As we previously reported, the amendments made to the Singapore Companies Act (Companies Act) are part of Singapore’s efforts to become a hub for the restructuring of troubled companies in Asia. This is the first in a series of articles that will explore in more detail some of the key changes that Singapore made to its restructuring regime, which now blends aspects of a UK scheme of arrangement with US chapter 11 concepts. Read more…
Key points summary
Following the, the Supreme Court of New South Wales has now finalised the saga that was the review and approval of the remuneration of the Liquidator of Sakr Nominees.
From that decision emerge several key points for insolvency professionals when considering their remuneration:
- The decisions of the courts regarding the remuneration of liquidators are equally applicable to voluntary administrators and deed administrators .
- The standard of evidence required to support a successful application for remuneration approval is high.
- It may be more economical to seek approval from the Committee of Inspection or the creditors rather than the court.
- There has been no change to the law regarding remuneration approval by the court as a consequence of the Insolvency Law Reform Act 2016 (Cth).