Rising Stars

Firms To Watch: Restructuring and insolvency: local firms

With the recent hire of Meiyen Tan from Oon & Bazul LLP in February 2023, Ascendant Legal LLC continues to consolidate its presence in the restructuring and insolvency arena, advising on domestic and cross-border contentious and non-contentious matters.
A market leader in the fraud, asset recovery and contentious insolvency field’, Danny Ong jointly leads the team at Setia Law LLC alongside Wern Jhien Yam, which advises on the restructuring and insolvency of financial institutions and digital assets businesses.
Led by ‘pragmatic and client sensitiveChelva Retnam Rajah, SC, the practice at Tan Rajah & Cheah is noted for its expertise in domestic and cross-border insolvency disputes.

Restructuring and insolvency: local firms in Singapore

Allen & Gledhill LLP

The ‘well-rounded and experienced’ team at Allen & Gledhill LLP is at the forefront of the region’s most high-profile restructuring and insolvency matters, acting for creditors and lenders on the full range of domestic and cross-border mandates. The practice is led by Chong Yee Leong, a highly experienced lawyer with a strong track record in international arbitration, insolvencies and regulatory issues. Edward Tiong acts as deputy head and handles restructuring matters and commercial disputes, while Andrew Chan brings further expertise to the group in insolvency disputes.

Practice head(s):

Chong Yee Leong; Edward Tiong

Other key lawyers:

Andrew Chan; Kenneth Lim; Tham Hsu Hsien; Jo Tay


‘Strong team with plenty of experience and knowledge. Responsive and helpful.’

‘Strong depth in the team, well-rounded and experienced.’

Work highlights

  • Advising multiple major bank and non-bank creditors in relation to the judicial management of Hin Leong Trading Pte Ltd, Ocean Tankers (Pte.) Ltd, and Xihe Holdings Pte Ltd, and the subsequent liquidation of HLT and OT.
  • Acting for various creditors in relation to Hyflux’s insolvency.
  • Acting for lenders owed over US$1.5 billion in the cross-border restructuring of Prosafe SE.

Drew & Napier LLC

Drew & Napier LLC is a prominent market player, acting in high-profile restructuring and insolvency matters throughout the region. The practice boasts a strong set of clients including major financial institutions, holding and investment groups, public boards, and sovereign wealth funds, with work including contentious and non-contentious mandates, alongside assisting clients in pursuit and recovery of assets and court protection cases. The ‘extremely impressive’ group is also noted for its experience working across from regulators. Sushil Nair jointly leads the team and has considerable expertise operating throughout Singapore, Indonesia, and China, while co-head Julian Kwek focuses on debt workouts and and corporate restructurings, including in defaults involving Singapore-listed PRC companies. Blossom Hing ‘is tenacious in her pursuit of client goals and is highly creative and solutions-oriented in the restructuring arena’. Mohan Gopalan is another key contact in the group.

Practice head(s):

Sushil Nair; Julian Kwek

Other key lawyers:

Blossom Hing; Chan Wei Meng; Mohan Gopalan


‘Full-service and great network in Southeast Asia.’

‘The Drew & Napier restructuring group is extremely impressive. They expertly and successfully guide Southeast Asian-based companies through extraordinarily complex and often intense restructurings.’

‘Sushil Nair and Julian Kwek are extremely hard-working, smart and creative. I have seen them achieve excellent results for their clients in every matter where I have had the privilege of working with them.’

‘Drew & Napier has a strong bench of restructuring and insolvency partners and the standout partner is Blossom Hing. Blossom has many years’ experience in complex restructuring and insolvency matters.’

‘Blossom Hing, Chan Wei Meng and Mohan Gopalan – 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.’

‘Blossom Hing’s standing and leadership in the restructuring and insolvency arena is a major draw and benefit for clients. Blossom is tenacious in her pursuit of client goals and is highly creative and solutions-oriented in the restructuring arena.’

