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A Case Review of the Singapore Court of Appeal’s Decision in Ascentra Holdings, Inc (in official liquidation)
Keith Han, Partner and Head, Restructuring & Insolvency Practice, and Angela Phoon, Senior Associate, Oon & Bazul LLP, SingaporeSynopsis
Ascentra Holdings, Inc (in official liquidation)1 concerned an application to the Singapore Court for recognition of a solvent liquidation in the Cayman Islands. The Court of Appeal granted recognition and held that Article 2(h) of the Singapore Model Law should be interpreted broadly to include within its ambit foreign proceedings concerning companies that are neither insolvent nor in severe financial distress. This is consistent with the position taken by the US Bankruptcy Court in, among others, Re Betcorp.
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