Firms To Watch: Restructuring and insolvency: local firms

Oon & Bazul LLP is building on its foundation of solid financing expertise, landing a number of significant restructuring and insolvency engagements. The growing team welcomed Keith Han from Clifford Chance in July 2020.

Restructuring and insolvency: local firms in Singapore

Allen & Gledhill LLP

Allen & Gledhill LLP routinely lands the big-ticket restructurings in the market, often representing the creditors. It represented the major bank and non-bank creditors in the $3.85bn restructuring of Hin Leong Trading, Ocean Tankers and Xihe Holdings and advised the informal steering committee of lenders on the $3.74bn restructuring of Pacific International Lines. The firm’s banking heritage, shipping expertise and regulatory acumen makes it particularly well equipped for large recent engagements in the market. Chong Yee Leong leads the restructuring and insolvency team, coming from a construction and international arbitration background. Edward Tiong is deputy head of the group, while Andrew Chan is a recognised market leader and Kenneth Lim is another seasoned restructuring and insolvency expert.

Practice head(s):

Chong Yee Leong; Edward Tiong


‘The Restructuring & Insolvency practice at A&G leverages on the expertise of its other practices (litigation, corporate, banking etc) so that any issue is discussed thoroughly so that any resolution is “fire proof”. This gives a client considerable comfort that the solutions have been considered and mitigated for various legal and commercial risks.’

‘A&G has a deep and experienced practice in many fields, which places this firm in a unique position to advise clients holistically.’

‘The practice at A&G can bring its full depth into transactions. Managing a large pool of creditors during a complicated restructuring requires coordination and clarity. A&G was able to do this time and time again. Their ability to crunch significant reams of data into digestible summaries identifying risks and providing clear signposts ensures that clients always know they are well and truly covered for legal risks and issues. Their market knowledge and the breadth of the practice from documentation to court appearances makes them a single-stop shop for restructuring.’

‘Awesome ability to tailor practical and insightful solutions to complex issues within compressed timelines.’

‘Besides being strong technically, Edward Tiong is also commercially minded, highly analytical and helpful.’

‘The following partners are commended for their sound advice, thorough analysis of the issues and clarity of thoughts. Where required, they are prepared to take “commercial” risks in their advice where the situation warrants it: 1) Andrew Yeo 2) Chong Yee Leong 3) Edward Tiong 4) Yap Yin Soon.’

‘Kenneth Lim – brilliant and quick.’

‘Fay Fong is in the weeds but doesn’t miss the wood for the trees. Excellent strategic sense while fully abreast of the details.’

‘In-depth technical knowledge and valuable legal expertise in different insolvency regimes regionally.’

Work highlights

  • Advised on the $3.85bn restructuring of Hin Leong Trading Pte Ltd, Ocean Tankers (Pte.) Ltd, and Xihe Holdings Pte Ltd.
  • Advised on the $3.74bn restructuring of Pacific International Lines (Private) Limited.
  • Advised on the S$1.5bn restructuring of Hyflux.

Drew & Napier LLC

Drew & Napier LLC continues to stand out for its expertise in insolvency proceedings and cross-border restructurings. It routinely advises on the biggest engagements in the region, representing a range of creditors, debtors and other parties to distressed situations. Sushil Nair has an illustrious reputation in this field and is frequently mandated to advise on headline matters, including those involving China and Indonesia. Julian Kwek is also rated for transactional-related engagements, including the largest workouts in Indonesia and defaults of Chinese companies listed in Singapore. Blossom Hing is another highly-rated practitioner, especially in contentious insolvency proceedings. Mohan Gopalan focuses on debt restructuring, aiding Nair in advising the National Environment Agency on its rights in relation to the Hyflux restructuring.

Practice head(s):

Sushil Nair ; Julian Kwek

Other key lawyers:

Blossom Hing; Chan Wei Meng ; Mohan Gopalan


‘D&N’s Restructuring and Insolvency practice is highly experienced. Its head, Sushil Nair, stands out as an astute insolvency practitioner who is not only well versed in insolvency laws but a highly intelligent and commercial lawyer. He has an ability to see through the complexities very early and delve into the core issues. However, he is also practical and seeks to find resolution amongst the various stakeholders to ensure a successful restructuring.’

