UK court recognizes Singapore law for debt restructuring – Vantage Asia

The High Court of England and Wales has recognized Singapores new moratorium law for companies unable to pay their creditors. The ruling is positive for debt workouts across different jurisdictions and a boost to the city-states ambition to become Asias debt restructuring hub.

Rajah & Tann Singapore and the London office of US law firm Lord Locke said the High Court of Justice Business and Property Court of England and Wales had on 25 March 2019 recognized the moratorium relief granted by the Singaporean court to their client H&C S Holdings under section 211B(1) of the Companies Act as foreign main proceedings under the UNICITRAL Model Law.

This is the first time a court outside Singapore has recognized section 211B of the Companies Act, w…

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