Insolvency, Restructuring and Dissolution Act 2018

THIRD SCHEDULE

Sections 252, 253 and 447

UNCITRAL Model Law on Cross-Border Insolvency

PREAMBLE

The purpose of this Law is to provide effective mechanisms for dealing with cases of cross‑border insolvency so as to promote the objectives of —

(a)	cooperation between the courts and other competent authorities of Singapore and foreign States involved in cases of cross‑border insolvency;
(b)	greater legal certainty for trade and investment;
(c)	fair and efficient administration of cross‑border insolvencies that protects the interests of all creditors and other interested persons, including the debtor;
(d)	protection and maximisation of the value of the debtor’s property; and
(e)	facilitation of the rescue of financially troubled businesses, thereby protecting investment and preserving employment.

Chapter 1

GENERAL PROVISIONS

Article 1. Scope of Application

1. This Law applies where —

(a)	assistance is sought in Singapore by a foreign court or a foreign representative in connection with a foreign proceeding;
(b)	assistance is sought in a foreign State in connection with a proceeding under Singapore insolvency law;
(c)	a foreign proceeding and a proceeding under Singapore insolvency law in respect of the same debtor are taking place concurrently; or
(d)	creditors or other interested persons in a foreign State have an interest in requesting the commencement of, or participating in, a proceeding under Singapore insolvency law.

2. This Law does not apply to any proceedings concerning such entities or classes of entities which the Minister may, by order in the Gazette, prescribe.

3. The Court must not grant any relief, or modify any relief already granted, or provide any cooperation or coordination, under or by virtue of any of the provisions of this Law if and to the extent that such relief or modified relief or cooperation or coordination would, in the case of a proceeding under Singapore insolvency law, be prohibited under or by virtue of —

(a)	this Act;
(b)	Part 7 or section 61, 62 or 76A of the Banking Act 1970;
(c)	section 27(2) or 52(2) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
(ca)	Part 7 or 8 or section 189 of the Financial Services and Markets Act 2022; [Act 18 of 2022 wef 10/05/2024]
(d)	Part 3AA of the Insurance Act 1966;
(e)	the International Interests in Aircraft Equipment Act 2009;
(f)	[Deleted by Act 18 of 2022 wef 10/05/2024]
(g)	the Payment and Settlement Systems (Finality and Netting) Act 2002;
(h)	Division 4 of Part 3, or Part 3AA, of the Securities and Futures Act 2001; or
(i)	any other written law that the Minister may, by order in the Gazette, prescribe.

4. Where a foreign proceeding regarding a debtor, who is an insured under the provisions of a relevant Act (being the Third Parties (Rights against Insurers) Act 1930 or the Motor Vehicles (Third‑Party Risks and Compensation) Act 1960), is recognised under this Law, any stay and suspension mentioned in Article 20(1) and any relief granted by the Court under Article 19 or 21 does not apply to or affect —

(a)	any transfer of rights of the debtor under that relevant Act; or
(b)	any claim, action, cause or proceeding by a third party against an insurer under or in respect of rights of the debtor transferred under that relevant Act.

5. Any suspension under this Law of the right to transfer, encumber or otherwise dispose of any of the debtor’s property —

(a)	is subject to sections 46 and 47 of the Land Titles Act 1993 in relation to any estate or interest in land under the provisions of that Act; and
(b)	in any other case, does not bind a purchaser of any estate or interest in land in good faith for money or money’s worth unless the purchaser has express notice of the suspension.

6. In paragraph 5, “land” has the same meaning as in section 4(1) of the Land Titles Act 1993.

Article 2. Definitions

For the purposes of this Law —

(a)

“the Court”, except as otherwise provided in Articles 14(4) and 23(6)(b), means the Court mentioned in Article 4(1);

(b)

“chattel agreement” includes a conditional sale agreement, a chattels leasing agreement (as defined in section 88(1) of this Act) and a retention of title agreement (as defined in section 88(1) of this Act);

(c)

“debtor” means a corporation;

(d)

“establishment” means any place where the debtor has property, or any place of operations where the debtor carries out a non‑transitory economic activity with human means and property or services;

