The Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed) allows companies intending to propose a scheme of arrangement to apply to court for a moratorium, during which proceedings against the company would be restrained so as to allow breathing room for its restructuring efforts. In Re All Measure Technology (S) Pte Ltd (RHB Bank Bhd, non-party) [2023] SGHC 148, the Singapore High Court set out the applicable principles regarding the granting of a moratorium, including the procedural and substantive requirements.
The Court here dismissed an application for a moratorium, finding that the applicant had not complied with both the procedural and substantive requirements. Sim Kwan Kiat, Walter Yeo and Timothy Ang from Rajah & Tann Singapore LLP represented two of the opposing creditors in this application. Walter Yeo successfully argued the case for the main opposing creditor.
For more information, click here to read the full Legal Update.
