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The Overlooked Reality Of Shareholder Activism In China: Defying Western Expectations, Chun Zhou, Wei Zhang, Dan W. Puchniak Jun 2024

The Overlooked Reality Of Shareholder Activism In China: Defying Western Expectations, Chun Zhou, Wei Zhang, Dan W. Puchniak

Research Collection Yong Pung How School Of Law

Despite shareholder activism being in the global spotlight, shareholder activism in China – the world’s second largest economy – remains largely a black box. Using unique hand collected data, we reveal the overlooked reality that shareholder activism in China is thriving – with 156 major shareholder activist campaigns, over two-thirds of which have occurred in the last five years. Contrary to Western conventional wisdom, we find that whether the target company is a private owned enterprise (POE) or state-owned enterprise (SOE), has no statistically significant effect on the success of activist campaigns. Private shareholders have undertaken, and in over half …


Equity In Commerce: Too Much And Too Little?, Man Yip Jun 2023

Equity In Commerce: Too Much And Too Little?, Man Yip

Research Collection Yong Pung How School Of Law

The interaction and clash between equity and commerce have attracted much attention from judges and academics in recent years. Commercial lawyers may complain about equity introducing uncertainty into commercial endeavours and at times, (mis-)applying the ‘moral standards of the vicarage’ to actors in commercial dealings. However, the objections are not directed at all aspects of equity, but are usually addressed to some ‘disfavoured parts of it’, such as the creation of a new obligation or discretionary remedies. On the other hand, from the perspective of equity lawyers, equity’s interplay with commerce may lead to the contractualisation or commercialisation of equitable …


Novation And Advance Consent, Kwan Ho Lau Sep 2022

Novation And Advance Consent, Kwan Ho Lau

Research Collection Yong Pung How School Of Law

Professor Goode once observed that “Novation need not be left to ad hoc agreement; it is open to the parties to provide for it in advance and in particular to establish a contractual mechanism by which novation takes place automatically on the occurrence of a designated act or event”. This deceptively straightforward proposition is examined in the present article. It explores the legal footing for, and the risks in adopting a pristine version of, the proposition, and considers possible safeguards that may be incorporated within the process of scrutiny, if in any case there arises concern over the effectiveness of …


Developing Brunei Darussalam As An Asean Hub For International Islamic Finance Dispute Resolution: Opportunity Or Over-Ambition?, Nobumichi Teramura Mar 2022

Developing Brunei Darussalam As An Asean Hub For International Islamic Finance Dispute Resolution: Opportunity Or Over-Ambition?, Nobumichi Teramura

Centre for Commercial Law in Asia

International dispute resolution is only at an early stage of development in Brunei. Although the government established the Brunei Darussalam Arbitration Centre (BDAC) in 2014 to provide domestic and international users with arbitration and mediation services, the institution has yet to attract a significant caseload. This is in contrast with neighbouring countries such as Singapore (a regional hub for international dispute resolution) and Malaysia (an active and rising centre of dispute settlement). Their flagship arbitration institutions, the Singapore International Arbitration Centre (SIAC) and the Asian International Arbitration Centre (AIAC) (formerly known as the Kuala Lumpur Regional Centre for Arbitration), handle …


Reflection On Wise Cities And Ai In Community: Sustainable Life Spaces And Kampung Storytelling, Mark Findlay, Li Min Ong Mar 2022

Reflection On Wise Cities And Ai In Community: Sustainable Life Spaces And Kampung Storytelling, Mark Findlay, Li Min Ong

Centre for Commercial Law in Asia

This short paper is a reflection following our presentation made at the ASEAN Law Research Network’s conference on Sustainable Development and Commerce in ASEAN Cities. We had wanted to introduce our thinking, given the strong interest in developing smart cities in the region. We want to emphasise the importance of multidisciplinary approaches in the sustainable development of cities, particularly the voice of social scientists which tends to get left out in discussions over technology. In the race towards “smart” urbanisation, there is a real risk that history and culture – things that give a city “life” – could get decimated …


Toward An Environmentally Sustainable City In The Light Of Industrial Revolution 4.0: A Case Study Of Ho Chi Minh City, Tran Viet Dung Mar 2022

Toward An Environmentally Sustainable City In The Light Of Industrial Revolution 4.0: A Case Study Of Ho Chi Minh City, Tran Viet Dung

Centre for Commercial Law in Asia

Like other large cities in ASEAN, Vietnamese cities have been facing serious urban environment problems such as air pollution, land degradation, weak water drainage and lack of green spaces. These problems are caused by unsustainable patterns of development. City governments have failed to coordinate and integrate city planning consistently. Trends show that governments prefer to take short-term economic profit rather than focus on environmental protection.


