But that is perhaps a matter to be considered by the Legislature. It is interesting to see financial institutions in Singapore applying for or supporting placing the borrower company into judicial management. To complete the series, I now feature the top five restructuring and insolvency cases in Malaysia for 2019. Beleaguered Singapore-based water treatment firm Hyflux has reportedly been placed under judicial management order on Monday (16 November). Hi Lee Shih, Kindly provide the link to your comment on the decision of case 3 – Perwaja Steel. Earlier, I covered the top five Malaysian company law cases for 2019. Geraldine Goon examines the first reported decision in Malaysia on judicial management. She graduated from the University of Cambridge. Sections 392(6) and (7) of the CA 2016 essentially states that a receiver can make a request to the supplier for continued supply of. This Act was a specific piece of legislation and with a social purpose. Hin Leong under interim judicial management. The case decided that when applying for a restraining order under a scheme of arrangement, the applicant must meet all the statutory pre-conditions even at the initial application stage. In light of the above, OCBC claimed it had lost confidence in the management of KSE and KSD. Here is the link as well: https://themalaysianlawyer.com/2019/08/19/case-update-priority-of-wages-under-the-employment-act-over-debenture-holder-debts/. Singapore-based commodity trader Agritrade International Pte Ltd, which has $1.55 billion due to creditors, has been placed under interim judicial … Sorry, your blog cannot share posts by email. Second, this immediate danger to the assets or business of a company could be through fraud or abandonment of the company by the management of the company. The condominium purchasers had earlier filed legal actions to claim for liquidated damages against the company. In 2019, we saw further developments interpreting the insolvency-related provisions of the Companies Act 2016 (CA 2016). Judicial management orders were granted ex parte for two related companies, Leadmont Development Sdn Bhd (“Leadmont”) and its subsidiary Sierra Delima Sdn Bhd (“Sierra Delima”). Name) Andrew Grimmett Designation Interim Judicial Manager Description (Please provide a detailed description of the event in the box below) Please … (Court of Appeal Order dated 16 April 2019), Judges: Vernon Ong JCA, Zabariah Mohd Yusof JCA, and Yew Jen Kie JCA. The Court then turned to consider the applicable principles. Where a JM order seems highly probable, then any refusal for an order for an IJM would just be postponing the inevitable and putting the company’s assets at further risk in the meantime. Interim management is the temporary provision of management resources and skills. OCBC alleged that KSE Group continued to suffer heavy financial losses. Between 2016 to 2019, KSE suffered financial difficulties. This case relates to the law on schemes of arrangement and the grant of a restraining order. approve the costs of the interim judicial management and judicial management (including legal costs) Any other business. The Malaysian High Court recently delivered the very first grounds of judgement in relation to judicial management in Leadmont Development Sdn Bhd v Infra Segi Sdn Bhd & Another Case [2018] 10 CLJ 412.The provisions on judicial management which were introduced in Malaysia under the Companies … the overriding discretion of the Court to make a judicial management order if public interest requires it and, if appropriate, to appoint an interim judicial manager; and The interim judicial manager is appointed by filing either a shareholder’s resolution or board resolution for the appointment, and lodging statutory declarations with the Official Receiver and ACRA stating the interim judicial manager’s consent to be appointed as such, and that the company intends to undergo judicial management. Hin Leong owes $3.8 billion to 23 banks. Post was not sent - check your email addresses! SINGAPORE (Aug 14): Xihe Holdings (Pte) Ltd, a ship owner linked to troubled Singapore oil trader Hin Leong and its founder's family, has been placed under interim judicial management, The Business Times reported today.A Singapore High Court appointed Grant Thornton Singapore as supervisor of Xihe during a chambers hearing yesterday, according to the newspaper. Gas District Cooling (GDC) is the supplier of chilled water for all air conditioning systems in Putrajaya. Upon the appointment of a judicial manager or an interim judicial manager, the directors would largely have no more powers of management. He resigned from his position as Chairman and CEO and was replaced by his son. The total proceeds from the sale would be insufficient to satisfy the debts of the debenture holders-financial institutions. An article reviewing Judicial Management in Malaysia. First, the Court of Appeal decided that once the judicial management application is dismissed, there cannot be such a stay order to revive the moratorium effect. He noted that the statutory provisions contain no express guidance as to the circumstances in which an IJM should be ordered. The supplier may make it a condition of giving supply that the receiver personally guarantees payment of any charges after the receiver’s appointment. The applicant is to disclose to the Court the creditors’ views. First, the company’s application in the first Court proceedings for leave to convene the scheme creditors’ meeting and for the restraining order ought to have been served on the relevant creditors. Second, the Court of Appeal made other comments generally when the Court hears a judicial management application. Published. After the filing of a judicial management application, the applicant may also apply to appoint an IJM over the company. SPH Interactive holds 60% of SSTG’s shares, whilst the remaining shares are held by Samuel Cranage Baker and Jeremy Lee Chuen Yang, who each hold 20%. There is a similar provision under section 414(7) of the CA 2016 that also allows a judicial manager to utilise such a similar mechanism. ST PHOTO: DESMOND WEE. This destroys value. PwC executives have up to eight weeks to file a preliminary report to creditors after reportedly being appointed interim judicial managers at Hin Leong Trading. Hin Leong and Ocean Tankers initially sought a six-month moratorium on debts of more than USD3.6 billion to 23 banks. In a full-day remote court hearing attended by lawyers for six banks and an unsecured trade creditor, ZenRock had contested HSBC's application for interim judicial managers from KPMG Services to be appointed, pending the making of a judicial management order. This allows the same Court and the same Judge to have a holistic supervisory function over the entire scheme of arrangement process. Singapore — Singapore oil trader Hin Leong Trading's restructuring or rehabilitation will only be viable if it is clubbed with other group companies under the Lim Family, including Ocean Tankers and Universal Terminal, the family's personal assets and their willingness to divest ownership, court-appointed interim judicial managers, or IJMs, said in a filing seen by S&P Global Platts. The court allows the interim stay until the date of the hearing of leave only, which has been fixed for December 21 at 10am,” she said in her ruling via email. The Court of Appeal granted the declarations sought by the receiver and manager to essentially compel GDC to continue supply of chilled water. Fourth, the Court also drew a comparison and analogy with the appointment of provisional liquidators (now known as interim liquidators under Malaysia law). (Bernama pic) KUALA LUMPUR: The High Court here has allowed an interim … This was where there was an interim order for administration. Lee Shih and Huey Lynn write about the Singapore decision on the appointment of interim judicial managers. (Perwaja Steel Sdn Bhd v RHB Bank Berhad & 789 Others … HAMMERED by a US$4 billion debt pile and an ongoing probe by Singapore's white-collar crime buster, the city-state's largest oil trader Hin Leong Trading (HLT) was granted interim judicial management on Monday by the High Court. This was an abuse of process and the Court of Appeal set aside the ex parte Orders. To entitle creditors to vote at the meeting, creditors must lodge their proxy and proof with the Judicial Managers no later than 4.00 pm on Wednesday (4 November) if they have not done so already. The leave question is whether an Order made pursuant to an ex parte application under sections 366 and 368 of the CA 2016 subsequently served on the creditors is an abuse of Court process which renders the entire court sanctioned scheme liable to be set aside. RAE WEE raewee@sph.com.sg @RaeWeeBT. Without a supply of essential utilities, a company in receivership would not be able to continue business and would shut down. The fresh Originating Summons would likely be assigned to a second Court. The upshot of this decision is that employees’ interests, and the calculation set out in section 31 of the Employment Act, are given priority. Further details of Zenrock’s IJM and imminent JM are available at straitstimes.com. In this case however, the Court held that any refusal of an order for IJM would merely be postponing the inevitable outcome, whilst putting the companies’ assets at risk of further deterioration. (Barakah Offshore Petroleum Berhad & Anor v Mersing Construction & Engineering Sdn Bhd & 3 Ors [2019] 3 AMR 673; [2019] MLJU 338, HC). An application for the full-fledged JM is scheduled to be heard on 21 May 2020. Hyflux has been placed under judicial management (JM) following the High Court's rule on Monday, putting an end to a more than two-year-long saga of debt moratorium. Lee Shih and Huey Lynn write about the Singapore decision on the appointment of interim judicial managers. The passing of the Malaysian Companies Bill 2015 (Companies Act 2016), which will replace the Companies Act 1965 (Companies Act 1965), marks the most comprehensive legislative change in Malaysia’s corporate law in 50 years.The Companies Act 2016 also makes some significant changes to Malaysia’s corporate insolvency regime, as it introduces two new insolvency processes: judicial … Following an application by its creditors on 8 May 2020, Zenrock was placed under ‘interim’ judicial management (IJM). The Explanatory Statement of the Bill stated that the introduction of these four pre-conditions was to make sure that “creditors are aware of an application” and that “specific conditions” needed to be met “to avoid any abuse.”