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The judicial manager is empowered with certain powers akin to that of a liquidator in a winding up. Do NOT follow this link or you will be banned from the site. Apr 28, 2020, 5:00 am SGT; New: Gift … For receivership sales, the receiver and manager will have more certainty in how to assess the priority of the employees’ outstanding wages. An application for the full-fledged JM is scheduled to be heard on 21 May 2020. Lynn is currently a paralegal with Lim Chee Wee Partnership and will be starting her position as an associate shortly. The Singapore High Court in Re KS Energy Ltd and another matter [2020] SGHC 198 granted an order for the appointment of interim judicial managers (IJM) over two companies upon the application by a creditor. (Court of Appeal Order dated 16 April 2019), Judges: Vernon Ong JCA, Zabariah Mohd Yusof JCA, and Yew Jen Kie JCA. Hin Leong under interim judicial management. Thanks. High Court grants troubled Hin Leong interim judicial management. Over the past decade, OCBC had extended several loan facilities to the KSE Group of companies. In particular, the restraining order application must provide the name of an individual nominated by a majority of the creditors to be appointed as a director of the company undertaking the scheme of arrangement. Enter your email address to subscribe to this blog and receive notifications of new posts by email. This case relates to the law on schemes of arrangement and the grant of a restraining order. Singapore—Embattled water treatment firm Hyflux has been placed under judicial management, after Justice Aedit Abdullah on Nov 16 (Monday) said … I have updated the correct link to my earlier post on the Perwaja Steel decision. This decision is useful in setting out the principles for the appointment of interim judicial managers. Comment. This decision is also persuasive for Malaysian law as Malaysia’s judicial management provisions are modelled after Singapore. The shareholders of troubled Singapore trading company Hin Leong will address the findings of a report compiled by its court-appointed interim judicial managers PricewaterhouseCoopers (PwC), according to price reporting agency S&P Global Platts.. These provisions are meant to allow the receiver to stabilise and maintain the going concern status of an ailing company. The company said in a statement major stakeholders, including suppliers, vendors and creditors, have expressed a willingness to work with the interim judicial managers to … General Announcement::Interim Judicial Managers Appointed Attachments. Following the gazetting of the notice U. There are provisions in the CA 2016 that relate to this issue. On the flip side, this decision protects creditors’ interests since they must be consulted first. An interim order for administration could be made where the assets or business of a company are in jeopardy, and there is a prima facie case for the making of the administration order. The leave question is whether an Order made pursuant to an ex parte application under sections 366 and 368 of the CA 2016 subsequently served on the creditors is an abuse of Court process which renders the entire court sanctioned scheme liable to be set aside. Interim Judicial Managers: Description (Please provide a detailed description of the event in the box below) Please refer to the attached. Eventually, GDC threatened to terminate further supply of chilled water unless payment of the outstanding charges was made. Interim Judicial Managers Appointed Announcement Reference SG200214OTHR0QDQ Submitted By (Co./ Ind. Original document Permalink Disclaimer. An article reviewing Judicial Management in Malaysia. It is still not too late to sign up for the conference. Attachments: SGX Announcement - IJMs Appointed_200418.pdf: Total size =356K: Related Announcements Like Comment Be the first to like this. This decision has important applications to debenture-appointed receivers, the employees where the place of employment is sold by a receiver, and to the debenture holder. But at that time, there was still the pending legal challenges before the first Court. All Interim Manager jobs in Malaysia on Careerjet.com.my, the search engine for jobs in Malaysia The interim judicial manager is appointed by filing either a shareholder’s resolution or board resolution for the appointment, and lodging statutory declarations with the Official Receiver and ACRA stating the interim judicial manager’s consent to be appointed as such, and that the company intends to undergo judicial management. Interim Judicial Managers of the Company and RKS (“Interim Judicial Managers”) until the determination of the JM Applications or until further order; (c) The Interim Judicial Managers be empowered and authorised to exercise all such functions, powers and duties which are exercisable by a Judicial Manager under Part VIIIA and the Eleventh Beleaguered Singapore-based water treatment firm Hyflux has reportedly been placed under judicial management order on Monday (16 November). Here was a clear case of balance sheet insolvency of KSE and KSD. No court order  is necessary to allow for a moratorium. (Perwaja Steel Sdn Bhd v RHB Bank Berhad & 789 Others [2019] MLJU 698, HC), Judge: Darryl Goon J (grounds of judgment). The fresh Originating Summons would likely be assigned to a second Court. 