Restructuring and Insolvency Law

Ranked as experts in our field by various legal directories, Oon & Bazul possesses an intimate understanding of the sensitivities and cultural nuances that accompany restructuring and insolvency matters within an Asian context. With a substantial track record of numerous high-profile matters in Singapore and Asia over the past few years, clients can expect our insolvency and restructuring specialists to provide pragmatic, sensible advice and risk analysis, high quality client management skills, and a refreshing sense of calm under pressure.

Our unwavering commitment to restructuring and insolvency extends to a diverse client base in Singapore and Asia. We are conflict-free and independent, and therefore able to provide robust and steadfast representation in high-stakes matters. We provide quality assistance to our clients in disputes arising from restructuring and insolvency situations, such as winding up, bankruptcy, schemes of arrangement and judicial management, whether in contesting court decisions issued in insolvency proceedings or providing advice on mitigating the risk of liability for directors and other stakeholders in corporate restructuring. Our law firm takes advantage of our multi-disciplinary capabilities by tapping into the valuable expertise of our skilled colleagues specialising in litigation, shipping, corporate, tax, employment law as well as real estate.

Services in Restructuring and Insolvency Law

Our Restructuring & Insolvency lawyers are adept at crafting practical, commercial and cost-effective solutions that few can rival in Singapore and Asia. We are the restructuring and insolvency law firm of choice for multinational companies, distressed and special situations funds, financial institutions and insolvency practitioners, such as judicial managers, scheme managers, chief restructuring officers and liquidators. In particular, we offer comprehensive services including:

Advice on Creditor Rights, Remedies and Protection

Creditors often find themselves at the forefront of restructuring and insolvency challenges. At Oon & Bazul, we prioritise creditors’ needs, providing actionable strategies and remedies that protect their rights. Whether it is a dispute resolution or a tactical approach to asset recovery, our restructuring and insolvency law firm ensures that clients are equipped with the best legal resources.

Schemes of Arrangement, Pre-Packaged & Pre-Arranged Plans of Reorganisation

Schemes of arrangement, when executed with precision, can be transformative tools for businesses aiming to recalibrate their financial or corporate structures. Oon & Bazul, fortified by its reputation as a leading restructuring law firm, is proficiently versed in advising clients on the intricacies and potential benefits of these schemes. Our role extends beyond mere advisory; we ensure that each scheme is tailored to suit our client’s business landscape, driving them towards operational resilience and sustained success.

Liquidation and Winding Up

The culmination of a business’ journey, while sombre, requires meticulous legal oversight and profound expertise. As a dedicated restructuring and insolvency law firm, Oon & Bazul’s involvement spans the breadth of the process, from providing seasoned legal representation to offering guidance for liquidators and stakeholders alike. We ensure that every stage of the winding-up journey is managed with the utmost integrity, transparency, and dedication to preserving stakeholder interests.

Judicial Management

At Oon & Bazul, we have solidified our reputation as a leading restructuring and insolvency law firm by offering unparalleled guidance and legal representation in judicial management cases. Our involvement stretches from the inception to the conclusion of the process, ensuring that businesses under our counsel are protected and provided the best opportunity for resurgence. Our hands-on approach, combined with our extensive knowledge, positions us uniquely to steer entities through the complexities of judicial management with precision and efficacy.

Bankruptcy

When bankruptcy looms, both debtors and creditors need robust legal support. Oon & Bazul has honed its expertise in bankruptcy cases over the years, offering unmatched legal representation for all involved parties. Our nuanced approach, combined with a thorough understanding of insolvency laws, places us as a leader in this sector. From representing a multinational corporation to advising an individual, our commitment remains consistent – to deliver optimal outcomes for our clients.

Complex Cross-Border / Multi-Jurisdictional Restructuring and Insolvency

In an era of globalisation, businesses often extend their operations across borders. However, with this expansion comes the challenge of navigating legal systems in multiple jurisdictions. At Oon & Bazul, we specialise in handling these intricate, multi-jurisdictional cases. Our team is equipped with a blend of local expertise and a global perspective, positioning us as an ideal partner for such challenges. Our extensive expertise spans a broad spectrum of cases, encompassing domestic and international restructurings, cross-border challenges, and the crucial process of securing recognition for foreign proceedings.

Contentious Restructuring and Informal Workouts

Disputes between creditors and debtors or among creditors themselves are not uncommon. Addressing these conflicts demands a deep understanding of both the legal landscape and the unique dynamics of each case. At Oon & Bazul, we pride ourselves on our comprehensive approach to dispute resolution. As a leading restructuring and insolvency law firm, our professionals excel at crafting strategies that protect our clients’ rights while promoting cooperative resolutions. By adopting a holistic approach, we not only address immediate disputes but also lay the groundwork for healthier future collaborations between parties.

Crisis Management

In restructuring and insolvency, unexpected challenges can escalate into a full-blown crisis. How a firm responds during these pivotal moments can determine the fate of entire enterprises. At Oon & Bazul, crisis management isn’t just about navigating the storm – it’s about charting a course for smoother seas ahead. Our team’s expertise in both legal frameworks and business mechanics allows us to provide our clients with pragmatic, forward-thinking strategies during times of upheaval.

Fraud, Asset Recovery and Investigations

The process of asset investigation and recovery in insolvency cases requires both diligence and finesse. Missteps can lead to legal complications, missed opportunities, and potential losses. Recognising the importance of this phase, Oon & Bazul has curated a team of experts skilled in forensic investigations and asset recovery. Our restructuring and insolvency law firm employs cutting-edge techniques and a vast network of resources to trace, secure, and recover assets efficiently. Our commitment is to ensure that our clients’ interests are prioritised and that they reclaim what’s rightfully theirs.