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)

Cheong Jun Yoong (Arthur)

Work highlights

  • Advising Heliconia Capital Management Pte Ltd, an independently managed wholly-owned subsidiary of Temasek Holdings, on the US$3.5 billion debt restructuring of and investment into Pacific International Lines, Singapore’s largest container shipping line and 12th largest in the world.
  • Advising the informal steering committee of lenders, comprising 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, Cooperatieve Rabobank, U.A., Singapore Branch, Societe Generale, Singapore Branch and Standard Chartered Bank (Singapore) Limited, to troubled oil trading company Hin Leong on the US$3.85 debt restructuring of Hin Leong.
  • Advising Brightoil Petroleum Pte. Ltd. in its US$916 million debt restructuring and obtain moratorium protection under Section 211B(1) of the Companies Act to allow BOPS to propose a scheme of arrangement to restructure its liabilities, as well as successfully obtained moratorium protection for BrightOil Petroleum (Holdings) Limited under Section 211C of the Companies Act to facilitate the debt restructuring of BOPS.

Rajah & Tann Singapore LLP

With one of the region’s largest restructuring and insolvency practices, Rajah & Tann Singapore LLP assists on the full spectrum of domestic and cross-border matters, contentious and non-contentious alike, and counts lenders and creditors, debtors, liquidators and judicial managers among its key roster of clients. In addition to commodities, consumer goods and financial services, the practice is noted for its expertise in the marine and offshore, energy and oil and gas sectors. Praised as ‘technically strong, practical and commercial’, Sim Kwan Kiat leads the team alongside Chua Beng Chye, who is ‘constantly exceeding expectations’ when advising on bankruptcy and corporate insolvency mandates, and Sheila Ng. Other key contacts include ‘technically strongPatrick Ang and Lee Eng Beng SC, who has considerable experience advising on debt enforcement matters and insolvency litigation.

Practice head(s):

Sim Kwan Kiat; Chua Beng Chye; Sheila Ng

Other key lawyers:

Patrick Ang; Lee Eng Beng SC; Sim Kwan Kiat; Raelene Pereira


‘Good, diverse team, one of Singapore’s strongest.’

‘Chua Beng Chye and Raelene Pereira are excellent lawyers, responsive and commercial.’

‘Extremely resourceful and an experienced team. Excellent leadership and ability to resolve difficult issues arising during the restructuring exercise process.’

‘Chua Beng Chye is a great leader and the best I have seen and worked with. He is constantly exceeding expectations not only in works related to the restructuring process, but also being truly compassionate to clients.’

‘Rajah & Tann has the strongest team of insolvency and restructuring lawyers in Singapore. ‘

‘Patrick Ang is technically strong and at the same time very commercial in providing advice. He pays attention to details and is an excellent business partner.’

‘Lee Eng Beng SC is an icon in the market when it comes to insolvency and restructuring.’

‘Sim Kwan Kiat is technically strong, practical and commercial in his advice and a very respectable and easy-to-work-with lawyer. He is the next generation market leader in insolvency and restructuring.’

Key clients

Shanghai Huaxin Group (Hong Kong) Limited

H&C S Holdings Pte Ltd

Agritrade International Pte Ltd

SAM Trade group

Vauld group of companies

Hajime Shinji

Hyflux Group

Hontop Energy (Singapore) Pte Ltd

Cosco Shipping (Qidong) Offshore Co. Ltd

Ezion Holdings Limited

Swiber Holdings Limited and Swiber Offshore Construction Pte Ltd

Tendcare Medical Group Holdings Pte Ltd

Swissco Group

Nam Cheong Limited

Coastal Oil Singapore Pte Ltd

REXLot Holdings Limited

Eagle Hospitality REIT

Work highlights

  • Acting for interim judicial managers, judicial managers, and liquidators, of the S.A.M. Trade group of companies who have been investigated for irregular trading activities involving multiple global stakeholders.
  • Acted for Mr I Gyeong Ho in his capacity as the Administrator of Jisung Shipping Co., Ltd., Mabong Co., Ltd. and Jisung Energy Co. Ltd. in obtaining recognition of Korean Rehabilitation Plans in Singapore under the UNCITRAL Model Law.
  • Advised Shanghai Huaxin Group (Hong Kong) Limited on its US$14.5 billion liquidation.

