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  1. Restructuring and insolvency: Foreign firms
  2. Leading individuals

Leading individuals

Clifford Chance is ‘among the top firms’ for restructuring and insolvency work. It is currently acting on the ongoing $2bn restructuring of Dubai-based shipping company Drydocks World and for Singaporean company TT International on its contested $680m restructuring. Nish Shetty ‘offers sound commercial solutions within appropriate legal frameworks’.

O’Melveny & Myers LLP has a ‘strong practice acting for bondholders’, and a dedicated team focused on restructuring work. Bertie Mehigan is rated for his work on distressed debt in China and Indonesia. The firm also acts for a variety of shareholders and international bondholder groups.

White & Case LLP’s large team of seven partners is known for work in distressed debt and related international law issues. It continues to be consulted by major companies and banks on high-end restructurings. Its active client list* includes DBS Bank and ING Bank.

Allen & Overy demonstrates a ‘real depth of knowledge’, particularly on Indonesia-related matters. It is currently advising a syndicate of banks in an ongoing debt restructuring transaction of a major offshore rig company in Indonesia. John Richards is ‘technically excellent’.

DLA Piper Singapore Pte. Ltd. runs a dedicated restructuring group in Singapore, led by recent hire Troy Doyle. It acted on the $500m restructuring of Trident Microsystems.

Linklaters Singapore Pte. Ltd’s restructuring work is covered by its corporate team. Kevin Wong and Philip Badge acted on Suzlon Energy’s debt restructuring in India.

Milbank, Tweed, Hadley & McCloy delivers a ‘very good’ service, and has an impressive client base. Jacqueline Chan recently advised on the $180m restructuring of an Asian company’s Norwegian bonds.

Norton Rose (Asia) LLP advised The Saratoga Group on its proposed investment for 51% of PT Mandala Airlines, as a part of the airline’s restructuring process.

Watson, Farley & Williams LLP’s restructuring work is primarily covered by head of the international finance group Chris Lowe, who has experience in debt restructuring work for shipping clients.

Carl Dunton is Ashurst LLP’s lead partner on restructuring issues, and has extensive experience in both secured and unsecured transactions.

Gibson Dunn continues to act on the fallout from the Lehman Brothers bankruptcy, operating as liquidator of the corporation’s numerous assets in Thailand, worth $800m.

Herbert Smith Freehills' team has experience advising on issues relating to liability management in restructurings. Veronica O'Shea and Philip Lee are the main contacts.

Latham & Watkins LLP’s Joseph Bevash is based in Tokyo and has extensive experience in structuring and negotiating credit arrangements involving commercial banks.

Schick & Associates LLC’s niche practice is run by Sandor Schick, who specialises in pure default restructurings on behalf of major entities, such as Standard Chartered Bank.

Skadden, Arps, Slate, Meagher & Flom LLP has capabilities in Singapore and Hong Kong. Rajeev Duggal is recommended.

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Legal Developments in Singapore

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  • Killing 2 Birds With 1 Stone: The Conceptual Double Derivative Action Comes to Life

    The separate legal entity doctrine means that a company can sue in its own name for a wrong done to it. Where a solvent company is unable to bring an action, its members can apply to do so. This was set out by the courts in several long standing decisions that set out the circumstances under which this would be allowed. This is known as the common law derivative action. In Singapore, the Companies Act was amended to provide for what has become known as a statutory derivative action where a private company incorporated in Singapore is involved. However, modern businesses are organised in groups of companies so that investors are shareholders in a holding company and businesses are run in wholly-owned subsidiaries. A deceptively simple question then arises - can a member of a holding company apply to court to take out a derivative law suit in the name a subsidiary where the member has no direct shareholding (termed a "double derivative action")? 
    - Stamford Law Corporation

  • Indonesia Releases New Investment Laws on Public Companies

    On 8 April 2013, the Indonesian Investment Coordination Board ( BKPM ) issued the new BKPM Regulation No. 5 of 2013 on the Guidelines and Procedures for Licensing and Non-Licensing in relation to Capital Investments ( Regulation 5/2013 ), which generally deals with foreign and domestic investments in public companies and their subsidiaries in Indonesia. Regulation 5/2013 was promulgated in the State Gazette on 12 April 2013 and took effect on 27 May 2013.
    - Stamford Law Corporation