(e)

“foreign court” means a judicial or other authority competent to control or supervise a foreign proceeding;

(f)

“foreign main proceeding” means a foreign proceeding taking place in the State where the debtor has its centre of main interests;

(g)

“foreign non‑main proceeding” means a foreign proceeding, other than a foreign main proceeding, taking place in a State where the debtor has an establishment;

(h)

“foreign proceeding” means a collective judicial or administrative proceeding in a foreign State, including an interim proceeding, under a law relating to insolvency or adjustment of debt in which proceeding the property and affairs of the debtor are subject to control or supervision by a foreign court, for the purpose of reorganisation or liquidation;

(i)

“foreign representative” means a person or body, including one appointed on an interim basis, authorised in a foreign proceeding to administer the reorganisation or the liquidation of the debtor’s property or affairs or to act as a representative of the foreign proceeding;

(j)

“security” means any mortgage, charge, pledge, lien or other security recognised by law;

(k)

“Singapore insolvency law” means any of the following:

(i)	sections 210 to 212 of the Companies Act 1967;
(ii)	Parts 5, 7, 8, 9, 10, 11 and 22 of this Act;
(iii)	any subsidiary legislation made under any section of the Companies Act 1967 mentioned in sub‑paragraph (i);
(iv)	any subsidiary legislation made in relation to any Part of this Act mentioned in sub‑paragraph (ii);
(v)	the common law of Singapore relating to or in connection with the subject matter of any section of the Companies Act 1967 mentioned in sub‑paragraph (i) or any Part of this Act mentioned in sub‑paragraph (ii), or the subject matter of any subsidiary legislation mentioned in sub‑paragraph (iii) or (iv);

(l)

“Singapore insolvency officeholder” means —

(i)	the Official Receiver, when acting as a liquidator, a provisional liquidator or a scheme manager of a scheme of arrangement under Part 5 of this Act or Part 7 of the Companies Act 1967; or
(ii)	a person acting as a liquidator, a provisional liquidator, a judicial manager, an interim judicial manager or a scheme manager of a scheme of arrangement under Part 5 of this Act or Part 7 of the Companies Act 1967;

(m)

“State” means Singapore and any country other than Singapore;

(n)

any reference to the law of Singapore includes a reference to the rules of private international law applicable in Singapore.

Article 3. International obligations of Singapore

To the extent that this Law conflicts with an obligation of Singapore arising out of any treaty or other form of agreement to which it is a party with one or more other States, the requirements of the treaty or agreement prevail.

Article 4. Competent Court

1. The functions mentioned in this Law relating to recognition of foreign proceedings and cooperation with foreign courts are to be performed by the General Division of the High Court in Singapore.

2. Subject to paragraph 1 of this Article, the Court has jurisdiction in relation to the functions mentioned in that paragraph if —

(a)

the debtor —

(i)	is or has been carrying on business within the meaning of section 366 of the Companies Act 1967 in Singapore; or
(ii)	has property situated in Singapore; or

(b)

the Court considers for any other reason that it is the appropriate forum to consider the question or provide the assistance requested.

Article 5. Authorisation of Singapore insolvency officeholders to act in a foreign State

1. A Singapore insolvency officeholder is authorised to act in a foreign State on behalf of a proceeding under Singapore insolvency law, as permitted by the applicable foreign law.

2. The Court has the power to appoint any other person or persons to act in a foreign State on behalf of a proceeding under Singapore insolvency law, as permitted by the applicable foreign law.

Article 6. Public policy exception

Nothing in this Law prevents the Court from refusing to take an action governed by this Law, if the action would be contrary to the public policy of Singapore.

Article 7. Additional assistance under other laws

Nothing in this Law limits the power of a Court or a Singapore insolvency officeholder to provide additional assistance to a foreign representative under other laws of Singapore.

Article 8. Interpretation

In the interpretation of this Law, regard is to be had to its international origin and to the need to promote uniformity in its application and the observance of good faith.

