The central question in the case of Re Opti-Medix Ltd
(in liquidation) and another matter [2016] SGHC 108
(Opti-Medix) was whether insolvency proceedings in a jurisdiction
other than the place of incorporation could be recognised by the
Singapore court.
Ex parte applications were made for (a) the recognition
of foreign insolvency proceedings and (b) the appointment of a
foreign bankruptcy trustee, in respect of two companies (the
Companies).
Aedit Abdullah JC (the Judge) granted the orders sought.
Background facts
The Companies were incorporated in
the British Virgin Islands.
The Companies' main business
concerned the factoring of receivables from medical institutions in
Japan.
The factoring was funded by the issue
of non-recourse notes, which were governed by Singapore law. The
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8 May 2018, Speaking Engagement, Singapore, Singapore
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