Legal Challenges And Opportunities For Peer-To-Peer Electricity Trading In Thailand, Piti Eiamchamroonlarp Mar 2022

Legal Challenges And Opportunities For Peer-To-Peer Electricity Trading In Thailand, Piti Eiamchamroonlarp

Centre for Commercial Law in Asia

Electricity is a critical resource for a country as it powers devices and enables modern living with digital transactions, crypto mining, deployment of electric vehicles (EV) etc. Given these emerging activities, electricity demand is forecasted to keep rising. The peak electricity load in Thailand for 2018, 29,969 MW, will likely increase to 53,997 MW by 2037. However, Thailand, as a party to the United Nations Framework Convention on Climate Change, must consider negative impacts on the environment from electricity generation. To meet these challenges, renewable resources are needed for cleaner electricity generation and ensuring security of electricity supply, while simultaneously …


Indonesia's Termination Of Bilateral Investment Treaties, Lucas Jun Hao Wong Mar 2022

Indonesia's Termination Of Bilateral Investment Treaties, Lucas Jun Hao Wong

Centre for Commercial Law in Asia

Indonesia holds a vast source of untapped potential in terms of its ability to influence global trade. While Indonesia has been a member of the World Trade Organization (WTO) since 1 January 1995, its integration into global value chains remains relatively weak, with the ratio of its trade in goods and services to GDP falling from 48.6% in 2013 to below 40% in 2019. Nonetheless, as Southeast Asia’s largest economy and a member of the G20, Indonesia possesses the capacity to become a key player on the world stage.


No Oral Modification Clauses: Autonomy, Certainty Or Presumption?, Kwan Ho Lau Jan 2022

No Oral Modification Clauses: Autonomy, Certainty Or Presumption?, Kwan Ho Lau

Research Collection Yong Pung How School Of Law

By a judgment of Lord Sumption with which a majority of the court agreed, the Supreme Court in MWB Business Exchange Centres Ltd. v Rock Advertising Ltd. [2018] UKSC 24, [2019] A.C. 119 ruled that a contractual term which prescribed that the contract was not amendable save in writing signed by or on behalf of the parties (a No Oral Modification or “NOM” clause) was effective to invalidate subsequent oral variations to the contract. Lord Burrows later suggested extrajudicially (in P.S. Davies and M. Raczynska (eds.), Contents of Commercial Contracts (London 2020), 49) that Rock Advertising might not find traction …


Building A Restructuring Hub: Lessons From Singapore, Aurelio Gurrea-Martinez Oct 2021

Building A Restructuring Hub: Lessons From Singapore, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

This article analyses the legal, market and institutional features needed to become an international hub for debt restructuring. For that purpose, it explores the strategy followed by Singapore, as well as the market and institutional factors generally found in other leading centres for legal and financial services such as the United States, the United Kingdom and Hong Kong. In jurisdictions traditionally having creditor-oriented insolvency systems, such as the United Kingdom, Hong Kong and Singapore, one of the primary challenges for the improvement of the restructuring framework for debtors consists of making sure that the insolvency system remains protective of the …


Implementing An Insolvency Framework For Micro And Small Firms, Aurelio Gurrea-Martinez Sep 2021

Implementing An Insolvency Framework For Micro And Small Firms, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

Micro-, small-, and medium-sized enterprises (MSMEs) represent the vast majority of businesses in most countries around the world. Despite the economic relevance of these firms, most insolvency jurisdictions do not provide adequate responses to MSMEs. Moreover, with a few exceptions, the academic literature on insolvency law has not traditionally focused on the treatment of MSMEs in insolvency. This article seeks to contribute to the debate by exploring the primary features and problems of MSMEs in insolvency as well as the weaknesses of the ordinary insolvency framework to deal with MSMEs. It also provides a general overview of the primary reforms …


The Rise Of Pre-Packs As A Restructuring Tool: Theory, Evidence And Policy, Aurelio Gurrea-Martinez Sep 2021