WongPartnership LLP

The ‘powerhouse restructuring practice’ at WongPartnership LLP has demonstrable experience across the full gamut of restructuring and insolvency mandates, with additional expertise in the representation of debtors and special situation investors. Key work highlights include the liquidation of Three Arrows Capital, the restructuring of Pacific International Lines, in addition to advisory matters for the judicial managers of Xihe Holdings. ‘Brilliant strategists’ Manoj Pillay Sandrasegara and Smitha Menon, who are praised for their ‘tremendous intellect’, jointly lead team. Other key contacts in the group include Joel Chng, whose ‘analytical ability and years of experience enable him to provide thoughtful, thorough, and practical legal advice’, ‘generational talentStephanie Yeo and ‘standout partnerClayton Chong.

Practice head(s):

Manoj Sandrasegara; Smitha Menon

Other key lawyers:

Alvin Chia; Stephanie Yeo; Lionel Leo; Tan Kai Yun; Joel Chng; Clayton Chong


‘No doubt the best in the business. No other firm in Singapore can handle matters with their rarest combination of commercial nous, technical excellence and panache.’

‘Smitha Menon is a first-class restructuring lawyer. She is hardworking, collaborative and creative.’

‘The team has demonstrated a deep and strong understanding of the restructuring and insolvency law in Singapore. The team is very professional, knowledgeable and prompt in providing legal advice.’

‘Clayton Chong is a standout partner, with market leading knowledge and a very pleasant personality.’

‘Joel Chng is an outstanding lawyer. His analytical ability and years of experience enable him to provide thoughtful, thorough, and practical legal advice.’

‘This is a powerhouse restructuring practice. Technical expertise with commercial savvy. Deep bench of talent.

‘Manoj Sandrasegara and Smitha Menon are both brilliant strategists; always looking to push the envelope on what is possible in a restructuring. Tremendous intellect.’

‘Stephanie Yeo is a generational talent in the restructuring arena in Singapore. A sharp mind capable of digesting the legal concepts as well as the numbers that go with restructuring, she has a unique ability to blend technical expertise with commercial realities.’

Key clients

Pacific International Lines (Private) Limited

Grant Thornton

Ernst & Young

PricewaterhouseCoopers Consulting (S) Pte. Ltd

Teneo Advisory


DBS Bank

Oversea-Chinese Banking Corporation (OCBC Bank)

Deloitte & Touche

FTI Consulting Singapore

Work highlights

  • Advised the joint liquidators of Three Arrows Capital Limited, Teneo Advisory, in the liquidation of the US$10 billion cryptocurrency hedge fund that went bankrupt, in various proceedings and applications, including successfully obtaining provisional relief and recognition of the BVI liquidation proceedings as foreign main proceedings in Singapore.
  • Advised Pacific International Lines Private Limited in the restructuring of the approximately US$3.3 billion in aggregate of debts and liabilities of the shipping group via a consensual debt re-profiling exercise in Singapore.
  • Advising the judicial managers of Xihe Holdings, Grant Thornton Singapore LLP, and over 40 of its subsidiaries, which are laden with debt and claims as against its assets in excess of S$1 billion.

BlackOak LLC

BlackOak LLC makes a strong impression in the restructuring and insolvency arena, with considerable expertise in distressed and special situations, a core area of the boutique firm’s practice. The ‘talented, hardworking, commercial and thoughtful’ team acts on both sides of mandates, advising a range of clients including professionals, debtors, creditors, funds and white knights, handling multi-jurisdictional bankruptcies, restructurings and liquidation proceedings. The practice is prominent throughout South Asia, with recent mandates in Indonesia and Malaysia, as well as partnerships in India. The team is led by ‘grandmasterAshok Kumar, who has ‘a wealth of knowledge and advocacy experience’, Darius Tay, who is praised as a ‘true star in restructuring and insolvency’, and associate director Derrick Teo.

