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Logo of the Insolvency and Public Trustee's Office. The Insolvency & Public Trustee's Office (IPTO) in Singapore is a department under the Ministry of Law.IPTO oversees the administration of individual and corporate insolvencies, the administration of small intestate estates and un-nominated Central Provident Fund (CPF) monies, as well as the licensing and regulation of moneylenders and ...
Hin Leong Trading was a commodity trading corporation [1] registered and headquartered in Singapore that was founded in 1963 by Lim Oon Kuin. One of Singapore's largest independent oil traders, the firm collapsed in 2020 amid allegations of $800 million in undisclosed losses. [2] Hin Leong filed for bankruptcy protection in April 2020. [3]
[3] [4] [5] The company borrowed billions of dollars to fund its trading, and according to July 2022 bankruptcy filings, faces $3.5 billion in creditors' claims. [ 6 ] [ 7 ] The fund appears to have lost in excess of $3 billion over 2021 and 2022, making its collapse one of the largest hedge-fund trading losses of all time.
Singapore-based Terraform Labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100-$500 million. Terraform Labs said it would meet all financial ...
The UNCITRAL Model Law on Cross-Border Insolvency was a model law issued by the secretariat of UNCITRAL on 30 May 1997 to assist states in relation to the regulation of corporate insolvency and financial distress involving companies which have assets or creditors in more than one state.
Bankruptcy systems predicated on trying to rehabilitate companies (such as Chapter 11 in the United States, or administration orders in the United Kingdom) are fundamentally different in intent and effect to winding-up regimes that seeks to liquidate companies and distribute the proceeds to creditors.
After 3 years, both banks were put into bankruptcy, a new nationalized bank was created and the assets of the two bankrupt banks and the bank accounts of local account holders were transferred to the new bank and the local depositors were made whole by stealing about $180 million of money belonging foreign depositors, who lost their entire savings.
The Supreme Court of Singapore is a set of courts in Singapore, comprising the Court of Appeal and the High Court.It hears both civil and criminal matters. The Court of Appeal hears both civil and criminal appeals from the High Court.
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