Law Commons^™

The Public Interest In Judicial Management, Tracey E. Chan

Tracey E Chan

The public interest is a common, but rarely discussed, feature in insolvency processes. It features in both winding up and judicial management in Singapore, with statutory provisions that stipulate the public interest as a ground for invoking these processes. However, it is unclear from the legislative deliberations what specific purpose was envisaged by the public interest exception to the typical requirements for making a judicial management order. This article reviews the concept of the public interest in the context of insolvency law in general, and corporate rescue in particular. In the light of the objectives and principles of insolvency law, …

The Pari Passu Principle In Judicial Management, Tracey Chan

Tracey E Chan

Judicial Management is in its nineteenth year in Singapore. It represents a basic legal framework that provides a temporary breathing space for companies in financial difficulty from creditor enforcement action. Many aspects of JM rest on the exercise of judicial and judicial manager discretion. This open-ended legal framework has, in recent years, seen a gradual articulation by case law of its contours and doctrinal underpinnings. The High Court’s decision in Re Wan Soon Construction Pte Ltd addresses two important issues in this ongoing process. First, to what extent does the pari passu principle, an important principle that under girds the …

A Falcon Takes Flight: The Anti-Deprivation Principles And Corporate Groups, Tracey E. Chan

Tracey E Chan

Revisting Ex Parte James, Tracey E. Chan

Tracey E Chan

There has been much judicial and academic debate over the proper scope of and rationale nderlying the principle in ex parte James, and in particular its conferral of de facto insolvency priority on the successful claimant. This article attempts to review the principle’s operation in the context of the function and principles of insolvency law, determine the actual role that it plays in dealing with post-insolvency claims and accordingly identify the justifications that can be offered for this role. It argues that the principle is better seen as an application of the liquidation expenses principle or the fair treatment of …