Practice head(s):

Ashok Kumar; Darius Tay; Derrick Teo


‘It is unique as the firm is a true restructuring and insolvency specialist and has always been since its inception. They are talented, hardworking, commercial and thoughtful legal counsel and my go-to choice for local law support in Singapore.’

‘You can disagree and discuss with the BlackOak team, and they will remain open-minded to other points of view, they do not take such things personally and also have client service at the heart of their firm.’

‘Practical solutions and excellent client service.’

Key clients

Sullivan & Cromwell LLP

Yang Kee Logistiscs Pte Ltd

SC Lowy

Century Sunshine Group Holdings

Mayer Brown International LLP

Kirkland & Ellis LLP


Bank of Nova Scotia

Argentem Creek Partners LLP

CarVal Investors

Ernst & Young

Alvarez & Marsal


Värde Partners Inc.

The Riverbed Group

Linklaters LLP

SPGK Pte Ltd

Kreuz Subsea Group Pte Ltd

Liquidators of Midas Holdings Limited

3AC QCP Deribit SPV Pte. Ltd.

Eqonex Limited

Nam Cheong Limited

Work highlights

  • Advising FTX on its Chapter 11 proceedings in connection with Singapore.
  • Advising the Informal Steering Committee of bank creditors in relation to PT. Pan Brothers Tbk.
  • Advising Eqonex Limited on its restructuring in connection with Singapore.

Dentons Rodyk

Dentons Rodyk assists a broad range of creditors, debtors, receivers and liquidators on contentious and non-contentious matters, including debt restructurings, bankruptcies, insolvencies and surrounding disputes. Ajinderpal Singh, who regularly acts for liquidators, receivers, judicial managers and trustees, jointly leads the team alongside Kia Jeng Koh, who advises on restructurings, recovery and enforcement mandates, with additional expertise in construction-related mandates. Debby Lim is ‘exceptionally knowledgeable’ in the field of insolvency-related litigation and is another key contact in the group.

Practice head(s):

Ajinderpal Singh; Kia Jeng Koh

Other key lawyers:

Debby Lim; Siang Pheng Lek; Herman Jeremiah; Mark Seah; Valerie Ong


‘Dentons have the right experts in different fields of expertise.’

‘Debby Lim is exceptionally knowledgeable in the restructuring and insolvency field and is able to advise and provide customised solutions to companies in distress.’

‘Kia Jeng Koh is well-versed in the field of construction insolvency matters.’

Key clients

Perpetual (Asia) Limited

Pacific Radiance Ltd

Adrian Chan, Saw Meng Tee

FinLync Private Limited

Bank of China Limited, Shenzhen Branch

Kovan Treasures Pte Ltd

UHP Holdings Pte Ltd

Grant Thornton Singapore Ltd

JK Medora & Co LLP

L&M Foundation Specialist Pte Ltd

Work highlights

  • Acting for Perpetual (Asia) Limited, the Trustee for the holders of the Perpetual Securities.
  • Acted for SGX-listed Pacific Radiance Ltd in its consensual debt restructuring with the ENAV Offshore Mexico S de RL de CV group which involved inter alia the disposal of 33 vessels to ENAV in exchange for consensual discharge of US$200 million secured indebtedness.
  • Advising and acting for the independent directors of three special purpose vehicles owned by the main shareholders of Hin Leong Trading (Pte) Ltd Singapore, which was previously placed under judicial management for the purposes of a debt restructuring of its liabilities in excess of USD 4 billion.

Morgan Lewis Stamford LLC

Morgan Lewis Stamford LLC’s team is proficient in corporate debt restructurings, alongside other contentious mandates, with additional expertise in special situations matters, ranging from rescue financings, workouts and distressed transactions to white knight situations. The team primarily represents creditors in court proceedings, including secured and unsecured creditors, subordinated creditors, equity sponsors, executory contract counter-parties and official creditors’ committees. The practice's expertise in the aviation and shipping sectors was further bolstered by the arrival of James Bradley from K&L Gates Straits Law LLC in October 2022. Corporate finance partner Bernard Lui and Wendy Tan jointly lead the team.