‘We have been using Drew & Napier’s Restructuring & Insolvency team for more than 10 years now. Throughout the period, we have found the services provided to be highly professional and their knowledge often extended beyond the legal aspect and offered excellent business perspectives and recommendations. Because our core business tended to be Indonesia-focused, the team had impressed us with their extensive knowledge of the Indonesian legal environment and business practices.’

‘The primary contact person in Drew’s team is Mr Julian Kwek, the director assigned to our account. Julian is not only well versed in the legal aspects but also has the uncanny ability to look at the issues from a business perspective and offer valuable insights and recommendations. He has always been extremely responsive to our needs and works well under time pressure. He has been available literally 24/7 and always able to meet deadlines and targets.’

‘I have worked closely with Drew & Napier for nearly two decades on various cross-border restructuring matters. The Drew & Napier restructuring team is extremely impressive. I have seen first-hand the Drew & Napier team expertly and successfully guide Southeast Asian-based companies through extraordinarily complex and often intense restructurings.’

‘The Drew & Napier lawyers with whom I have worked most closely are Sushil Nair and Julian Kwek, the co-heads of the restructuring group. Both are extremely hard-working, smart and creative – and I have seen them achieve excellent results for their clients in every matter where I have had the privilege of working with them. I also have worked closely with Blossom Hing, Chan Wei Meng and Mohan Gopalan – and, as with Mr Nair and Mr Kwek, I always have been impressed with the first-rate quality of their work and their dedication to helping their clients work through and emerge from difficult times.’

‘Sushil Nair – very experienced and commercial. Blossom Hing – tenacious and strong litigator. Mohan Gopalan – rising star with a lot of depth.’

‘Blossom Hing has wonderful experience in this sector having been involved in some of the biggest, most complex cases in Asia and globally.’

‘Chan Wei Meng is a well-recognised and highly respected lawyer in the insolvency sector. He played the lead role in advising us and managing all our financial restructuring matters, as well as providing advice on the appropriate financial structures for our fund-raising exercise. Wei Meng stands out for his knowledge and ability to suggest practical and viable solutions in even the most difficult situations.’

Key clients


CVC Partners

F J Benjamin Holdings Ltd

Nam Cheong Limited

Ezra Holdings Limited

EMAS Offshore Limited

PricewaterhouseCoopers LLP (Singapore)

PT Berlian Laju Tanker Tbk

PT Bumi Resources Tbk

United Overseas Bank Limited

Pacific Andes Resources Development Limited

Reignwood International (Group) Limited

Oceanus Group Limited

TT International Limited

FTI Consulting (Singapore) Pte Ltd

Public Utilities Board of Singapore

Brightoil Petroleum (S’pore) Pte. Ltd.

Brightoil Petroleum (Holdings) Limited

National Environment Agency of Singapore

Thakral Brothers (Private) Limited

Kyen Resources Pte Ltd

Taipei Fubon Commercial Bank Co., Ltd

PetroChina International (Singapore) Pte. Ltd.

Ernst & Young LLP

Rhodium Resources Pte Ltd

Heliconia Capital Management Pte Ltd (linked to Temasek Holdings)

KrisEnergy Limited

Libra Group Limited

Informal steering committee of lenders to Hin Leong Trading (Pte) Ltd, comprising amongst others, ABN AMRO Bank, N.V. Singapore Branch, Bank of China Limited, Singapore Branch, DBS Bank Ltd, The Hongkong and Shanghai Banking Corporation Limited, Oversea-Chinese Banking Corporation Limited and Standard Chartered Bank (Singapore) Limited

Antanium Resources Pte Ltd

Pacific Radiance Limited

Securities Investors Association (Singapore)

Work highlights

  • Advised Heliconia Capital Management Pte Ltd on the $3.5bn debt restructuring of and investment into Pacific International Lines.
  • Advised the informal steering committee of lenders to oil trading company Hin Leong on the $3.85bn restructuring of Hin Leong.
  • Advised the Public Utilities Board of the Republic of Singapore on the $2bn debt restructuring of Hyflux Ltd and its subsidiaries, including Tuaspring Pte Ltd.

