Creditors and anyone seeking recognition of foreign insolvency
proceedings in Singapore should consider how the presence of an
injunction or an adverse court order may affect the chances of
successful recognition.
The recent Singapore High Court decision of Re: Zetta Jet
Pte Ltd and others [2018] SGHC 16 sheds light on the matter.
There, the Court declined to grant full recognition to a trustee of
a US insolvency proceeding on public policy grounds, having found
that the trustee was appointed in breach of a Singapore injunction
order. However, in an effort to reach an equitable arrangement, the
Court exercised its discretion to grant limited recognition for the
purposes of setting aside or appealing the Singapore
injunction.
Re: Zetta Jet is Singapore's first decision dealing
with the recognition of foreign insolvency proceedings under the
UNCITRAL Model Law on Cross-Border Insolvency (Model Law), since it
was implemented with
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8 May 2018, Speaking Engagement, Singapore, Singapore
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