. Tue, Nov 17, 2020 - 5:50 AM. The shareholders of troubled Singapore trading company Hin Leong will address the findings of a report compiled by its court-appointed interim judicial managers PricewaterhouseCoopers (PwC), according to price reporting agency S&P Global Platts.. This is instead of pursuing their secured rights such as the appointment of a receiver or outright putting the company into liquidation. The next stage will involve the scheme creditors’ meeting to be held and where the voting takes place. In particular, the restraining order application must provide the name of an individual nominated by a majority of the creditors to be appointed as a director of the company undertaking the scheme of arrangement. This Singapore decision will be useful for setting out the principles for the appointment of a IJM under Malaysia’s judicial management regime. In Malaysia, there have been very few known appointments of an IJM. One bona fide approach suggested was for the applicant to write to all the concerned parties to obtain their views before the application is filed. The High Court case of Re Leadmont Development Sdn Bhd [2018] MLJU 1320; [2018] 1 LNS 1420 is the first decision on judicial management in Malaysia. It held that chilled water did not come under the ambit of “supplies” in sections 392(6) and (7). By way of a Court of Appeal Order dated 16 April 2019, the High Court’s decision was reversed. There are no grounds of judgment that I am aware of. The court allows the interim stay until the date of the hearing of leave only, which has been fixed for December 21 at 10am,” she said in her ruling via email. These creditors had opposed the scheme of arrangement. HAMMERED by a US$4 billion debt pile and an ongoing probe by Singapore's white-collar crime buster, the city-state's largest oil trader Hin Leong Trading (HLT) was granted interim judicial management on Monday by the High Court. (Sham Chin Yen & 15 others v Mansion Properties Sdn Bhd [2019] 1 LNS 781, CA), Judges: Kamaludin Md Said JCA (delivering the judgment of the court), Hamid Sultan Abu Backer JCA, and Hanipah Farikullah JCA. First, the High Court undertook a plain reading of the relevant provision i.e. A financially distressed company is not in a position to undertake a scheme of arrangement and to have urgent protection from legal proceedings in the meantime. General Announcement::Interim Judicial Managers Appointed Attachments. SINGAPORE — Financially troubled oilfield services firm Swiber Holdings said yesterday that the High Court had approved its application to appoint KPMG as its interim judicial manager. section 368(2) of the CA 2016. The judicial managers will make an interim assessment on whether the company can be restructured or rehabilitated, with an approval from the majority of creditors, who prefer this route to winding up the company as it improves their chances for debt recovery. The High Court decision is found at Boulevard Plaza Sdn Bhd (receiver and manager appointed) [2019] 8 MLJ 732 (grounds of judgment). The interim judicial management application by Ocean Tankers did not face any objection from its more than 30 creditors. The two companies in this case were KS Energy Ltd (KSE), a public-listed company on the Main Board of the Singapore Exchange, and KS Drilling Pte Ltd (KSD) (being a KSE subsidiary). This made the judicial management application almost inevitable. Hamid Sultan Abu Backer had, in 2018, alleged that there had been judicial interference in several high-profile cases. The subsections does not have wording to compel a provider of supplies to continue with the supplies. The judicial management application was filed by an unsecured working group (UWG) of bank lenders on 13 August. An interim order for administration could be made where the assets or business of a company are in jeopardy, and there is a prima facie case for the making of the administration order. In this case, the receiver and manager appointed over Perwaja Steel sold the charged lands. A restraining order acts as a moratorium to stay all legal proceedings. It is still not too late to sign up for the conference. In particular, figures and specific proposals should be placed before the court to show that the company will be able to answer an application for judicial management.”. PwC did not immediately respond to a request for comment. (CIMB Islamic Bank Bhd v Wellcom Communications (NS) Sdn Bhd & Anor [2019] 4 CLJ 1, CA), Judges: Hamid Sultan Abu Backer JCA (delivering the judgment of the court), Hasnah Mohammed Hashim JCA, and Hanipah Farikullah JCA (grounds of judgment). I have selected these case due to the interesting and novel points of law. As reported subsequently, the Court eventually did grant the judicial management order against the two companies. Malaysia is unique in imposing the four pre-conditions for the grant of a restraining order. (B) 106/2018 dated 27 February 2018, the corporate rescue mechanism under Division 8 Part III of the Companies Act 2016 has come into force on 1 March 2018.The two corporate rescue mechanisms introduced are the corporate voluntary arrangement (‘CVA’) and judicial … In Malaysia, it was thought that the maximum duration of a judicial management order is only six months plus one extension of six months. Perwaja Steel – Receivership Priority. BM Mobility Ltd. published this content on 14 February 2020 and is solely responsible for the information contained therein. Due to the similarity in language, this decision would also have