Restructuring & Insolvency
From the dot com bubble to the global financial crisis to the crypto winter. Formidable experience in contentious insolvency and multi-jurisdiction distress situations.
Overview
An Introduction to Restructuring & Insolvency.
We specialise in contentious cross-border insolvency and restructuring work. Our lawyers have acted for debtors, liquidators and creditors in multi-jurisdictional headline insolvencies both under Singapore’s insolvency and restructuring regime and under foreign regimes such as US Chapter 11 proceedings. These include, within the finance and investment funds space, acting for debtors in the Eagle Hospitality REIT restructuring, acting for the liquidators of 45 Lehman entities across Asia (ex-Japan), MF Global Singapore, and BSI Bank; and in the commodities space, acting for the liquidators of Dynamic Oil Trading (of the OW Bunker Group), one of the most high-profile insolvencies in Singapore’s shipping industry.
Our lawyers have also advised on the insolvencies of distressed digital assets businesses, including acting for the liquidators of Torque Group, a major cryptocurrency investment e-platform which collapsed upon misappropriation of cryptocurrencies valued at over $300 million, and in the restructuring of a major Singapore-headquartered cryptocurrency exchange and lending platform.
Our Representative Experience
Acted for the Eagle Hospitality REIT Group, a REIT listed on the Singapore Stock Exchange, in the restructuring over $500 million of debt, and related investigations and proceedings.
Acting as Singapore counsel to GATE and UTAC Group in relation to the successful restructuring of its $1.1 billion notes and related Chapter 11 proceedings, following upon a dispute with bondholders before the New York Courts.
Advising the liquidators of Phoenix Pte Ltd in relation to the collapse of the Phoenix Commodities group, after amassing more than $400 million in losses, including recovery actions in multiple jurisdictions in Africa and South Asia.
Acted for the liquidators of Torque Group, a major cryptocurrency investment e-platform, which collapsed upon misappropriation of cryptocurrencies valued at over $300 million.
Acted for the liquidators of a gold and asset trading group in investigations and claims of misappropriation of over $1 billion worth of gold bullion dispersed through over an extensive network of companies in the UAE, UK, and Singapore.
Advised on the restructuring of a prominent Singapore-based cryptocurrency exchange and lending platform, with over $500 million of digital assets.
Acted as Singapore counsel for the liquidators of Cryptopia Ltd (in liquidation), a New Zealand-based cryptocurrency exchange which collapsed following a major hacking incident.
Acted for a HKEX holding company, which owns and operates a prominent chain of dermatology aesthetics across mainland China, Hong Kong and Singapore, in relation to the restructuring of their Singapore subsidiaries.
Acted for the liquidators of Dynamic Oil Trading (Singapore) Pte Ltd in one of the most high-profile insolvencies in the shipping industry in Singapore in recent times, as part of the global collapse of the OW Bunker group.
Acted for the liquidators of MF Global Singapore, the most high-profile insolvency in the financial industry of Singapore since Lehman Brothers involving thousands of MF Global customers and in efforts to recover customers’ proprietary funds of over $400 million in Singapore and other jurisdictions, including in landmark proceedings before the Singapore Courts for the sanction of an interim distribution of over $350 million of customers’ funds, and for the determination of complex issues relating to the treatment of customers’ claims for profits arising from leveraged foreign exchange and bullion transactions under Singapore’s regulatory framework.
Acted for the liquidators various Lehman Brothers Singapore entities, including in Nomura’s acquisition of Lehman’s franchises and in the distressed sale of assets and the migration of approximately 3,000 employees in multiple locations across the Asia-Pacific region under a very tight time frame following the collapse of Lehman Brothers in September 2008.
*The representative cases above include matters which our lawyers worked on in other firms prior to Setia Law LLC.
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