Chapter 2

ACCESS OF FOREIGN REPRESENTATIVES AND
CREDITORS TO COURTS IN SINGAPORE

Article 9. Right of direct access

A foreign representative is entitled to apply directly to the Court in Singapore.

Article 10. Limited jurisdiction

The sole fact that an application under this Law is made to the Court in Singapore by a foreign representative does not subject the foreign representative or the foreign property and affairs of the debtor to the jurisdiction of the courts of Singapore for any purpose other than the application.

Article 11. Application by a foreign representative to commence a proceeding under Singapore insolvency law

A foreign representative appointed in a foreign main proceeding or foreign non‑main proceeding is entitled to apply to commence a proceeding under Singapore insolvency law if the conditions for commencing such a proceeding are otherwise met.

Article 12. Participation of a foreign representative in a proceeding under Singapore insolvency law

Upon recognition of a foreign proceeding, the foreign representative is entitled to participate in a proceeding regarding the debtor under Singapore insolvency law.

Article 13. Access of foreign creditors to a proceeding under Singapore insolvency law

1. Subject to paragraph 2 of this Article, foreign creditors have the same rights regarding the commencement of, and participation in, a proceeding under Singapore insolvency law as creditors in Singapore.

2. Paragraph 1 of this Article does not affect the ranking of claims in a proceeding under Singapore insolvency law, or the exclusion of foreign tax claims, social security claims or claims for employees’ superannuation or provident funds or under any scheme of superannuation (collectively, “tax and social security obligations”) from such a proceeding. Nevertheless, the claims of foreign creditors other than those concerning tax and social security obligations are not to be given a lower priority than that of general unsecured claims solely because the holder of such a claim is a foreign creditor.

Article 14. Notification to foreign creditors of a proceeding under Singapore insolvency law

1. Whenever under Singapore insolvency law notification is to be given to creditors in Singapore, such notification must also be given to the known creditors who do not have addresses in Singapore. The Court may order that appropriate steps be taken with a view to notifying any creditor whose address is not yet known.

2. The notification under paragraph 1 of this Article must be made to the foreign creditors individually, unless —

(a)	the Court considers that under the circumstances some other form of notification would be more appropriate; or
(b)	the notification to creditors in Singapore is to be by advertisement only, in which case the notification to the known foreign creditors may be by advertisement in such foreign newspapers as the Singapore insolvency officeholder considers most appropriate for ensuring that the content of the notification comes to the notice of the known foreign creditors.

3. When notification of a right to file a claim is to be given to foreign creditors, the notification must —

(a)	indicate a reasonable time period for filing claims and specify the place for their filing;
(b)	indicate whether secured creditors need to file their secured claims; and
(c)	contain any other information required to be included in such a notification to creditors under the law of Singapore and the orders of the Court.

4. In this Article, “the Court” means the Court which has jurisdiction in relation to the particular proceeding under Singapore insolvency law under which notification is to be given to creditors.

Chapter 3

RECOGNITION OF A FOREIGN PROCEEDING AND RELIEF

Article 15. Application for recognition of a foreign proceeding

1. A foreign representative may apply to the Court for recognition of the foreign proceeding in which the foreign representative has been appointed.

2. An application for recognition must be accompanied by —

(a)	a certified copy of the decision commencing the foreign proceeding and appointing the foreign representative;
(b)	a certificate from the foreign court affirming the existence of the foreign proceeding and of the appointment of the foreign representative; or
(c)	in the absence of evidence mentioned in sub‑paragraphs (a) and (b), any other evidence acceptable to the Court of the existence of the foreign proceeding and of the appointment of the foreign representative.

3. An application for recognition must also be accompanied by a statement identifying all foreign proceedings and proceedings under Singapore insolvency law in respect of the debtor that are known to the foreign representative.

4. The foreign representative must provide the Court with a translation into English of documents supplied in support of the application for recognition.

Article 16. Presumptions concerning recognition

1. If the decision or certificate mentioned in Article 15(2) indicates that the proceeding in respect of which an application for recognition is made is a foreign proceeding within the meaning of Article 2(h) and that the person or body making that application is a foreign representative within the meaning of Article 2(i), the Court is entitled to so presume.