Rajah & Tann Singapore LLP

Rajah & Tann Singapore LLP‘s large and established team is highly rated for restructuring and insolvency. It has acted for key parties in a large proportion of major restructuring and insolvency matters involving the Singapore profession. It has recently cemented its standing with a series of headline engagements in the maritime and offshore sector, with Asia network chair Lee Eng Beng SC and Singapore managing partner Patrick Ang acting for the Hin Leong group, one of Asia’s largest oil traders, on a cross-border billion-dollar debt restructuring. Sim Kwan Kiat, Mark Cheng and Tan Chuan Thye SC are standout figures in the team.

Practice head(s):

Sim Kwan Kiat; Mark Cheng; Chua Beng Chye

Other key lawyers:

Lee Eng Beng, SC; Sheila Ng


‘The practice has multiple respected and experienced partners who are highly competent and recognised in their respective fields. The partners are well supported by a team of well-trained lawyers. The practice has also a decent connectivity in the region. All in all, the above enables the practice to support their clients in diverse, complex and cross-border requirements.’

‘Clearly, the leading insolvency team in Singapore with a proactive and commercial approach.’

‘Very well dedicated teams and knowledge. Diverse know-how and great partners.’

‘The team led by Sim Kwan Kiat has in-depth technical knowledge and valuable legal expertise. Their extensive regional network of lawyers help to provide a more holistic understanding of various challenges from these insolvency regimes.’

‘Sim Kwan Kiat is commercial minded, highly analytical and helpful. Besides strong technical knowledge, his ability to see through complex restructuring and understand the landscape among various stakeholders, serves as a cutting-edge tool for lenders.’

‘Lee Eng Beng, SC – very sound technically, gives clear commercial advice and proposes innovative solutions. Sim Kwan Kiat – technically very sound, pleasure to work with and commercial. Sheila Ng – very responsive, good commercial awareness and drafting skills.’

‘Mark Cheng is a dynamic and knowledgeable partner, combining legal acumen with commercial awareness.’

Key clients

Hin Leong Trading (Pte) Ltd

Ocean Tankers (Pte) Ltd

Shanghai Huaxin Group (Hong Kong) Limited

H&C S Holdings Pte Ltd

ING Bank N.V. (Singapore Branch), MUFG Bank Ltd (Singapore Branch), Natixis (Singapore Branch), Commerzbank Aktiengesellschaft (Singapore Branch), Indian Overseas Bank, CTBC Bank Co Ltd (Singapore Branch), Taipei Fubon Commercial Bank Co Ltd (Singapore Branch), Union de Banques Arabes et Francaises (Singapore Branch), Indian Bank (Singapore Branch), Bank of Baroda, Emirates NBD Bank P.J.S.C. (Singapore Branch), UCO Bank (Singapore Branch), State Bank of India (Singapore Branch), Shanghai Pudong Development Bank Cp Ltd (Singapore Branch), United Overseas Bank Limited


Cosco Shipping (Qidong) Offshore Co. Ltd

PSA Corporation

Eagle Hospitality REIT

Borrelli Walsh, Liquidators of Torque Group

Malayan Banking Berhad (Singapore Branch)

DBS Bank, CIMB Bank Berhad, Singapore Branch and Natixis

Ryobi Kiso Holdings Ltd and its subsidiary, Ryobi Kiso (S) Pte Ltd

Phua Yong Tat, Phua Yong Pin and Golden Hill Capital Pte Ltd

FTI Consulting, Judicial Manager of Tendcare Medical Group Holdings Pte Ltd, appointed by Singapore High Court

Jurong Aromatics Corp Pte Ltd (receivers and managers appointed), Cosimo Borrelli and Jason Kardachi

DBS Bank Ltd. / OCBC Bank / CIMB Bank Berhad / Malayan Banking Berhad / Caterpillar Financial Services Asia

Swiber Holdings Limited and Swiber Offshore Construction Pte Ltd

Judicial Managers of Swissco

Coastal Oil Singapore Pte Ltd

Work highlights

  • Acted for Hin Leong Trading (Pte) Ltd and Ocean Tankers (Pte) Ltd in the high-profile $4.59bn debt restructuring exercise involving more than 23 creditors from multiple jurisdictions.
  • Acted for Shanghai Huaxin Group (Hongkong) Ltd (In Liquidation) in its claims against various entities for the recovery of receivables, which form a substantial component of the company’s assets.
  • Successfully assisted steel producer H&C S Holdings Pte Ltd with applying for the enhanced moratorium under section 211B of Singapore’s Companies Act 2017.