Receivership and Distressed Asset Sales

Dealing with receivership matters and the sale of distressed assets is a critical component of insolvency and restructuring processes. Oon & Bazul’s expertise in this aspect is distinguished by our methodical approach and commitment to maximising value for stakeholders. Our team’s depth of experience ensures that assets, even in distressed situations, are sold in a manner that garners optimal value. This ability not only resonates with our reputation as a trusted restructuring and insolvency law firm but also showcases our dedication to crafting strategies that protect and enhance stakeholder interests.

Rescue, Debtor-in-Possession & Exit Financings

Reviving distressed businesses by guiding them with strategic precision and securing the right financial backing is the cornerstone of our expertise. Our firm takes pride in its unmatched capability to secure essential funding for such businesses. The end-to-end support system offered by Oon & Bazul ensures that businesses not only survive but emerge stronger, ready for future endeavours.

Settlements and Standstill Agreements

Vital to the restructuring and insolvency process, settlements and standstill agreements carve a path towards mutual resolutions. Recognising that every situation demands a unique strategy, Oon & Bazul, with their experience and expertise in crafting resolutions, meticulously tailors solutions that ensure both sides find equitable ground. Central to our approach is the belief that collaboration and understanding can yield mutually beneficial solutions. Our team facilitates agreements that not only resolve immediate concerns but also fortify future business relations, a testament to Oon & Bazul’s commitment to comprehensive solutions.

Case Studies for Restructuring and Insolvency Law

The Restructuring and Insolvency Practice has a rich history of representing clients from diverse sectors in complex legal matters. Some notable cases that underscore their expertise include:

Recognition of foreign insolvency proceedings

Successfully acted for the Chapter 7 Trustee of the Zetta Entities in a heavily contested and first successful application seeking recognition of the Chapter 7 proceedings under the recently introduced Model Law as adopted in Singapore under the Tenth Schedule of the Companies Act (Cap. 50) (“Singapore Model Law”)

Acted for the Joint Official Liquidators of Ascentra Holdings, Incl before the Singapore Court of Appeal in the first successful application in seeking recognition of Ascentra’s foreign solvent liquidation in the Cayman Islands under the Singapore Model Law.

Successfully acted for the Joint Liquidators in cases involving the special-purpose vehicles implicated in the high-profile 1MDB scandal, including Brazen Sky Ltd, SRC International (Malaysia) Limited, Affinity Equity International Partners Ltd, and Blackstone Asia Real Estate Partners Limited in obtaining recognition of the foreign liquidation proceedings in Singapore.

Represented various subsidiaries of Sapura Energy Berhad (the world’s largest owner and operator of tender rigs) in obtaining recognition of their Malaysian reorganisation proceedings in Singapore.

Fraud, Asset Recovery and Investigations

Successfully acted for the La Dolce Vita Fine Dining Group Holdings Limited entities in their applications for the appointment of receivers over a judgment creditor’s assets worth approximately US $142 million and also successfully obtained third-party discovery orders against Credit Suisse AG Singapore Branch and Deutsche Bank AG Singapore Branch to disclose certain documents relating to the beneficial ownership of the bank accounts.

Advising and acting for the insolvency administrators of Wirecard Acquiring & Issuing GmBH, and Wirecard AG in relation to multiple winding up proceedings and investigations in Singapore relating to the massive Wirecard fraud involving the sum of over EUR 1.9 billion.

Schemes of Arrangement

Advised TEE International Limited and its subsidiaries (including PBT Engineering Pte Ltd) on the restructuring of their debts of up to S$100 million via schemes of arrangement. Our team also successfully applied to court to obtain moratoria relief (and subsequent extensions) for the same entities.

Advised Yongnam Holdings Limited and its subsidiaries on the restructuring of their debts of up to S$180 million and applications for moratoria relief.

Advised PT MNC Investama Tbk on the restructuring of its US$ 213 million worth of notes and the implementation and sanction of a pre-packaged scheme of arrangement.

Advised the Modernland Group on the restructuring of its US$ 390 million worth of notes and the implementation and sanction of a pre-packaged scheme of arrangement.

Advised the Xihe Capital Group of companies (part of the three (3) branches of companies owned / controlled by the Lim Family of the Hin Leong group) in the restructuring of their debts of up to approximately S$1.5 billion and various court proceedings.

Judicial management

Successfully acted for Apollo Aquaculture Group Pte Ltd (“AAG”) and its subsidiaries in their application for AAG to be placed under judicial management. The team also successfully obtained an urgent order for the appointment of interim judicial managers over AAG, so as to protect the company’s assets (worth approximately S$78.6 million) in the interim period pending the hearing of the judicial management application.

Winding Up / Bankruptcy: Funding Agreement, Removal of Liquidator

Successfully acted for the Liquidators of Dextra Partners Pte Ltd (in liquidation) (“Dextra”) and the Trustee in Bankruptcy of Mr Berhard Wilhelm Rudolf Weber (the “Bankrupt”) in their applications for approval of a funding agreement between Dextra, its Liquidators, the Trustee in Bankruptcy and a funder (a creditor of both Dextra and the Bankrupt, and a member of Dextra’s committee of inspection). The funding agreement sought to provide funds for the joint investigations into both Dextra’s and the Bankrupt’s affairs for the pursuit of claims.

Successfully acted for DB International Trust (Singapore) Limited in its application for the removal of the liquidator of Kirkham International Pte Ltd, which is only granted in exceptional circumstances. The Singapore High Court held that a Liquidator’s failure to display sufficient vigour in carrying out his duties and in some respect comply with his statutory obligations, leading to the justifiable loss in the creditors’ confidence the Liquidator would constitute sufficient cause for his removal.