The Rise Of Pre-Packs As A Restructuring Tool: Theory, Evidence And Policy, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

The use of pre-packs as a restructuring tool has been traditionally popular in the United Kingdom and the United States. In recent years, however, several jurisdictions around the world, including Singapore, India, Spain, the Netherlands, and the Philippines have promoted the use of pre-packs. By shortening the length of insolvency proceedings, pre-packs have the ability to reduce the costs of financial distress, and especially those associated with the loss of reputation, employees, suppliers and goodwill. Thus, pre-packs can help maximise the value of the firm for the benefit of debtors, creditors and society as a whole. However, the conflict of …


The Future Of Insolvency Law In A Post-Pandemic World, Aurelio Gurrea-Martinez Sep 2021

The Future Of Insolvency Law In A Post-Pandemic World, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

The COVID-19 crisis has encouraged many countries to amend their insolvency laws. In most cases, these amendments took place temporarily – especially during the hibernation phase of the pandemic. In other countries, however, the pandemic has led to permanent changes in the insolvency legislation. More importantly, the COVID-19 crisis has accelerated the insolvency reforms already existing in the political agenda of many countries, and it has encouraged other jurisdictions to reassess the desirability of their insolvency and restructuring frameworks. This article analyzes the current trends, reforms and policy discussions that are expected to reshape the future of insolvency law in …


Insolvency Law In Emerging Markets, Aurelio Gurrea-Martinez Sep 2021

Insolvency Law In Emerging Markets, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

A well-functioning corporate insolvency system can serve as a valuable tool to promote entrepreneurship, innovation, access to finance and economic growth. Therefore, if having an efficient insolvency framework is essential for any country, it becomes even more important for emerging economies due to their potential for growth and their greater financial needs. Unfortunately, the academic literature has generally paid more attention to the regulation of corporate insolvency in developed countries. Thus, with some notable exceptions, it has largely omitted the debate about the optimal design of insolvency law in jurisdictions that, in addition to requiring a more active policy debate, …


Towards An Optimal Model Of Directors' Duties In The Zone Of Insolvency: An Economic And Comparative Approach, Aurelio Gurrea-Martinez Aug 2021

Towards An Optimal Model Of Directors' Duties In The Zone Of Insolvency: An Economic And Comparative Approach, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

When a company becomes factually insolvent but it is not yet subject to a formal insolvency proceeding, the shareholders - or the directors acting on their behalf - may engage, even in good faith, in various forms of behaviour that can divert or destroy value at the expense of the creditors. For this reason, many jurisdictions impose special directors’ duties in the zone of insolvency. From a sample of more than 25 countries from North America, Europe, Latin America, Africa, Middle East, and the Asia-Pacific, this article seeks to explore the most common regulatory models of directors’ duties in the …


A New Structuring Option For Funds: The Singapore Variable Capital Company, Vincent Ooi Apr 2021

A New Structuring Option For Funds: The Singapore Variable Capital Company, Vincent Ooi

Research Collection Yong Pung How School Of Law

The Singapore Variable Capital Company (“VCC”) offers a new structuring option for funds. This article considers the features of the VCC in terms of structure, operational aspects and commercial considerations, against the backdrop of similar structures in the BVI and Labuan. It submits that, with statutory modifications, opportunities exist to use the VCC for insurance, captive insurance and family offices.


Implementing An Efficient Insolvency Framework For Micro And Small Firms, Aurelio Gurrea-Martinez Feb 2021

Implementing An Efficient Insolvency Framework For Micro And Small Firms, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

Micro, small and medium-sized enterprises (MSMEs) represent about 90% of businesses and more than 50% of employment worldwide. Despite the economic relevance of MSMEs in most countries around the world, and even more in emerging markets, most insolvency jurisdictions do not address adequately the insolvency of MSMEs. In a recent article, entitled ‘Implementing an Insolvency Framework for Micro and Small Firms’ (International Insolvency Review, forthcoming), I seek to contribute to the existing literature on the insolvency treatment of MSMEs. After analysing the particular problems and features of MSMEs, as well as the insolvency reforms for MSMEs recently implemented in various …


Modernizing Corporate Law In Latin America: Lessons From Ecuador, Aurelio Gurrea-Martinez, Esteban Ortiz-Mena, Paul Noboa-Velasco Jan 2021