  • MYANMAR’S FOREIGN INVESTMENT LAW 2012: A SHORT COMMENTARY

    On 2 November 2012, President Thein Sein signed into law Myanmar’s new Foreign Investment Law (the new FIL), replacing the previous Union of Myanmar Foreign Investment Law of 1988. Pursuant to the new FIL, the Foreign Investment Rules and the Classification of Types of Economic Activities Notification (collectively, the Rules) were published on 31 January 2013. The Rules provide further guidance on the new FIL by expanding upon the rights and duties of foreign investors under the new FIL, as well as clarifying the types of activities for which foreign investment is prohibited or restricted.
    - Stamford Law Corporation

  • Competition Appeal Board Dismisses Most Grounds of Appeal by Modelling Agencies

    On 10 April 2013, the Competition Appeal Board (CAB) dismissed all but two grounds of appeal by five modelling agencies that had been found by the Competition Commission of Singapore (CCS) to have engaged in price-fixing activities. CAB's decision resulted in a reduction in the total amount of financial penalties for the five modelling agencies.
    - Drew & Napier LLC

  • COMPETITION ASSESSMENT OF THE INDUSTRIAL PROPERTY MARKET IN SINGAPORE: CCS DECIDES THAT...

    NO IMMEDIATE ACTION IS NECESSARY
    - Drew & Napier LLC

  • SINGAPORE FINES 12 MOTOR VEHICLE TRADERS FOR BID-RIGGING AT PUBLIC AUCTIONS

    On 28 March 2013, the Competition Commission of Singapore ("CCS") handed down fines totalling S$179,071 on 12 motor vehicle traders for bidrigging at public motor vehicle auctions held by various government agencies
    - Drew & Napier LLC

  • MAS RESPONDS TO FEEDBACK ON ITS CONSULTATION TO DESIGNATE TAX CRIMES AS MONEY LAUNDERING...

    PREDICATE OFFENCES
    - Drew & Napier LLC

  • Consultation on the recommendations of the Financial Advisory Industry Review

    On 26 March 2012, the Monetary Authority of Singapore ("MAS") announced the launch of the Financial Advisory Industry Review ("FAIR"), with the aim of raising standards of practice in the financial advisory ("FA") industry and improving efficiency in the distribution of life insurance and investment products in Singapore. Subsequently, a panel, chaired by MAS and comprising representatives from industry associations, consumer and investor bodies, academia, media, and other stakeholders ("FAIR Panel"), was formed on 2 April 2012 to conduct the review.
    - Drew & Napier LLC

  • Sweeping changes to the Computer Misuse Act

    The Computer Misuse Act has been renamed the Computer Misuse and Cybersecurity Act. The name change is only the first sign of the myriad of changes within the body of the Act, with new provisions giving the Government “sweeping powers over cyberspace”. The wording of the law now allows a very broad interpretation of the circumstances in which the Government may exercise such “sweeping powers” to order "measures and requirements... as may be necessary...
    - Samuel Seow Law Corporation

  • Shin Khai Construction Pte Ltd v FL Wong Construction Pte Ltd [2013] SGHCR 04

    In the case of Shin Khai Construction Pte Ltd v FL Wong Construction Pte Ltd, the Learned Assistant Registrar Jordan Tan AR (“the learned AR”) had to consider the novel question of whether an adjudication determination may be set aside on the ground that the adjudication application was lodged later that the period of entitlement stipulated by s 13(3)(a) of the Building and Construction Industry Security of Payment Act (Cap 30B, 2006 Rev Ed) (“the Act”).
    - Samuel Seow Law Corporation

Press Releases in Singapore

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

  • Drew & Napier crowned King of Dispute Resolution at the ALB Southeast Asia Law Awards 2013

    17 May 2013 - For the ninth straight year, Drew & Napier LLC ("Drew") has been crowned the  Commercial Litigation Law Firm of the Year at the Asian Legal Business (ALB) Southeast Asia Law Awards 2013 . Drew has won this title every year since the inception of the awards.
    - Drew & Napier LLC

  • Stamford Law advises on a S$219 million deal involving C&O Pharmaceutical Technology (Holdings) Ltd