Practice head(s):

Bernard Lui; Wendy Tan

Other key lawyers:

James Bradley

Key clients

Malaysian Airlines Berhad

Rolls-Royce & Partners Finance

PetroChina International (Singapore)

Avation plc

Avenue Capital

Yongnam Holdings Limited

Eight Devonshire Capital Management Pte Ltd

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

Charisma Energy Services Limited

Hiap Seng Engineering Ltd

Vallianz Holdings Limited

No Signboard Holdings Limited, NSB Restaurants Pte Ltd, and NSB Hotpot Pte Ltd

Work highlights

  • Acting for the Zipmex Group in recovery proceedings of its debt owed by the Babel Finance Group in its ongoing restructuring efforts.
  • Advising the No Signboard Group on its group restructuring in Singapore.
  • Advising PetroChina on various issues arising out of the high-profile collapse of Hin Leong Trading (Hin Leong) and its shipping arm OTPL, which operates a fleet of FSU and tankers, as well as its ship-owning arm, the Xihe Holdings and Xihe Capital group of companies.

Shook Lin & Bok LLP

Shook Lin & Bok LLP’s well-established practice advises on the full range of matters, from distressed M&A, divestment of assets and debt restructurings to liquidations, bankruptcies, receiverships, judicial management and schemes of arrangement. Noted for its cross-border capability, the multi-disciplinary team has demonstrable experience advising lenders and creditors, and is well-placed to draw on the expertise of other departments in the firm. Highly-regarded Sarjit Singh Gill, SC jointly leads the team alongside David Chan, who stands out for his experience in domestic and cross-border insolvencies. ‘Fantastic operatorDaniel Tan is another key contact in the group.

Practice head(s):

Sarjit Singh Gill, SC; David Chan

Other key lawyers:

Daniel Tan; Ng Yeow Khoon


‘Quick turnaround times and able to provide sound advice.’

‘Daniel Tan’s acumen facilitates a smooth and understandable journey for international financial institutions and multinationals, concurrently managing expectations and delivering welcome results.’

‘A well-coordinated team with a great sense of commercial imperatives that drive clients. Collaborate well with foreign counsel on large cross-border work.’

‘Daniel Tan is a fantastic operator and thinks outside the box.’

‘The Shook Lin & Bok team was able to get up to speed very quickly on a complex cross-border matter, so collaboration with them has been seamless. They are also very responsive.’

‘Shook Lin & Bok is a well-regarded R&I team. They have strong bench strength with a good mix of experienced lawyers and up and comers.’

‘Offers sound and strategic advice, as well as being commercially minded.’

‘Daniel Tan is exceptionally good at what he does ; he is always responsive and provides practical and workable advice.’

Key clients

Hongkong and Shanghai Banking Corporation Limited

Oversea-Chinese Banking Corporation Limited

Gulf Petrochem FZC / GP Global






FTI Consulting

Industrial Bank of Korea

Work highlights

  • Acting for the liquidators of the Envy Companies in the Suit brought against the former directors and/or representatives of the Envy Companies to recover unauthorised/fraudulent transactions made out of investors’ funds.
  • Advising the joint and bankruptcy trustees of Ng Yu Zhi, KPMG and Reliance Audit, on all aspects of the bankruptcy, following the bankruptcy order obtained by liquidators of the Envy Companies.
  • Acting for the Hong Kong and Shanghai Banking Corporation, the single largest creditor of Hin Leong Trading, in the collapse of the Hin Leong group of companies.

Harry Elias Partnership

Harry Elias Partnership advises on corporate insolvency mandates, with clients including a wide range of companies, creditors, liquidators and judicial managers, among others. The team has a strong track record in handling non-contentious and contentious matters, boasting considerable expertise in the banking, construction and real estate sectors. Recently, the team has increasingly acted for creditors and landlords in sizeable restructurings and liquidation-related disputes. Practice leader Justin Chia was recently appointed to the Panel of Assessors for Covid-19 Temporary Relief. Tan Chau Yee is another key contact in the group.