1. the overriding discretion of the Court to make a judicial management order if public interest requires it and, if appropriate, to appoint an interim judicial manager; and A financially distressed company is not in a position to undertake a scheme of arrangement and to have urgent protection from legal proceedings in the meantime. Following the gazetting of the notice U. The plain reading of the provision meant that any application for a restraining order must meet all the pre-conditions at the very start. For such an insolvent company facing a judicial management application, the Court made the following comment: “While miracles can sometimes happen even in commercial settings, some evidence would typically need to be provided of a “white knight” on the verge of coming to the rescue. The central consideration is the protection of the assets and business of a company. Two Singapore-based employees of accounting firm EY were appointed interim judicial managers of Ocean Tankers yesterday. Second, the Court of Appeal made other comments generally when the Court hears a judicial management application. The upshot of this decision is that employees’ interests, and the calculation set out in section 31 of the Employment Act, are given priority. The companies wanted to successfully complete their project, the Selayang StarCity Pr… So, the Court will consider the nature and imminence of the risks facing the company’s business and assets. The Court of Appeal granted the declarations sought by the receiver and manager to essentially compel GDC to continue supply of chilled water. As reported subsequently, the Court eventually did grant the judicial management order against the two companies. PwC executives have up to eight weeks to file a preliminary report to creditors after reportedly being appointed interim judicial managers at Hin Leong Trading. There are no grounds of judgment that I am aware of. Executives from accounting firm PwC have been appointed as interim judicial managers of Hin Leong, the three sources said on Monday. The condominium purchasers had earlier filed legal actions to claim for liquidated damages against the company. This continued supply is subject to an assurance, undertaking or guarantee to pay for services and charges incurred during the period of receivership. The Interim Moratorium . Singapore-based commodity trader Agritrade International Pte Ltd, which has $1.55 billion due to creditors, has been placed under interim judicial … The next stage will involve the scheme creditors’ meeting to be held and where the voting takes place. She graduated from the University of Cambridge. In this case however, the Court held that any refusal of an order for IJM would merely be postponing the inevitable outcome, whilst putting the companies’ assets at risk of further deterioration. Financially troubled Singapore oil company Hin Leong Trading Pte Ltd on Monday (27 April) was reportedly granted interim judicial management by Singapore High Court in view of its crushing USD 3.85 billion debt and legal investigations. I have written generally about corporate rescue over here. Justice Aedit Abdullah began his judgment by considering the statutory framework behind an application for an order for judicial management. approve the costs of the interim judicial management and judicial management (including legal costs) Any other business. By way of a Court of Appeal Order dated 16 April 2019, the High Court’s decision was reversed. However, the categories of cases in which an IJM order may be made are not closed. This was an abuse of process and the Court of Appeal set aside the ex parte Orders. Interim management is the temporary provision of management resources and skills. The IJM remains in control of the company until the full determination of the judicial management application. The High Court held that where there is a prima facie case for the making of a judicial management (JM) order, and where the assets or businesses of the company are in jeopardy, an order for an interim judicial management order would be appropriate. In April, Hin Leong Trading was placed under interim judicial management as the company was saddled with debts of S$5.7 billion to more than 20 banks. HAMMERED by a US$4 billion debt pile and an ongoing probe by Singapore's white-collar crime buster, the city-state's largest oil trader Hin Leong Trading (HLT) was granted interim judicial management on Monday by the High Court. Name) Andrew Grimmett Designation Interim Judicial Manager Description (Please provide a detailed description of the event in the box below) Please … Post was not sent - check your email addresses! The effect of this decision is that it makes it more difficult for an applicant company to obtain an urgent restraining order. The details of the interim judicial managers’ office address are as follows: 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960 Published. Case Update: The Interim Judicial Manager to Protect Assets in Jeopardy. Such a distressed company may then have to opt for a judicial management application which triggers an automatic moratorium. Hin Leong and Ocean Tankers initially sought a six-month moratorium on debts of more than USD3.6 billion to 23 banks. The Court granted the orders sought by OCBC. The High Court case of Re Leadmont Development Sdn Bhd [2018] MLJU 1320; [2018] 1 LNS 1420 is the first decision on judicial management in Malaysia. The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought forward ahead of time at the request of creditors, according to the … Second, there was a further abuse of process when the company had filed in a second set of Court proceedings to seek sanction for the scheme of arrangement. Judicial management is similar and modelled after administration. Gas District Cooling (GDC) is the supplier of chilled water for all air conditioning systems in Putrajaya. Co-written by Pang Huey Lynn. In 2019, we saw further developments