WongPartnership LLP

WongPartnership LLP remains at the forefront of contentious and transactional matters, landing many of the biggest engagements in the market, including the headline $3.3bn restructuring of Pacific International Lines. The firm is best known for representing debtors and is making additional headway in distressed M&A, acting for a number of special situations investors. Manoj Pillay Sandrasegara leads the restructuring and insolvency team, and is joint head of the special situations advisory practice alongside Mark Choy. Chou Sean Yu and Smitha Menon are key for contentious matters.


‘Rare combination of technical excellence, breadth and depth of commercial judgement and superb intuition to client concerns, makes this team unparalleled in the market for big-ticket restructuring work.’

‘WongPartnership has been involved in many of the large-scale public restructurings in Singapore in recent years. Some of these matters have involved complex and novel structures, requiring much skill and engagement with multiple stakeholders. Their team is highly skilled, proactive and solution oriented, and have shown themselves to be able to balance the commercial concerns of various stakeholders. As a fellow lawyer, I have found them to be highly impressive. ’

‘Manoj Sandrasegara: the doyen in the restructuring bar in Singapore. Commanding in the boardroom and supremely persuasive in court.’

‘Manoj Sandrasegara is a seasoned player in Singapore’s restructuring market. He seeks to find consensual solutions to problems where possible and adopts a commercial approach.’

‘Smitha Menon: leading light in her generation in the restructuring industry and brings intellectual heft to any matter; delivered passionately. Outstanding as counsel but equally brilliant as a negotiator, a tactician and an adviser. When you couple this quality of technical expertise with her standard of commercial nous, you have a legal adviser that will win it for you all day.’

‘Stephanie Yeo is a young lawyer who is skilled beyond her years. We recently interacted on a high-profile matter and she impressed me many times over. Like others in her team, Stephanie is able to balance complexities and sensitivities of the many parties involved in a restructuring matter. Her ability to package issues and solutions in easy-to-understand ways is a remarkable skill and one that others aspire to have. Stephanie maintains good and calm composure even in high-intensity situations. As a fellow young lawyer, she stands out and certainly sets an example for her peers.’

‘Joel Chng: extremely user friendly and consistently on point in his legal advice. One to watch in this market.’

Key clients

Pacific International Lines (Private) Limited

Grant Thornton

Ernst & Young

FTI Consulting Singapore

PricewaterhouseCoopers Consulting (S) Pte. Ltd

Hong Kong and Shanghai Banking Corporation (HSBC)

Deloitte & Touche


Wirecard Asia Holdings Pte Ltd

Oversea-Chinese Banking Corporation (OCBC Bank)

DBS Bank

Work highlights

  • Advised Pacific International Lines on the restructuring of approximately $3.3bn in aggregate of debts and liabilities of the shipping group via a consensual debt re-profiling exercise with its creditors in Singapore.
  • Acted for the judicial managers of Xihe Holdings in its restructuring process.
  • Advised HSBC in the extension of a rescue financing package to DSG Projects Singapore Pte Ltd

BlackOak LLC

BlackOak LLC is best known for debtor-side and bondholder engagements, the niche firm having a sole focus on distress and special situations. It has extensive regional and APAC experience, notably involving India and Indonesia especially. Ashok Kumar is widely recognised as a leader in the market, thanks in part to his more than 30 years experience, and Darius Tay is a rapidly emerging talent. Sean Lee departed in April 2021.

Practice head(s):

Ashok Kumar

Other key lawyers:

Darius Tay


‘One point which makes BlackOak stand out for distressed debt/restructuring work is that the whole team has a good pedigree, training and experience in the field.’

‘Ashok Kumar is an innovative strategist. Always great to have him and now Darius in the team and in the room. They are always prepared to share their knowledge.’

‘Ashok Kumar is very responsive and team-oriented.’

