International Corporate Rescue
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Vol 21 (2024) - Issue 6
Article preview
Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10
Billy Liu, Trainee Associate, and Nicholas Cooper, Senior Associate, Freshfields Bruckhaus Deringer LLP, London, UKSynopsis
The recent judgment of the Singapore Court of Appeal in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 concerns the 'Creditor Duty' owed by a company to its creditors. The judgment set out an innovative two-stage test, which would enable the courts to decide if the 'Creditor Duty' is engaged
and breached in a particular context. The judgment provides sought-after clarity over this complex area of law, which should be welcomed by creditors and debtors alike. Furthermore, the judgment provides practitioners from other jurisdictions with an opportunity to reflect on what the relevant law is and what it should be in their home jurisdictions.
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