interpreting the insolvency-related provisions of the Companies Act 2016 (CA 2016). In 2020, these financial difficulties were then exacerbated by market conditions in the global oil sector, as well as by the Covid-19 pandemic. This is instead of pursuing their secured rights such as the appointment of a receiver or outright putting the company into liquidation. In Malaysia, it was thought that the maximum duration of a judicial management order is only six months plus one extension of six months. The passing of the Malaysian Companies Bill 2015 (Companies Act 2016), which will replace the Companies Act 1965 (Companies Act 1965), marks the most comprehensive legislative change in Malaysia’s corporate law in 50 years.The Companies Act 2016 also makes some significant changes to Malaysia’s corporate insolvency regime, as it introduces two new insolvency processes: judicial … Here is the link as well: https://themalaysianlawyer.com/2019/08/19/case-update-priority-of-wages-under-the-employment-act-over-debenture-holder-debts/. The principal business of the KSE Group of companies is in drilling and rigging. Hamid Sultan, 65, filed the application for leave for judicial review to challenge the decision of the JEC to … Hin Leong owes $3.8 billion to 23 banks. OCBC alleged that KSE Group continued to suffer heavy financial losses. Hyflux placed under judicial management, restructuring firm Borrelli Walsh appointed as judicial managers. Would that revive the moratorium protection? The Malaysia Insolvency Conference 2018 will be held this Thursday 22 November 2018. PwC did not immediately respond to a request for comment. We saw this in the appointment of the IJM over Hin Leong and HSBC applying for the appointment of the IJM of ZenRock. Geraldine Goon examines the first reported decision in Malaysia on judicial management. There is a similar provision under section 414(7) of the CA 2016 that also allows a judicial manager to utilise such a similar mechanism. the overriding discretion of the Court to make a judicial management order if public interest requires it and, if appropriate, to appoint an interim judicial manager; and This is the first appellate decision that dealt issues concerning the judicial management mechanism. The Singapore High Court in Re KS Energy Ltd and another matter [2020] SGHC 198 granted an order for the appointment of interim judicial managers (IJM) over two companies upon the … Sorry, your blog cannot share posts by email. In August 2020, Mr Kris Wiluan was charged with 112 charges of false trading and market rigging of KSE shares. An article reviewing Judicial Management in Malaysia. The priority provisions on debenture holders’ debts are set out in the CA 2016. But if the High Court dismisses the judicial management application, and with the removal of the moratorium protection, can there be a form of a stay of the dismissal? HYFLUX has been placed under judicial management (JM) following the High Court's rule on Monday, putting an end to a more than two-year-long saga of debt moratorium.. Borrelli Walsh has been appointed interim judicial managers for the troubled water treatment company, and will take over its operations with immediate effect. A restraining order acts as a moratorium to stay all legal proceedings. Crucially as well, the Court took note of the fact that OCBC was a substantial or super-majority creditor in the application. The court allows the interim stay until the date of the hearing of leave only, which has been fixed for December 21 at 10am,” she said in her ruling via email. Interim Judicial Managers of the Company and RKS (“Interim Judicial Managers”) until the determination of the JM Applications or until further order; (c) The Interim Judicial Managers be empowered and authorised to exercise all such functions, powers and duties which are exercisable by a Judicial Manager under Part VIIIA and the Eleventh A common feature of corporate rescue mechanisms is that there is to be a moratorium to stay legal proceedings against the distressed company. 26 October, 2020 Lee Shih. A pre-trial conference has been fixed for the judicial management applications on 4 June, whilst the hearing date for the interim judicial managers applications has yet to be fixed. This Act was a specific piece of legislation and with a social purpose. Hyflux has been placed under judicial management (JM) following the High Court's rule on Monday, putting an end to a more than two-year-long saga of debt moratorium. The issue was whether the employees’ wages (all referred to under section 31 of the Employment Act) would have priority over the debenture holders’ debts. In this case, the receiver and manager appointed over Perwaja Steel sold the charged lands. The Court must consider strict proof and evidence when deciding on whether to make a judicial management order. They have up to eight weeks to file a preliminary report on Hin Leong, two of the sources said. Tue, Nov 17, 2020 - 5:50 AM. In this situation, a permanent role may be unnecessary or impossible to find on short notice. This was where there was an interim order for administration. In Malaysia, there have been very few known appointments of an IJM. Ocean Tankers (Pte.) Law firm Rajah & Tann Singapore LLP is the legal adviser to Ocean Tankers. After the filing of a judicial management application, the applicant may also apply to appoint an IJM over the company. BM Mobility Ltd. published this content on 14 February 2020 and is solely responsible for the information contained therein. The recent case of Leadmont Development Sdn Bhd v Infra Segi Sdn Bhd represents a landmark ruling in Malaysia being the first case to discuss