Key clients

AJ Capital Advisory

Argentem Creek Partners LLP

Arkkan Capital Management Ltd

Bank of Nova Scotia

Carval Entities

Deutsche Bank AG

Doduco S.a.r.l

Ernst and Young Solution LLP (Hong Kong)

Everstone Capital Asia Pte Ltd

FTI Consulting

Grant Thornton Singapore

K&L Gates LLP

Kirkland & Ellis

Omni Bridgeway (formerly known as IMF Bentham Ltd)


Riverbed Group of Companies

TransAsia Private Capital Limited

Work highlights

  • Represented the Duniatex Group and Mr Sumitro in local proceedings for the recognition of PKPU orders against the Duniatex Group and Mr Sumitro in Indonesia.
  • Advised MTN ISC in connection with the S$278m medium-term notes issued under Hyflux’s S$1.5bn multicurrency debt programme.

Dentons Rodyk

Dentons Rodyk has worked hard to develop its regional and international credentials from Singapore, where it has a particularly strong record in insolvency proceedings and an impressive client portfolio of receivers, liquidators, debtors and creditors. The firm is also noted for debt and bond restructurings, acting for a range of debtors/issuers and creditors; this includes acting for Perpetual (Asia) Ltd, the trustee for the holders of the perpetual securities in the restructuring of Hyflux. Ajinderpal Singh and Kia Jeng Koh are co-heads of the restructuring, insolvency and bankruptcy practice, which also includes senior names Siang Pheng Lek and Herman Jeremiah.

Practice head(s):

Ajinderpal Singh; Kia Jeng Koh

Other key lawyers:

Siang Pheng Lek; Herman Jeremiah; Debby Lim


‘The Dentons team are thorough in their analysis. They lay out a number of options for the client to consider, and recommend the one which they view as most effective or workable. They are open to listening to our inputs and provide detailed explanations on the pros and cons for each scenario.’

‘Detailed, thoughtful, systematic, workable advice/solution. We work with Herman Jeremiah and his team in a number of recovery and restructuring cases. Satisfactory outcome achieved in most of the cases so far.’

Key clients

Perpetual (Asia) Ltd

Pacific Radiance Ltd

L&M Foundation Specialist Pte Ltd

Kovan Treasures Pte Ltd

Grant Thornton Singapore Pte Ltd

Caterpillar Financial Services Asia



Global Maritime Group AS

Sumitomo Mitsui Finance and Leasing

Work highlights

  • Advised Perpetual (Asia) Ltd, the trustee for the holders of the Perpetual Securities in the restructuring of Hyflux Ltd.
  • Acted for Pacific Radiance Ltd in its bonds and debt restructuring.
  • Acted for and advised Kovan Treasures Pte Ltd on the restructuring and insolvency of its main contractor, Rich-Link Construction Pte Ltd, in relation to the Stars of Kovan Project.

Morgan Lewis Stamford LLC

Morgan Lewis Stamford LLC is noted for public company restructurings and contentious insolvency matters. The firm represents a variety of debtors, particularly listed companies, along with creditors and white knight investors. It also has a strong track record in China-related engagements. Daniel Chia and Wendy Tan are key figures for contentious insolvency matters, while Bernard Lui and Joo Khin Ng are experienced corporate restructuring experts. Finance and debt restructuring partner Guan Feng Chen has left the firm.

Practice head(s):

Wendy Tan

Other key lawyers:

Daniel Chia; Bernard LuiJoo Khin Ng

Key clients

PetroChina International (Singapore)

Aqua Munda Pte. Ltd.

Alpha Energy Holdings Limited

COSCO Group of companies – Sinfeng Marine Services Pte. Ltd. and Cosco Petroleum Pte Ltd

TAP Venture Fund I Pte Ltd

CH Offshore Ltd

Formation Group Fund I, LP; Formation Group (Cayman) Fund I, LP

Shanghai Shipyard Co. Ltd.

Mitsui & Co Energy Trading Singapore Pte Ltd

PTT Thailand Limited

Vallianz Holdings Limited

Work highlights

  • Represented PetroChina in its defence against applications filed by the judicial managers of OTPL to strike out admiralty writs filed by PetroChina against four tankers in OTPL’s chartered fleet, involving questions of insolvency law and admiralty law.
  • Represented a creditor in the $1.55bn insolvency proceedings of Agritrade International (Pte) Ltd.
  • Represented Sinfeng Marine Services Pte. Ltd. and COSCO Petroleum Pte. Ltd in the Singapore Court of Appeal in a landmark decision in creditors’ voluntary liquidation.