Practice head(s):

Justin Chia

Other key lawyers:

Tan Chau Yee

Key clients

United Overseas Bank Limited

The Hongkong and Shanghai Banking Corporation Limited

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)

DKSH Singapore Pte Ltd

Com3 Singapore Pte Ltd

Work highlights

  • Acting for Ascendas REIT Trust in its claims for over SGD 107 million against the Hyflux Group, for its premature termination of long-term leases over two buildings.
  • Acting for First Abu Dhabi Bank PJSC Singapore Branch, in its claim for over USD 20 million against the Agritrade International (Pte) Ltd for trade financing.
  • Advised clients on the enforcement of its securities, which included a mortgage over a JTC purpose built industrial building, as well as an application by the TEE Group of Companies for moratoria under Sections 64 and 64 of the Insolvency, Restructuring and Dissolution Act.

Providence Law Asia LLC

Acting for both creditors and debtors, Providence Law Asia LLC advises on corporate insolvencies, restructurings and domestic and cross-border bankruptcy mandates. Praised for its ‘strong technical knowledge’, the team regularly handles matters arising out of the financial services, energy and shipping sectors, and regularly acts for insolvency professionals in their capacity as liquidators, judicial managers, financial advisers, restructuring officers, receivers and private trustees. Abraham Vergis SC and Kenny Lau jointly lead the team.

Practice head(s):

Abraham Vergis SC; Kenny Lau

Other key lawyers:

Alston Yeong; Daniel Huang


‘Strong technical knowledge.’

Key clients

PDV Marina

BlackRock, Aress SSG and Madison Pacific Trust Limited

PricewaterhouseCoopers, GTP Advisory PAC, Hin Leong Trading (Pte) Ltd

Judicial Manager of Golden Mountain Pte. Ltd.

DRB Panama Inc

BVI liquidators

Monica Kochhar

Liquidators of Inter-Pacific Petroleum Pte Ltd

Agritrade Resources Limited

Malayan Banking Berhad

Maybank International Labuan Branch

The Working Capitol Group

Work highlights

  • Advised PDV Marina S.A., a subsidiary of the national oil company of Venezuela, PDV SA.
  • Acting for several Liquidators of Hin Leong Trading (Pte) Ltd from Pricewaterhousecoopers and GTP Advisory PAC in the liquidation of HLT.
  • Acting for and advising BlackRock and Ares SSG in respect of a US$50 million loan facility given to Take Solutions Singapore (a majority shareholder of the Indian List Co, Take Solutions India).

Tan Kok Quan Partnership

Counting commercial and investment banks, accounting firms and corporate enterprises among its key roster of clients, Tan Kok Quan Partnership handles a range of distressed cases, as demonstrated by its advice on the restructuring, judicial management and subsequent liquidation of Hyflux Group. Eddee Ng leads the team and has demonstrable experience in the restructuring and insolvency of distressed companies, including related investigations. Other key contacts in the group include Paul Seah and Keith Tnee.

Practice head(s):

Eddee Ng

Other key lawyers:

Paul Seah; Keith Tnee

TSMP Law Corporation

Noted for its expertise in restructurings, insolvencies, liquidations, enforcements and turnarounds, TSMP Law Corporation regularly acts for a blend of domestic and international corporate clients, including accounting firms and financial groups. Led by one of the firm's founding partners, Thio Shen Yi SC, the practice is recognised for its capability in insolvency litigation, as well as advising on creditor rights matters. Other key contacts include Kelvin Koh and Felicia Tan.

Practice head(s):

Thio Shen Yi SC

Other key lawyers:

Kelvin Koh; Felicia Tan


‘Strong local expertise.’

‘Thio Shen Yi SC provides strategic inputs to restructuring cases. This is helpful in securing the outcome desired from the restructuring.’

‘The firm houses a good team of quality lawyers.’

