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ARTICLE · 14 JULY 2020

Receivable Finance – Conflicting Trade Documents, Set-Off & Other Pitfalls

Shook Lin & Bok
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CIMB Bank Berhad ("Bank") provided banking facilities to Panoil Petroleum Pte Ltd ("Panoil") which were secured by a deed of debenture ("the Debenture") executed by Panoil.

SingaporeFinance and Banking
Liew Kai Zee
Liew Kai Zee
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Receivable Finance – Conflicting Trade Documents, Set-Off & Other Pitfalls

CIMB Bank Bhd v World Fuel Services (Singapore) Pte Ltd [2020] SGHC 117

The Singapore High Court ("the Court") ruled on issues relating to the authenticity and admissibility of the debenture in court, coverage of the debenture as well as conflicting trade documents and set-off issues affecting receivable financing.

Facts

CIMB Bank Berhad ("Bank") provided banking facilities to Panoil Petroleum Pte Ltd ("Panoil") which were secured by a deed of debenture ("the Debenture") executed by Panoil. Pursuant to the Debenture, Panoil assigned to CIMB all its rights against World Fuel Services (Singapore) Pte Ltd ("WFS") in relation to certain trading transactions. The Bank issued a notice of assignment to WFS, and subsequently sought to exercise its rights as legal assignee under the Debenture against WFS.

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