Shook Lin & Bok LLP

Shook Lin & Bok LLP has an illustrious history in insolvency cases, in part thanks to the presence of senior names Sarjit Singh Gill SC and David Chan; the former acted for Hong Kong and Shanghai Banking Corporation, the single largest creditor of Hin Leong Trading, in the headline collapse of the Hin Leong group of companies. The firm is also making a further impression in cross-border restructurings. Probin Dass is another highly rated insolvency practitioner and Daniel Tan is an emerging talent in restructuring and insolvency.

Practice head(s):

David Chan

Other key lawyers:

Sarjit Singh Gill SC; Probin Dass; Daniel Tan


‘SLB is a respected Singapore law firm with strong quality and experience in the space in which I operate (restructuring & insolvency).’

‘The team does not posture for recognition, but instead gets on with the work in an understated yet confident manner. As a result, unnecessary “litigation by correspondence”, which so often incurs delays and costs, can be avoided. They are well-regarded and respected by peers and by insolvency practitioners in Singapore.’

‘Sarjit Singh Gill SC – a veteran in his field and an authoritative practitioner. David Chan – very commercial operator. Daniel Tan – competent and experienced and one of the next generation of partners.’

‘I enjoy working with Daniel Tan for his candid assessments, friendly disposition and prompt attention to matters. He cuts through the irrelevant and focuses on the priorities.’

Key clients

Hong Kong and Shanghai Banking Corporation Limited

Bob Yap, Toh Ai Ling and Martin Wong of KPMG – the Interim Judicial Managers of Envy Management Holdings Pte Ltd, Envy Asset Management Pte Ltd and Envy Global Trading Pte Ltd

The liquidators of AnAn Group

SuperPark Oy, Mr Juha Tanskanen and Bob Yap, Toh Ai Ling and Martin Wong of KPMG – the Interim Judicial Managers of SuperPark Asia Group Pte Ltd

Liquidators of Kyen Resources Pte Ltd


Deloitte Touche Tohmatsu

Hoe Leong Corporation Limited

Gulf Petrochem FZC

GP Global APAC Pte Ltd

Standard Chartered Bank (Singapore) Ltd

Ermgassen & Co


Libra Group Limited

Cyber Builders Pte Ltd

Libra Building Construction Pte Ltd

Libra Engineering Pte Ltd

Kin Xin Engineering Pte Ltd

Industrial Bank of Korea


Attestor Capital

IDBI Bank Ltd

Acromec Engineers Pte Ltd

The liquidators of Obike

Liquidators of Kwong Soon Engineering Company Private Limited (In Creditors’ Voluntary Liquidation)

Work highlights

  • Acted for the Hong Kong and Shanghai Banking Corporation, the single largest creditor of Hin Leong Trading, in respect to the collapse of the Hin Leong group of companies.
  • Acted for GP Global Group, a UAE-based oil trader with offices across Asia, Africa, Europe and the Americas, in its cross-border restructuring of debts in excess of $1.3bn and defended multiple actions in Singapore commenced by creditors of GP Global Group’s subsidiaries.
  • Acted for SuperPark Oy and the interim judicial managers of SuperPark Asia Group Pte Ltd in the cross-border restructuring of SPAG (part of the wider SuperPark Group), which runs and operates indoor activity parks across Finland, Sweden, China, Hong Kong, Singapore and Malaysia.

Harry Elias Partnership

Harry Elias Partnership is well established in the restructuring and insolvency field, notably in the construction and engineering, real estate, banking and financial institutions, and landlord and tenant sectors. Department head Justin Chia is a recognised restructuring and insolvency specialist, and is particularly noted for contentious matters and court proceedings.

Practice head(s):

Justin Chia

Key clients

First Abu Dhabi Bank PJSC Singapore Branch

PT. Eastern Asia Engineering, PT. Jesindo Artha Abadi

Vantage Shipbrokers Pte Ltd

KordaMentha Pte Ltd

Standard Chartered Bank / Standard Chartered Bank (Singapore) Limited

DBS Bank Ltd

RHB Bank Berhad

Deloitte & Touche Financial Advisory Services

Baker Tilly TFW LLP

Nexia TS Risk Advisory Pte Ltd

Government of Singapore – Singapore Land Authority

Manchester United Football Club Limited

DNV GL Singapore Pte Ltd

Sodexo Singapore Pte Ltd

City Developments Ltd

HSBC Institutional Trust Services (S) Ltd as Trustee of Ascendas Real Estate Investment Trust

