicial management, and to participate in a scheme of arrangement, in the same way as domestic creditors..

(b) What principles or rules apply to the recognition and admission of claims by foreign creditors? (for example

(i) Are claims by foreign creditors subject to particular rules in relation to priority of payment?

 

No.

(ii) Do foreign creditors have to satisfy special or additional requirements in order for their claims to be admitted?)

 

No. The same rules apply both to local and foreign creditors.

(c) What law is applied to establish the validity of foreign claims?

 

A foreign claim is governed by the law governing the cause of action under which the foreign claim arises, determined in accordance with Singapore's conflict of laws rules. These are derived from English conflict of laws rules.

(a) To what extent does the insolvency law of this economy claim jurisdiction over assets of a corporate debtor situated abroad?

 

In the case of a company incorporated in Singapore, the insolvency law of Singapore claims jurisdiction over all assets beneficially owned by it wherever situate.

In the case of foreign companies registered in Singapore the insolvency law of Singapore claims jurisdiction only over assets within Singapore.

In the case of unregistered companies, the insolvency law of Singapore claims jurisdiction only over assets within Singapore.

(a) To what extent do the rules of private international law of the legal system of this economy recognise insolvency procedures commenced in foreign jurisdictions?

 

Subject to overriding questions of public policy, Singapore law looks to the law of the incorporation of the insolvent company to determine the capacity of the foreign insolvency administrator to act in the name of the company in the getting in or realisation of assets in Singapore.

(b) Under what circumstances, if any, may orders or judgments resulting from foreign insolvency procedures or administrations be recognized or enforced in the legal system of this economy?

 

Money judgments from a superior court of record of a Commonwealth country can be registered in Singapore under the Reciprocal Enforcement of Commonwealth Judgments Act and enforced as a judgment of the Singapore courts. There is also the Reciprocal Enforcement of Foreign Judgments Act but todate it has not been extended to apply to any country.

Money judgments from other countries can be enforced by commencing a fresh action on the judgment in the Singapore courts.

There are no provisions for recognising foreign judgments other than money judgments.

(a) What recognition is accorded in the legal system of this economy to the status and capacity of insolvency administrators (for example trustees, liquidators, receivers) appointed in foreign insolvency procedures?

 

Subject to overriding questions of public policy, Singapore law looks to the law of the incorporation of the insolvent company to determine the capacity of the foreign insolvency administrator to act in the name of the company in the getting in or realisation of assets in Singapore.

(b) To what extent are foreign insolvency administrators entitled to claim, take control of, and realise or deal with property of the corporate debtor situated within the jurisdiction of the legal system of this economy?

 

To the same extent as he is entitled under the law of the country in which the company was incorporated.

(a) To what extent does the legal system of this economy recognise the validity of rights of security asserted by foreign creditors over assets of the corporate debtor?

 

Insofar as the rights of security are governed by the proper law of the security agreement and is not contrary to public policy.

(b) Are any special rules applicable to determine the validity, extent and ranking of such security rights?

 

There are no special rules.

(a) To which international conventions having some application in insolvency matters is this economy a party?

 

New York Convention on enforcement of Foreign or Arbitral Awards.

(b) When were these conventions entered into, and what other states are parties?

 

Not applicable.

(c) What observations can be made about the practical results achieved under these international instruments?

 

Not applicable.

(a) Are there any other particular issues or special problems in the field of cross-border insolvency, not included in the answers supplied above, which have presented themselves before the courts of the legal system of this economy?

 

No.

(a) Is the government of this economy aware of the UNCITRAL model law on cross-border insolvency, approved by the United Nations in June 1997?

 

Yes.

(b) If so, are you aware of whether the government has any proposals to enact the terms of the model law?

 

No.