Restructuring and Insolvency
Insolvency is an unfortunate circumstance that spares no industry. That is why we put together a multidisciplinary team experienced in insolvency, corporate, construction and litigation to deal with all sides of the insolvency process. We have represented liquidators, judicial managers, scheme arrangers, the companies or individuals restructuring their debt obligations, “white knights” and corporate rescuers.
Our familiarity with various industries and business models gives us the unique set of skills required to navigate complex legal situations, provide effective representation, and tailor strategic solutions to our clients’ needs.
Notable Briefs
Representing liquidators of Xihe Holdings, a company owned by OK Lim, and the Xihe Group, on multiple claims arising from the application of the judicial managers' expense rule, the application of Section 100 & 115 of the IRDA2018.
Acting for Perennial Real Estate Holdings, in a just and equitable winding up in respect of the Capitol Project – a historic development in Singapore. Novel case where the Court of Appeal had to consider, for the first time, how it should deal with a 50-50 deadlock and breakdown of mutual trust and confidence in a just and equitable winding up - Perennial (Capitol) Pte Ltd and another v Capitol Investment Holdings Pte Ltd and other appeals [2018] SGCA 11.
Advising and acting for Chinese oil trader Hontop Energy in its Court proceedings for moratorium and judicial management under section 211B of the Companies Act, involving liabilities of over US$500 million. Hontop Energy is the Singapore arm of the China Wanda Group.
Acting for Agritrade International Pte Ltd, a commodities trading firm in the palm oil and coal mining industry, in its application for a moratorium under s 211B of the Companies Act which would allow the debtor to remain in possession notwithstanding some US$1.5 billion worth of debt. The term sheet put forward for creditors’ consideration included the unique feature of a creditor’s trust structure.
Advised Esprit in its 2020 Asian restructuring (involving voluntary liquidation of all Asian entities and closure of 56 stores in Asia).
Advising and representing a special situations fund in relation to Hin Leong Trading’s insolvency, on the fund’s rights vis-à-vis debt owed by Hin Leong Trading (in liquidation) in excess of US$220 million.
Advised noteholders of Pacific International Lines (Private) Ltd in relation to the Scheme of Arrangement that the company is seeking to implement under section 210(1) of the Companies Act in relation to the company’s total debt of about US$1 billion.
Defending KPMG in claims in excess of S$660 million brought by liquidation in relation to Hyflux.
Testimonials
Chambers Asia-Pacific
"The team at TSMP are very commercial, technically sound and understand complex issues quickly."
Asialaw Profiles
“Responsive, flexible and earnest.”
Benchmark Litigation Asia-Pacific
“On-point advice and attentive team.”
IFLR1000
“TSMP is a great firm. The restructuring team are all bright, commercial, strategic and responsive. They are a pleasure to work with.”
The Legal 500 Asia Pacific
“Strong local expertise.”
Get in touch
Thio Shen Yi, SC
Felicia Tan
Restructuring and Insolvency Insights
Thought-provoking legal insights with a global perspective, anchored on local sensibility.