DBS Trustee Ltd as Trustee of Mapletree Commercial Trust

Raffles Medical Group Ltd

BRC Asia Ltd

Conchubar Aromatics Ltd / UVM Investment Corporation

SuperInternet Pte Ltd / SuperIntenet Access Pte Ltd

SMRT Corporation Ltd / SMRT Trains Ltd / SMRT Buses Ltd / The X Collective Pte Ltd

Sustained Land Pte Ltd

Eaton Industries Pte Ltd

GAM Kimura Commodity Trade Finance Fund Limited (fka Kumura Master Fund Limited)

Work highlights

  • Acted for HSBC Institutional Trust Services (Singapore) Ltd as trustee of Ascendas Real Estate Investment Trust in claims for over S$108m against the Hyflux Group.
  • Acted for various landlord creditors of Dimbulah Coffee (S) Pte Ltd, which had applied to court for a pre-scheme moratorium, including successfully submitting to the court to shorten the moratorium period for re-entry and forfeiture of leases.
  • Acted for Envysion Wealth Management in its multimillion-dollar claims against the Envy Group (namely, Envy Global Trading Pte Ltd, Envy Asset Management Pte Ltd, and Envy Management Holdings Pte Ltd) including during the interim judicial management and police investigation for its fraudulent scheme (nickel fraud case).

Tan Kok Quan Partnership

Tan Kok Quan Partnership is best known for insolvency proceedings, thanks to its excellence in dispute resolution and court advocacy. The firm has landed some significant engagements in recent years, including representing the unsecured working group of lenders in the headline restructuring of Hyflux. Eddee Ng leads the team, with a lengthy track record in the restructuring and insolvency field, while Paul Seah is also experienced in this area.

Practice head(s):

Eddee Ng

Other key lawyers:

Paul Seah; Siew Guo Wei; Keith Tnee


‘TKQP have the ability to distill information quickly and provide a seamless offering on restructuring matters.’

‘Good coordination between the team members to deliver within the tight timescales.’

‘Good knowledge and experience in restructuring and litigation.’

‘Eddee Ng – did a great job on Hyflux to finally get judicial managers appointed despite all the opposition.’

‘Eddee Ng and Siew Guo Wei – hard working and responsive. Understand the commercial drivers for clients rather than engaging in unnecessary litigation by correspondence.’

‘Paul Seah and Keith Tnee have good commercial sense and are excellent at problem solving.’

Key clients

Home-Fix D.I.Y. Pte Ltd

Koon Holdings Ltd

Koon Construction & Transport Co Pte Ltd

BNP Paribas

Mizuho Bank, Ltd


Bangkok Bank Public Company Limited

Standard Chartered Bank (Singapore Branch)

CTBC Bank Co., Ltd

The Korea Development Bank

Bank of Kaohsiung (Offshore Banking Branch)

Bank of Taiwan (Singapore Branch)

Chang Hwa Commercial Bank (Singapore Branch)

E.SUN Commercial Bank Ltd. (Singapore Branch)

First Commercial Bank, Ltd. (Singapore Branch)

Hitachi Capital (Hong Kong) Limited

Hua Nan Commercial Bank, Ltd. (Singapore Branch)

Land Bank of Taiwan (Singapore Branch)

Mega International Commercial Bank Co., Ltd. (Singapore Branch)

PT Bank Rakyat Indonesia (Persero) Tbk (Singapore Branch)

AJCapital Advisory Pte Ltd

TSMP Law Corporation

TSMP Law Corporation is best known for insolvency litigation, though it has genuine credibility in restructuring and workouts. It has strong connections to a range of debtors, creditors and liquidators. Thio Shien Yi SC has an outstanding reputation in big-ticket disputes, including contentious insolvency proceedings, notably representing creditors in the headline Hyflux restructuring.

Practice head(s):

Thio Shen Yi, SC; Stefanie Yuen Thio

Other key lawyers:

Kelvin Koh


‘Kelvin Koh – very knowledgeable legally and has a good commercial sense.’