2. The Court is entitled to presume that documents submitted in support of the application for recognition are authentic, whether or not they have been legalised.

3. In the absence of proof to the contrary, the debtor’s registered office is presumed to be the debtor’s centre of main interests.

Article 17. Decision to recognise a foreign proceeding

1. Subject to Article 6, a proceeding must be recognised if —

(a)	it is a foreign proceeding within the meaning of Article 2(h);
(b)	the person or body applying for recognition is a foreign representative within the meaning of Article 2(i);
(c)	the application meets the requirements of Article 15(2) and (3); and
(d)	the application has been submitted to the Court mentioned in Article 4.

2. The foreign proceeding must be recognised —

(a)	as a foreign main proceeding if it is taking place in the State where the debtor has its centre of main interests; or
(b)	as a foreign non‑main proceeding, if the debtor has an establishment within the meaning of Article 2(d) in the foreign State.

3. An application for recognition of a foreign proceeding must be decided upon at the earliest possible time.

4. The provisions of Articles 15 to 16, this Article and Article 18 do not prevent modification or termination of recognition if it is shown that the grounds for granting it were fully or partially lacking or have fully or partially ceased to exist; and in such a case, the Court may, on the application of the foreign representative or a person affected by the recognition, or of its own motion, modify or terminate recognition, either altogether or for a limited time, on such terms and conditions as the Court thinks fit.

Article 18. Subsequent information

From the time of filing the application for recognition of the foreign proceeding, the foreign representative must inform the Court promptly of —

(a)	any substantial change in the status of the recognised foreign proceeding or the status of the foreign representative’s appointment; and
(b)	any other foreign proceeding or proceeding under Singapore insolvency law regarding the same debtor that becomes known to the foreign representative.

Article 19. Relief that may be granted upon application for recognition of a foreign proceeding

1. From the time of filing an application for recognition until the application is decided upon, the Court may, at the request of the foreign representative, where relief is urgently needed to protect the property of the debtor or the interests of the creditors, grant relief of a provisional nature, including —

(a)	staying execution against the debtor’s property;
(b)	entrusting the administration or realisation of all or part of the debtor’s property located in Singapore to the foreign representative or another person designated by the Court, in order to protect and preserve the value of property that, by its nature or because of other circumstances, is perishable, susceptible to devaluation or otherwise in jeopardy; and
(c)	any relief mentioned in Article 21(1)(c), (d) or (g).

2. Unless extended under Article 21(1)(f), the relief granted under this Article terminates when the application for recognition is decided upon.

3. The Court may refuse to grant relief under this Article if such relief would interfere with the administration of a foreign main proceeding.

Article 20. Effects of recognition of a foreign main proceeding

1. Upon recognition of a foreign proceeding that is a foreign main proceeding, subject to paragraph 2 of this Article —

(a)	commencement or continuation of individual actions or individual proceedings concerning the debtor’s property, rights, obligations or liabilities is stayed;
(b)	execution against the debtor’s property is stayed; and
(c)	the right to transfer, encumber or otherwise dispose of any property of the debtor is suspended.

2. The stay and suspension mentioned in paragraph 1 of this Article are —

(a)	the same in scope and effect as if the debtor had been made the subject of a winding up order under this Act; and
(b)	subject to the same powers of the Court and the same prohibitions, limitations, exceptions and conditions as would apply under the law of Singapore in such a case,

and the provisions of paragraph 1 of this Article are to be interpreted accordingly.

3. Without prejudice to paragraph 2 of this Article, the stay and suspension mentioned in paragraph 1 of this Article do not affect any right —

(a)	to take any steps to enforce security over the debtor’s property;
(b)	to take any steps to repossess goods in the debtor’s possession under a hire‑purchase agreement (as defined in section 88(1) of this Act);
(c)	exercisable under or by virtue of or in connection with any written law mentioned in Article 1(3)(a) to (i); or
(d)	of a creditor to set off its claim against a claim of the debtor,

being a right which would have been exercisable if the debtor had been made the subject of a winding up order under this Act.