Key clients


AlmaStone Opportunities I Limited

Judicial Managers of Nan Chiau Maritime (Pte.) Ltd. (in liquidation)

Hontop Energy (Singapore) Pte Ltd

Wanda Holding Group Co Ltd

Skomer Investments Designated Activity Company


UOB Bank Ltd and Hong Leong Finance

Dr Goh Jin Hian

Deloitte & Touche LLP

Xihe Holdings (Pte) Ltd

Shanghai Yinjun Industry

CNOOC Trading (Singapore) Pte Ltd

Allen Law Ching Hung

Park Hotel Group Management Pte Ltd

Good Movement Holdings Limited

SG Inst of Hospitality Pte Ltd

Providence SOFG2 Limited

Riviera Holdings Co., Ltd.

Work highlights

  • Defending auditors KPMG against claims of audit negligence between 2011 and 2018 in the billion-dollar restructuring of Hyflux by the liquidators of the Group of Companies Kroll.
  • Acting for one of the creditors in the US$624.5 million restructuring of Antanium Resources (formerly known as Rhodium Resources).
  • Advising Skomer as a top 8 creditor (in value), being owed US$250 million, in the US$3.85 billion Hin Leong Trading (Pte.) Ltd insolvency.

Virtus Law LLP

Boasting considerable experience in the transport, shipping and offshore sectors, Virtus Law LLP is well-placed to draw on the firm’s finance, transactional and litigation strengths to advise on a broad range of restructuring and refinancing matters. Other key areas of expertise include Chapter 11 insolvencies, enforcement cases, workouts and pre-pack schemes. Daryll Ng and Lauren Tang, who have demonstrable experience in maritime restructurings, jointly leads the team alongside Jason Yang, who acts for banking clients and other creditors on mandates concerning asset recovery, restructuring and enforcement strategy.

Practice head(s):

Daryll Ng; Lauren Tang; Jason Yang


‘Lauren Tang is well-versed in schemes. She has good technical skills and is easy to work with.’

Key clients

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

Volatility Token Master Fund

BNP Paribas

Berge Bulk Shipping and other major creditors

Totally Awesome

Work highlights

  • Successfully advised the iflix group on 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.
  • Acted for and advised Volatility Token Master Fund in relation to a Simple Agreement for Future Token dispute with EFC Foundation Ltd.
  • Advising BNP Paribas, the financiers in claims against a defaulting borrower and enforcement against security.

Withers KhattarWong LLP

With a strong focus on private investments and financings, Withers KhattarWong LLP acts for private investors in the investment, acquisition and financing of distressed assets and companies in the region, including Singapore, Malaysia and Indonesia. Other key areas of expertise include debt restructurings, as well as enforcement and workout mandates. Justin Yip leads the team and advises on debt restructurings, corporate rescues and special situation transactions. Other key contacts in the group include Erlene Tan and Zhen Yu Lam.

Practice head(s):

Justin Yip

Other key lawyers:

Erlene Tan; Lam Zhen Yu


‘Justin Yip and Lam Zhen Yu are approachable and technically sound.’

Key clients

Yaw Chee Siew, former chief executive of Otto Marine (in liquidation)

KPMG (as liquidators of ZenRock Commodities Trading Pte Ltd)

Blue Ocean Resources Pte Ltd

FTI Consulting

United Overseas Bank Limited

UOB Kay Hian Credit Pte Ltd

The Hongkong and Shanghai Banking Corporation Limited

ESR-LOGOS REIT (including its sub-trust VIVA Trust)

AGV Group Limited

Luxasia Pte Ltd

Work highlights

  • Acting for Mr. Yaw Chee Siew, a high net-worth individual, in a personal debt restructuring exercise supervised by the Singapore Courts which commenced in December 2020.
  • Acting for the liquidators (from KPMG) in all aspects of the attempted restructuring and subsequent insolvency of ZenRock.
  • Acted as transaction counsel for the scheme company, BOR, in the successful restructuring of its over US$162 million guaranteed senior secured notes due 2021 issued by BOR and guaranteed by CPRO and certain of its subsidiaries by way of a scheme of arrangement in Singapore.