significance for a judicial manager who seeks to have continued supply to the company. The details of the interim judicial managers’ office address are as follows: 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 (Perwaja Steel Sdn Bhd v RHB Bank Berhad & 789 Others [2019] MLJU 698, HC), Judge: Darryl Goon J (grounds of judgment). Firstly, a temporary or interim moratorium takes effect immediately upon the filing of an application for Judicial Management pursuant to Section 410 of the Companies Act 2016. It is for the judicial manager to manage the company and to drive the restructuring and rehabilitation process. In this situation, a permanent role may be unnecessary or impossible to find on short notice. I am organising the case study session where it will feature a hypothetical judicial management case study. The priority provisions on debenture holders’ debts are set out in the CA 2016. The Court must consider strict proof and evidence when deciding on whether to make a judicial management order. The original Orders were obtained ex parte. This interim moratorium lasts until either the application for Judicial Management is dismissed or is allowed. Following the gazetting of the notice U. But practically, in an urgent restructuring situation and if the company is facing legal action or winding up proceedings, it may not be feasible to have to obtain creditors’ views from the very start. interim judicial managers (IJMs) Vallianz receives Swiber-related letters of request for payments amounting to US$63.5 mil SINGAPORE (Aug 31): Vallianz Holdings announced that entities within its group have received letters from the interim judicial managers (IJMs) of Swiber Group requesting for payments totalling US$6 Photo credit: Drew Beamer on Unsplash. A common feature of corporate rescue mechanisms is that there is to be a moratorium to stay legal proceedings against the distressed company. The judicial manager is empowered with certain powers akin to that of a liquidator in a winding up. ING and Malayan Banking Bhd (Maybank) were the top creditors of Singapore commodity trader Agritrade International, which was last month placed under interim judicial management. Published: 23 April, 2020. Ltd., an affiliate of Hin Leong, will reportedly proceed with its application for court protection, according to Bloomberg. Third, the Court must justly, economically and expeditiously dispose of the judicial management application and any appeal process. 2 positions at gatewayrecruitinginc and bayer including Senior Manager, Trade Operations, Clinical Study Manager related to interim project manager. The Court cannot merely rely on surmise and conjecture. A provisional liquidator can be appointed where the company’s assets are in serious jeopardy. The receiver and manager applied to the court for a declaration to compel GDC to continue supplying chilled water to the building during the period of receivership. OCBC’s engagement and approval of any contrary scheme or restructuring proposal would have been required. Messrs Andrew Grimmett and Lim Loo Khoon c/o Deloitte & Touche LLP are appointed as joint and several Interim Judicial Managers of the Company and KS Drilling. PHOTO: REUTERS. INTRODUCTION. Reading this Barakah Offshore decision, and the Mansion Properties decision above, it appears that the existing language in the CA 2016 does not allow for urgent moratorium protection via a restraining order. These provision in receivership and judicial management also only refers to “any of the supplies including water, electricity, gas and telecommunications” but does not limit the type of supplies. This decision is useful in setting out the principles for the appointment of interim judicial managers. This is the first appellate decision that dealt issues concerning the judicial management mechanism. Ocean Tankers (Pte.) Arising from this second point, it would be prudent to ensure that there is only one set of the same Court proceedings. As there are no grounds of judgment, it is not clear how section 392(6) and (7) was interpreted. Interim Judicial Managers of the Company and RKS (“Interim Judicial Managers”) until the determination of the JM Applications or until further order; (c) The Interim Judicial Managers be empowered and authorised to exercise all such functions, powers and duties which are exercisable by a Judicial Manager under Part VIIIA and the Eleventh Top 5 Restructuring & Insolvency Cases in Malaysia for 2019, https://themalaysianlawyer.com/2019/08/19/case-update-priority-of-wages-under-the-employment-act-over-debenture-holder-debts/, Case Update: Federal Court Decides that Restraining Order Can be Applied Without Notice, Largest Law Firms in Malaysia 2020: Domestic and Foreign Firms, 5 Things Companies Need to Know About the Amendments to Occupational Safety Laws, Judicial Management Statistics in Malaysia, Case Update: The Interim Judicial Manager to Protect Assets in Jeopardy, Case Update: Simultaneous Resignation and Appointment of Director, Case Update: Federal Court Decides on Extent of Directors’ Duties – Key Lessons for Directors, How to Qualify as a Liquidator in Malaysia, Case Update: Resignation of Directors Does Not Require Acceptance or Consent by the Company, Case Update: When an employee transfer can amount to a constructive dismissal. 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