Client Update Article: “SINGAPORE COURT OF APPEAL LIFTS AUTOMATIC STAY IN RECOGNITION APPLICATION UNDER SINGAPORE’S UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY”

In Ascentra Holdings, Inc (in official liquidation) [2023] 2 SLR 421, the Court of Appeal allowed the recognition of a solvent court-supervised voluntary liquidation as a foreign main proceeding under the Model Law. As the debtor company is solvent, the Court of Appeal subsequently decided to terminate the automatic stay which arises upon recognition of a foreign main proceeding under the Model Law in Ascentra Holdings, Inc (in official liquidation) [2024] SGCA 2. This case summary authored by our Senior Associate Samuel Loh and Associate Stanley Tan discusses the latter decision of the Court of Appeal and the circumstances when the automatic stay may be terminated. BlackOak LLC acted for the successful Respondent in obtaining the termination of the automatic stay.

Read the article here.

For queries on the article please contact: Samuel Loh

If you would like any information or assistance on any restructuring and insolvency matters, please contact the Director at BlackOak whom you normally work with, or submit your inquiries here.