and spell out the background and framework surrounding the law of judicial management in accordance with the provisions governing Malaysia’s judicial management scheme as contained in Division 8 Subdivision 2 of the Companies Act 2016. Reading this Barakah Offshore decision, and the Mansion Properties decision above, it appears that the existing language in the CA 2016 does not allow for urgent moratorium protection via a restraining order. Post was not sent - check your email addresses! interim judicial managers (IJMs) Vallianz receives Swiber-related letters of request for payments amounting to US$63.5 mil SINGAPORE (Aug 31): Vallianz Holdings announced that entities within its group have received letters from the interim judicial managers (IJMs) of Swiber Group requesting for payments totalling US$6 SINGAPORE (June 1): Technics Oil and Gas says the High Court has appointed Chia Soo Hien and Leow Quek Shiong from BDO LLP as the interim judicial managers for the company and its subsidiary Technics Offshore Engineering. RAE WEE raewee@sph.com.sg @RaeWeeBT. Ltd., an affiliate of Hin Leong, will reportedly proceed with its application for court protection, according to Bloomberg. (B) 106/2018 dated 27 February 2018, the corporate rescue mechanism under Division 8 Part III of the Companies Act 2016 has come into force on 1 March 2018.The two corporate rescue mechanisms introduced are the corporate voluntary arrangement (‘CVA’) and judicial … Where a JM order seems highly probable, then any refusal for an order for an IJM would just be postponing the inevitable and putting the company’s assets at further risk in the meantime. Singapore — Singapore oil trader Hin Leong Trading's restructuring or rehabilitation will only be viable if it is clubbed with other group companies under the Lim Family, including Ocean Tankers and Universal Terminal, the family's personal assets and their willingness to divest ownership, court-appointed interim judicial managers, or IJMs, said in a filing seen by S&P Global Platts. It is sometimes common practice for a company to first file an Originating Summons in the first court to obtain leave to convene the scheme creditors’ meeting. The receiver and manager applied to the court for a declaration to compel GDC to continue supplying chilled water to the building during the period of receivership. Enter your email address to subscribe to this blog and receive notifications of new posts by email. This interim moratorium lasts until either the application for Judicial Management is dismissed or is allowed. There is an ongoing judicial management matter where the judicial management order has been extended beyond the 12 months. Fourth, the Court of Appeal suggested that at the time of the filing of the judicial management application, there must be an element of bona fides. This decision allowed a receiver or receiver and manager to obtain a declaration under the CA 2016 to compel a provider of supplies (including utilities such as water, electricity, gas and telecommunications) to continue supply. Judicial management orders were granted ex parte for two related companies, Leadmont Development Sdn Bhd (“Leadmont”) and its subsidiary Sierra Delima Sdn Bhd (“Sierra Delima”). (Barakah Offshore Petroleum Berhad & Anor v Mersing Construction & Engineering Sdn Bhd & 3 Ors [2019] 3 AMR 673; [2019] MLJU 338, HC). Third, the Court must justly, economically and expeditiously dispose of the judicial management application and any appeal process. The cases featured below range from judicial management, schemes of arrangement and the receiver’s ability to have continued supply of utilities. So would the Employment Act prevail or the CA 2016 provisions prevail? SINGAPORE — Financially troubled oilfield services firm Swiber Holdings said yesterday that the High Court had approved its application to appoint KPMG as its interim judicial manager. First, the company’s application in the first Court proceedings for leave to convene the scheme creditors’ meeting and for the restraining order ought to have been served on the relevant creditors. I am aware of at least two instances where the company was the applying for the judicial management order and the company itself applied for the IJM. (CIMB Islamic Bank Bhd v Wellcom Communications (NS) Sdn Bhd & Anor [2019] 4 CLJ 1, CA), Judges: Hamid Sultan Abu Backer JCA (delivering the judgment of the court), Hasnah Mohammed Hashim JCA, and Hanipah Farikullah JCA (grounds of judgment). In the first set of proceedings, a restraining order may also be obtained. Do NOT follow this link or you will be banned from the site. I am organising the case study session where it will feature a hypothetical judicial management case study. Hamid Sultan Abu Backer had, in 2018, alleged that there had been judicial interference in several high-profile cases. Set out below are the findings by the Court of Appeal. But practically, in an urgent restructuring situation and if the company is facing legal action or winding up proceedings, it may not be feasible to have to obtain creditors’ views from the very start. This allows the same Court and the same Judge to have a holistic supervisory function over the entire scheme of arrangement process. That led OCBC to apply for a judicial management order against KSE and KSD, and to have interim judicial managers pending the substantive hearing for judicial management. These were creditors that had ongoing legal actions against the company. Judicial management is a corporate rescue mechanism which came into force on 1 March 2018. Further details of Zenrock’s IJM and imminent JM are available at straitstimes.com. ST PHOTO: DESMOND WEE. One bona fide approach suggested was for the applicant to write to all the concerned parties to obtain their views before the application is filed. Giving priority to such employees’ wages may have a side effect undesirable to secured creditors. ING and Malayan Banking Bhd (Maybank) were the top creditors of Singapore commodity trader Agritrade International, which was last month placed under interim judicial management. Lee Shih and Huey Lynn write about the Singapore decision on the appointment of interim judicial managers. Considering the entirety of the circumstances, and the risk of further deterioration of assets the Court found that an order for IJM was appropriate. the Interim JM Application. Second, the Court also looked at the legislative history of the introduction of the predecessor provision of section 176(10A). A receiver and manager was appointed over a company. I have selected these case due to the interesting and novel points of law. To complete the series, I now feature the top five restructuring and insolvency cases in Malaysia for 2019. This Singapore decision will be useful for setting out the principles for the appointment of a IJM under Malaysia’s judicial management regime. In light of the above, OCBC claimed it had lost confidence in the management of KSE and KSD. These creditors had opposed the scheme of arrangement. As for the JM Application, a Pre-Trial Conference has been fixed for 10 September 2020. (Perwaja Steel Sdn Bhd v RHB Bank Berhad & 789 Others … The Court ruled that the Employment Act was to take priority. The judicial managers will make an interim assessment on whether the company can be restructured or rehabilitated, with an approval from the majority of creditors, who prefer this route to winding up the company as it improves their chances for debt recovery. OCBC’s engagement and approval of any contrary scheme or restructuring proposal would have been required. The subsections does not have wording to compel a provider of supplies to continue with the supplies. The judicial managers will make an interim assessment on whether the company can be restructured or rehabilitated, with an approval from the majority of creditors, who prefer this route to winding up the company as it improves their chances for debt recovery. This allows breathing space for the company to restructure its debts. In particular, figures and specific proposals should be placed before the court to show that the company will be able to answer an application for judicial management.”. I am aware that leave to the Federal Court has been granted against this Court of Appeal decision. Hi Lee Shih, Kindly provide the link to your comment on the decision of case 3 – Perwaja Steel. Fourth, the Court also drew a comparison and analogy with the appointment of provisional liquidators (now known as interim liquidators under Malaysia law). Hin Leong is being investigated by the Commercial Affairs Department (CAD), which is the white-collar crime unit of Singapore police. The Court then turned to consider the applicable principles. Upon the appointment of a judicial manager or an interim judicial manager, the directors would largely have no more powers of management. The supplier may make it a condition of giving supply that the receiver personally guarantees payment of any charges after the receiver’s appointment. A provisional liquidator can be appointed where the company’s assets are in serious jeopardy. It is for the judicial manager to manage the company and to drive the restructuring and rehabilitation process. Arising from this second point, it would be prudent to ensure that there is only one set of the same Court proceedings. He noted that the statutory provisions contain no express guidance as to the circumstances in which an IJM should be ordered. INTRODUCTION. The filing of a judicial management application triggers an automatic moratorium. The creditors’ views must be sought first and this can be difficult if the company is already facing legal action. The judicial management orders were to facilitate the rehabilitation of these two companies. Ocean Tankers also withdrew its application for a debt moratorium which was filed last month. The Malaysian High Court recently delivered the very first grounds of judgement in relation to judicial management in Leadmont Development Sdn Bhd v Infra Segi Sdn Bhd & Another Case [2018] 10 CLJ 412.The provisions on judicial management which were introduced in Malaysia under the Companies … Between 2016 to 2019, KSE suffered financial difficulties. This is because of the drastic effects of an insolvent company going into judicial management, and there may be no prospects of recovering money or assets. First, the High Court undertook a plain reading of the relevant provision i.e. The Explanatory Statement of the Bill stated that the introduction of these four pre-conditions was to make sure that “creditors are aware of an application” and that “specific conditions” needed to be met “to avoid any abuse.”. Second, this immediate danger to the assets or business of a company could be through fraud or abandonment of the company by the management of the company. - check your email addresses 392 ( 6 ) and ( 7 was! Case relates to the Court decided that those provisions governs public utilities and does have... Hin Leong interim judicial management order against the company to GDC as an associate.! Be obtained there was an abuse of process and the grant of a restraining.. Ijm and imminent JM are available at straitstimes.com suffered financial difficulties – Perwaja Steel sold the lands... 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