4. Paragraph 1(a) of this Article does not affect the right to —

(a)	commence individual actions or proceedings to the extent necessary to preserve a claim against the debtor; or
(b)	commence or continue any criminal proceedings or any action or proceedings by a person or body having regulatory, supervisory or investigative functions of a public nature, being an action or proceedings brought in the exercise of those functions.

5. Paragraph 1 of this Article does not affect the right to request or otherwise initiate the commencement of a proceeding under Singapore insolvency law or the right to file claims in such a proceeding.

6. In addition to and without prejudice to any powers of the Court under or by virtue of paragraph 2 of this Article, the Court may, on the application of the foreign representative or a person affected by the stay and suspension mentioned in paragraph 1 of this Article, or of its own motion, modify or terminate such stay and suspension or any part of it, either altogether or for a limited time, on such terms and conditions as the Court thinks fit.

Article 21. Relief that may be granted upon recognition of a foreign proceeding

1. Upon recognition of a foreign proceeding, whether a foreign main proceeding or a foreign non‑main proceeding, where necessary to protect the property of the debtor or the interests of the creditors, the Court may, at the request of the foreign representative, grant any appropriate relief, including —

(a)	staying the commencement or continuation of individual actions or individual proceedings concerning the debtor’s property, rights, obligations or liabilities, to the extent they have not been stayed under Article 20(1)(a);
(b)	staying execution against the debtor’s property to the extent it has not been stayed under Article 20(1)(b);
(c)	suspending the right to transfer, encumber or otherwise dispose of any property of the debtor to the extent this right has not been suspended under Article 20(1)(c);
(d)	providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor’s property, affairs, rights, obligations or liabilities;
(e)	entrusting the administration or realisation of all or part of the debtor’s property located in Singapore to the foreign representative or another person designated by the Court;
(f)	extending relief granted under Article 19(1); and
(g)	granting any additional relief that may be available to a Singapore insolvency officeholder, including any relief provided under section 96(4) of this Act.

2. Upon recognition of a foreign proceeding, whether a foreign main proceeding or a foreign non‑main proceeding, the Court may, at the request of the foreign representative, entrust the distribution of all or part of the debtor’s property located in Singapore to the foreign representative or another person designated by the Court, provided that the Court is satisfied that the interests of creditors in Singapore are adequately protected.

3. In granting relief under this Article to a representative of a foreign non‑main proceeding, the Court must be satisfied that the relief relates to property that, under the law of Singapore, should be administered in the foreign non‑main proceeding or concerns information required in that proceeding.

4. No stay under paragraph 1(a) of this Article affects the right to commence or continue any criminal proceedings or any action or proceedings by a person or body having regulatory, supervisory or investigative functions of a public nature, being an action or proceedings brought in the exercise of those functions.

Article 22. Protection of creditors and other interested persons

1. In granting or denying relief under Article 19 or 21, or in modifying or terminating relief under paragraph 3 of this Article or Article 20(6), the Court must be satisfied that the interests of the creditors (including any secured creditors or parties to hire‑purchase agreements (as defined in section 88(1) of this Act)) and other interested persons, including if appropriate the debtor, are adequately protected.

2. The Court may subject relief granted under Article 19 or 21 to conditions it considers appropriate, including the provision by the foreign representative of security or caution for the proper performance of his, her or its functions.

3. The Court may, at the request of the foreign representative or a person affected by relief granted under Article 19 or 21, or of its own motion, modify or terminate such relief.

Article 23. Actions to avoid acts detrimental to creditors

1. Subject to paragraphs 6 and 9 of this Article, upon recognition of a foreign proceeding, the foreign representative has standing to make an application to the Court for an order under or in connection with sections 130, 205, 224, 225, 228, 229, 238, 239, 240 and 438 of this Act and section 131(1) of the Companies Act 1967.

2. Where the foreign representative makes such an application under paragraph 1 of this Article (“an Article 23 application”), the provisions of this Act and the Companies Act 1967 mentioned in paragraph 1 of this Article apply —

(a)	whether or not the debtor is being wound up or is in judicial management or undergoing a scheme of arrangement, under Singapore insolvency law; and
(b)	with the modifications set out in paragraph 3 of this Article.

