In Re PT MNC Investama TBK [2020] SGHC 149, the Singapore High Court provided guidance as to what is sufficient for a foreign company to establish standing to avail itself to the Singapore restructuring regime. Specifically, the factors expressed in the “substantial connection” test under the IRDA1are non-exhaustive and courts will consider other factors involving “some permanence” to permit foreign companies to restructure in Singapore.
Establishing a “substantial connection”
The IRDA requires a foreign company to show a “substantial connection” with Singapore in order to be eligible to seek moratorium protection in respect of a scheme of arrangement. In relation to substantial connection, the IRDA sets out matters the court may rely …
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