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ARTICLE · 16 SEPTEMBER 2016

Recognition Of Foreign Liquidators In Singapore

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The Singapore High Court had, in a recent landmark decision, addressed the issue of the recognition of a foreign liquidator from a jurisdiction other than the place of incorporation...

SingaporeInsolvency/Bankruptcy/Re-Structuring
Ng Yeow Khoon
Ng Yeow Khoon
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Using a company's 'centre of main interest' as a basis

The Singapore High Court had, in a recent landmark decision, addressed the issue of the recognition of a foreign liquidator from a jurisdiction other than the place of incorporation of the wound up company. In particular, the Court approved the use of a company's 'centre of main interest' (COMI) as a basis for the recognition of the foreign liquidator in Singapore.

The Case in point In Re Opti-Medix Ltd (in liquidation) and another matter [2016] SGHC 108, ex parte applications were made to the Singapore Court by a foreign liquidator (the Applicant) who was appointed by the Tokyo District Court as the Bankruptcy Trustee for two companies, namely Medical Trend Limited (MTL) and Opti-Medix Limited (OPL), which were incorporated in the British Virgin Islands. The foreign liquidator's application to exercise his powers under the Japanese bankruptcy orders to ascertain, administer and dispose of the Companies' assets

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