Key clients

JP Morgan

Mizuho Bank of Japan

Agritrade International (Pte) Ltd

Former director of ZenRock

Hontop Energy (Singapore) Pte Ltd / Wanda Holding Group Co Ltd

Dr Goh Jin Hian

Parkway Holdings Limited

Creditors of Victoria Medical

Noteholders of Pacific International Lines Private Limited


Deloitte & Touche LLP


Work highlights

  • Advised JP Morgan as one of the top 15 creditors (in value), being owed $46m, in the Hin Leong insolvency
  • Advised Mizuho Bank of Japan, which is Hyflux’s second largest creditor and the largest non-secured creditor, in Hyflux’s restructuring.
  • Advised Esprit on its Asia (ex-China) voluntary restructuring exercise, as Singapore counsel, in relation to its 12 retail stores in Singapore.

Virtus Law LLP

Virtus Law LLP – Stephenson Harwood (Singapore) Alliance has built an impressive record in restructurings and insolvencies in the shipping, aviation, oil and gas, and international trade sectors. Working alongside international colleagues, the Singapore law team has landed a series of major engagements in these fields. Moreover, outside of these sectors, the team represented iflix group on one of the first pre-pack schemes under Singapore’s Insolvency, Restructuring and Dissolution Act. Lauren Tang is emerging as a genuine specialist in the restructuring and insolvency segment.

Practice head(s):

Lauren Tang; Jason Yang; Daryll Ng


‘Good technical skills, detail orientated.’

‘Good technically, easy to work with, accessible.’

Key clients

Equinix Asia Pacific Pte. Ltd.

iflix Pte. Ltd., iflix Holdings Pte Ltd, iflix International Pte Ltd

China Navigation Company Pte. Ltd. and Swire Bulk Holdings Pte. Ltd.

Bestjet Travel Pty Ltd

JC Master Law Offices as the administrator in the insolvency of Jiangsu Sainty Marine Development Corporation Ltd.

Tradewind GmbH

Work highlights

  • Advising the creditors of Agritrade International (Pte) Ltd in the judicial management of Agritrade International Pte Ltd, with a total debt of about US$1.55bn, one of the largest insolvencies in Singapore.
  • Advising the iflix group on its group restructuring and securing one of the first pre-pack schemes under Singapore’s Insolvency, Restructuring and Dissolution Act (No. 40 of 2018) since it came into force on 30 July 2020.
  • Advising and acting for two major secured lenders on the collapse of a well-known Singapore oil trader (Hin Leong Trading), its related vessel ownership group (Xihe Holdings) and its related bareboat charterer (Ocean Tankers), with an exposure of well over US$500m.

Withers KhattarWong LLP

Withers KhattarWong LLP landed senior debt restructuring and finance partner Guan Feng Chen in 2021, bringing it additional credibility in both Singapore and international law engagements. His hire further reinforces the firm’s position in Indonesian restructurings in particular, which had already been established by Justin Yip and a wider team. Clients include debtors, creditors, administrators and others.

Practice head(s):

Justin Yip

Other key lawyers:

Guan Feng Chen


‘Justin Yip and Lam Zhen Yu – solid in legal knowledge and good commercial sense.’

Key clients

KPMG (as administrators of ZenRock Commodities Trading Pte Ltd)

FTI Consulting (as Judicial Managers of 6 SPVs of Xihe Capital Pte Ltd)

KPMG (as Receivers and Managers of VLCC owned by SPV of Xihe Holdings)

Yaw Chee Siew

United Overseas Bank Limited

The Hongkong and Shanghai Banking Corporation Limited

Estee Lauder Cosmetics Pte Ltd

Luxasia Pte Ltd

VIVA REIT (sub-trust of ESR-REIT)

Top Capital Securities Pte Ltd

4 HNWI investors in Singapore fund company

Work highlights

  • Acted for the interim judicial managers, judicial managers and the current liquidators (from KPMG) in all aspects of the attempted restructuring and subsequent insolvency of ZenRock.
  • Acted for FTI Consulting in its capacity as the judicial managers of six SPVs owned by Xihe Capital Pte Ltd, which collectively own 15 vessels (including unfinished vessels).
  • Acted for KPMG as the receivers and managers appointed by the mortgagee bank over a VLCC owned by an SPV of Xihe Holdings, in the realisation and sale of the vessel.