    Stamford Law has been engaged as advisers in connection with the proposed S$219 million acquisition and takeover of C&O Pharmaceutical Technology (Holdings) Limited, a company engaged in R&D, manufacturing, import and distributing pharmaceutical products in China and which distributes strong brands including Amoxycillin Capsules. The acquisition (which involved a direct purchase of shares from the single largest shareholder as well as a mandatory general offer) is proposed to be made by Shionogi & Co. Ltd., a leading Japanese pharmaceutical research-driven manufacturer listed on the Security Exchange of Tokyo and Osaka with a market capitalisation of approximately US$6.0 billion.
    - Stamford Law Corporation

  • Stamford Law is a member firm of The Multinational Association of Independent Law Firms (Multilaw)

    Multilaw was founded in 1990 on the premise that a number of carefully selected independent law firms can work together to fulfil clients' international needs. It encompasses over 6000 lawyers in more than 150 commercial centres around the world. As a priority, Multilaw aims to help its members to deliver the best possible client services in every situation - everywhere, every day. All Multilaw member firms are led by experienced lawyers with deep roots in their communities.
    - Stamford Law Corporation

  • Stamford Law's Partner Tan Chuan Thye nominated in International WHO's WHO

    Stamford Law Corporation is pleased to announce that Partner, Tan Chuan Thye has been nominated as a candidate for inclusion in the prestigious Who's Who listing of Professionals. This is the definitive work on the world's leaders in commerce, economics, policy and trade. Tan Chuan Thye has close to 20 years of experience in dispute resolution work and has been recognized as an expert and a leading individual in the field of arbitration and dispute resolution work. International Who's Who is one of the largest membership organizations worldwide and has identified the foremost legal practitioners in multiple areas of business law.
    - Stamford Law Corporation

  • Elizabeth Kong nominated in aAcquisition International Legal Awards 2011

    Stamford Law is pleased to announce that Director, Elizabeth Kong, has been nominated and shortlisted for an award in the Corporate Law Category(ies) of the Acquisition International Legal Awards 2011. The Acquisition International Legal Awards celebrate excellence and reward firms, teams and individuals for their contribution to client service, innovation and commitment to quality. The awards are given solely on merit and they differentiate the winners as people nominated by their peers for outstanding work and chosen by our panel as leaders in their fields.
    - Stamford Law Corporation

  • Stamford Law advises Abercrombie & Fitch in a dispute with a Singapore watchdog

    We represent Abercrombie & Fitch, an American casual luxury retail brand in a dispute with a Singapore watchdog over the appropriateness of an image used as part of its marketing campaign in Singapore. Our scope of work includes advising the client on matters relating to compliance with Singapore laws on advertising and decency and on public relations, and assisting the client in engaging with the said watchdog and other relevant entities.
    - Stamford Law Corporation

  • Stamford Law represents TA Corporation on its SGX-ST Mainboard Listing

    Stamford Law acted as solicitors to the invitation in TA Corporation Ltd's SGX-ST Mainboard listing. TA Corporation is an established player in Singapore's property development and construction sectors. Despite the recent market volatility and concerns over the Eurozone crisis, TA Corporation's IPO attracted strong demand from both institutional and retail investors, and marks the first successful listing of a property developer on the SGX-ST in 2011.
    - Stamford Law Corporation

  • Stamford Law is advising private equity group, Lucrum Capital, in its proposed S$200M investment

    Stamford Law is advising private equity group, Lucrum Capital, in its proposed S$200M investment in SGX-listed TT International's iconic mega warehouse retail project in Jurong East.
    - Stamford Law Corporation

  • Stamford Law Corporation advises PSL Holdings Limited on S$19 million divestment

    Stamford Law Corporation is advising PSL Holdings Limited, a company listed on the Mainboard of the SGX-ST on the proposed divestment of its subsidiary, Antar Cranes Services Pte Ltd, for approximately S$19 million. Antar is the crane leasing arm of the PSL Group. Stamford Law is also actively involved with the structuring of the proposed divestment which involves a reorganisation of Antar's balance sheet prior to the divestment. Partner Soh Chun Bin and senior associate and former investment banker Low Wee Siong lead the transaction team.
    - Stamford Law Corporation

  • Stamford Law Corporation advises Centillion Environment and Recycling Limited

    Stamford Law Corporation is advising Centillion Environment and Recycling Limited, a company listed on the Mainboard of the SGX-ST, on its proposed rights issue of shares with detachable warrants raising up to approximately S$25million. Partner Bernard Lui and senior associate and former investment banker Low Wee Siong lead the transaction team.
    - Stamford Law Corporation
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