International Corporate Rescue
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Vol 17 (2020) - Issue 2
Article preview
Developments in the Law of Super Priority for Rescue Financing in Singapore
Meiyen Tan, Partner, Oon & Bazul LLP, SingaporeSynopsis
Singapore has taken various measures to promote the jurisdiction as a global hub for restructuring and insolvency. One of the significant legal developments is the enactment of legislation providing for Court orders granting super priority over rescue financing. So far, there have been two known applications under Section 211E of the Companies Act. The application in Re Attilan Group Ltd [2018] 3 SLR 898 was unsuccessful. However, a super priority order for rescue financing was granted in In re: Asiatravel.com Holdings Ltd; and AT Reservation Network Pte Ltd, an unreported High Court decision of Justice Kannan Ramesh.
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