3. The modifications mentioned in paragraph 2 of this Article are as follows:

(a)

for the purposes of section 130 of this Act, the date which corresponds with the commencement of the winding up is the date of the opening of the relevant foreign proceeding;

(b)

for the purposes of section 224 or 225 read with section 226(1) and (4) of this Act —

(i)	the date which corresponds with the commencement of the judicial management or winding up is the date of the opening of the relevant foreign proceeding;
(ii)	the date which corresponds with the date the company enters judicial management is the date of the appointment of the equivalent of a judicial manager in the relevant foreign proceeding; and
(iii)	section 226(5) and (6) of this Act does not apply;

(c)

for the purposes of section 224 or 225 read with section 227(4) of this Act, a person has notice of the relevant proceedings if the person has notice of the opening of the relevant foreign proceeding;

(d)

for the purposes of section 228 or 240 of this Act, the date which corresponds with the commencement of the judicial management or winding up is the date of the opening of the relevant foreign proceeding;

(e)

for the purposes of section 229 of this Act —

(i)	the date which corresponds with the commencement of the judicial management or winding up is the date of the opening of the relevant foreign proceeding;
(ii)	the date which corresponds with the date the company enters judicial management is the date of the appointment of the equivalent of a judicial manager in the relevant foreign proceeding; and
(iii)	section 229(5) and (6) of this Act does not apply.

4. For the purposes of paragraph 3 of this Article, the date of the opening of the foreign proceeding is to be determined in accordance with the law of the State in which the foreign proceeding is taking place, including any rule of law by virtue of which the foreign proceeding is deemed to have opened at an earlier time.

5. When the foreign proceeding is a foreign non‑main proceeding, the Court must be satisfied that the Article 23 application relates to property that, under the law of Singapore, should be administered in the foreign non‑main proceeding.

6. At any time when a proceeding under Singapore insolvency law is taking place regarding the debtor —

(a)	the foreign representative must not make an Article 23 application except with the permission of the Court; and
(b)	references to “the Court” in paragraphs 1, 5 and 7 of this Article are references to the Court in which that proceeding is taking place.

7. On making an order on an Article 23 application, the Court may give such directions regarding the distribution of any proceeds of the claim by the foreign representative, as it thinks fit to ensure that the interests of creditors in Singapore are adequately protected.

8. Nothing in this Article affects the right of a Singapore insolvency officeholder to make an application under or in connection with any of the provisions mentioned in paragraph 1 of this Article.

9. Nothing in paragraph 1 of this Article applies in respect of any preference given, floating charge created, alienation, assignment made or other transaction entered into before the date on which this Law comes into force.

Article 24. Intervention by a foreign representative in proceedings in Singapore

Upon recognition of a foreign proceeding, the foreign representative may, provided the requirements of the law of Singapore are met, intervene in any proceedings in which the debtor is a party.

Chapter 4

COOPERATION WITH FOREIGN COURTS AND
FOREIGN REPRESENTATIVES

Article 25. Cooperation and direct communication between a Court of Singapore and foreign courts or foreign representatives

1. In matters mentioned in Article 1(1), the Court may cooperate to the maximum extent possible with foreign courts or foreign representatives, either directly or through a Singapore insolvency officeholder.

2. The Court is entitled to communicate directly with, or to request information or assistance directly from, foreign courts or foreign representatives.

Article 26. Cooperation and direct communication between the Singapore insolvency officeholder and foreign courts or foreign representatives

1. In matters mentioned in Article 1(1), a Singapore insolvency officeholder must to the extent consistent with the Singapore insolvency officeholder’s other duties under the law of Singapore, in the exercise of the Singapore insolvency officeholder’s functions and subject to the supervision of the Court, cooperate to the maximum extent possible with foreign courts or foreign representatives.

2. The Singapore insolvency officeholder is entitled, in the exercise of the Singapore insolvency officeholder’s functions and subject to the supervision of the Court, to communicate directly with foreign courts or foreign representatives.

