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ARTICLE · 07 APRIL 2021

Receivables Financing – 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") secured by a deed of debenture ("Debenture"). Pursuant to the Debenture, Panoil assigned to the Bank...

SingaporeFinance and Banking
Liew Kai Zee
Liew Kai Zee
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CIMB Bank Bhd v World Fuel Services (Singapore) Pte Ltd [2021] SGCA 19

The Singapore Court of Appeal ruled on issues relating to the authenticity and admissibility of a debenture as well as conflicting trade documents and set-off issues affecting receivables financing.

Facts

CIMB Bank Berhad ("Bank") provided banking facilities to Panoil Petroleum Pte Ltd ("Panoil") secured by a deed of debenture ("Debenture"). Pursuant to the Debenture, Panoil assigned to the Bank all its rights against World Fuel Services (Singapore) Pte Ltd ("WFS") in relation to certain marine fuel transactions ("Transactions"). When Panoil faced financial difficulties, the Bank issued a notice of assignment to WFS and exercised its rights under the Debenture as the legal assignee.

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