Article 27. Forms of cooperation

Cooperation mentioned in Articles 25 and 26 may be implemented by any appropriate means, including —

(a)	appointment of a person to act at the direction of the Court;
(b)	communication of information by any means considered appropriate by the Court;
(c)	coordination of the administration and supervision of the debtor’s property and affairs;
(d)	approval or implementation by courts of agreements concerning the coordination of proceedings; and
(e)	coordination of concurrent proceedings regarding the same debtor.

Chapter 5

CONCURRENT PROCEEDINGS

Article 28. Commencement or continuation of a proceeding under Singapore insolvency law after recognition of a foreign main proceeding

After recognition of a foreign main proceeding, the effects of a proceeding under Singapore insolvency law in relation to the same debtor are to, insofar as the property of that debtor is concerned, be restricted to property that is located in Singapore and, to the extent necessary to implement cooperation and coordination under Articles 25, 26 and 27, to other property of the debtor that, under the law of Singapore, should be administered in that proceeding.

Article 29. Coordination of a proceeding under Singapore insolvency law and a foreign proceeding

Where a foreign proceeding and a proceeding under Singapore insolvency law are taking place concurrently regarding the same debtor, the Court may seek cooperation and coordination under Articles 25, 26 and 27, and the following apply:

(a)

when the proceeding in Singapore is taking place at the time the application for recognition of the foreign proceeding is filed —

(i)	any relief granted under Article 19 or 21 must be consistent with the proceeding in Singapore; and
(ii)	if the foreign proceeding is recognised in Singapore as a foreign main proceeding, Article 20 does not apply;

(b)

when the proceeding in Singapore commences after the filing of the application for recognition of the foreign proceeding —

(i)	any relief in effect under Article 19 or 21 must be reviewed by the Court and must be modified or terminated if inconsistent with the proceeding in Singapore;
(ii)	if the foreign proceeding is a foreign main proceeding, the stay and suspension mentioned in Article 20(1) must be modified or terminated under Article 20(6), if inconsistent with the proceeding in Singapore; and
(iii)	any proceedings brought by the foreign representative by virtue of Article 23(1) before the proceeding in Singapore commenced must be reviewed by the Court and the Court may give such directions as it thinks fit regarding the continuance of those proceedings; and

(c)

in granting, extending or modifying relief granted to a foreign representative of a foreign non‑main proceeding, the Court must be satisfied that the relief relates to property that, under the law of Singapore, should be administered in the foreign non‑main proceeding or concerns information required in that proceeding.

Article 30. Coordination of more than one foreign proceeding

In matters mentioned in Article 1(1), in respect of more than one foreign proceeding regarding the same debtor, the Court may seek cooperation and coordination under Articles 25, 26 and 27, and the following are to apply:

(a)	any relief granted under Article 19 or 21 to a representative of a foreign non‑main proceeding after recognition of a foreign main proceeding must be consistent with the foreign main proceeding;
(b)	if a foreign main proceeding is recognised after the filing of an application for recognition of a foreign non‑main proceeding, any relief in effect under Article 19 or 21 must be reviewed by the Court and must be modified or terminated if inconsistent with the foreign main proceeding; and
(c)	if, after recognition of a foreign non‑main proceeding, another foreign non‑main proceeding is recognised, the Court is to grant, modify or terminate relief for the purpose of facilitating coordination of the proceedings.

Article 31. Presumption of insolvency based on recognition of a foreign main proceeding

In the absence of evidence to the contrary, recognition of a foreign main proceeding is, for the purpose of commencing a proceeding under Singapore insolvency law, proof that the debtor is unable to pay its debts within the meaning given to the expression under Singapore insolvency law.

Article 32. Rule of payment in concurrent proceedings

Without prejudice to secured claims or rights in rem, a creditor who has received part payment in respect of its claim in a proceeding under a law relating to insolvency in a foreign State may not receive a payment for the same claim in a proceeding under Singapore insolvency law regarding the same debtor, so long as the payment to the other creditors of the same class is proportionately less than the payment the creditor has already received.

[40/2019]

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