Modernizing Corporate Law In Latin America: Lessons From Ecuador, Aurelio Gurrea-Martinez, Esteban Ortiz-Mena, Paul Noboa-Velasco

Research Collection Yong Pung How School Of Law

In the past decades, several countries in Latin America, including Argentina, Colombia, Mexico and Uruguay, have implemented significant corporate law reforms. In the meantime, the regulatory framework for companies in Ecuador has remained virtually intact since 1964. This situation, however, has dramatically changed in 2020. In one of the most ambitious corporate law reforms observed in Latin America in the past decades, Ecuador has recently modernized its corporate law.


Towards An Optimal Model Of Directors’ Duties In The Zone Of Insolvency: An Economic And Comparative Approach, Aurelio Gurrea-Martinez Jan 2021

Towards An Optimal Model Of Directors’ Duties In The Zone Of Insolvency: An Economic And Comparative Approach, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

In a recent article, I analyse the primary regulatory models of directors’ duties in the zone of insolvency observed internationally. From a sample of more than 20 countries from Asia, Australia, Europe, Latin America, Africa, and North America, I distinguish six primary regulatory models: (i) the imposition of a duty to initiate insolvency proceedings, generally found in Europe; (ii) the imposition of a duty to recapitalise or liquidate the company, typically existing in Europe and Latin America; (iii) the imposition of duties towards the company’s creditors, including the duty to minimise losses for the creditors existing in the United Kingdom; …


Towards An Optimal Model Of Directors' Duties In The Zone Of Insolvency: A Comparative Assessment, Aurelio Gurrea-Martinez Dec 2020

Towards An Optimal Model Of Directors' Duties In The Zone Of Insolvency: A Comparative Assessment, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

In a recent article, I analyse the primary regulatory models of directors’ duties in the zone of insolvency observed internationally. From a sample of more than 20 countries from Asia, Australia, Europe, Latin America, Africa, and North America, I distinguish six regulatory models: (i) the imposition of a duty to initiate insolvency proceedings, generally found in Europe; (ii) the imposition of a duty to recapitalise or liquidate the company, typically existing in Europe and Latin America; (iii) the imposition of a duty to minimise losses for the creditors, existing in the United Kingdom; (iv) the imposition of a duty to …


The Future Of Reorganization Procedures In The Era Of Pre-Insolvency Law, Aurelio Gurrea-Martinez Dec 2020

The Future Of Reorganization Procedures In The Era Of Pre-Insolvency Law, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

Several countries and regions around the world, including Singapore, the United Kingdom, and the European Union, are amending their restructuring framework to implement a pre-insolvency mechanism that includes most of the features that exist in the US Chapter 11 reorganization procedure. However, unlike what happens in the United States, where unsuccessful reorganizations lead to Chapter 7 liquidations, companies using this ‘de facto Chapter 11’ (DFCH11) are still allowed to use formal reorganization procedures. This article argues that, while the rise of the DFCH11 is not necessarily undesirable provided that various protections are put in place, jurisdictions implementing this restructuring tool …


Artificially Low Salaries And Tax Dodging, Hern Kuan Liu, Vincent Ooi Dec 2020

Artificially Low Salaries And Tax Dodging, Hern Kuan Liu, Vincent Ooi

Research Collection Yong Pung How School Of Law

In the recent case of Wee Teng Yau v Comptroller of Income Tax, the Singapore Supreme Court considered the issue of tax avoidance by professionals for the first time. The case involved a dentist, Dr Wee, who was initially employed by Alfred Cheng Orthodontic Clinic Pte Ltd (ACOC). Subsequently, he incorporated Straighten Pte Ltd (SPL), of which he was the sole director and shareholder. Dr Wee continued to provide the same dental services to ACOC's patients as he had done before. However, instead of paying Dr Wee directly for his services, ACOC paid for his services to SPL, which in …


Law And Covid-19, Aurelio Gurrea-Martinez, Yihan Goh, Mark Findlay Oct 2020

Law And Covid-19, Aurelio Gurrea-Martinez, Yihan Goh, Mark Findlay

Research Collection Yong Pung How School Of Law

This book is a collection of essays from scholars at Singapore Management University School of Law analysing the challenges and implications of COVID-19 from the perspective of different areas of law, including private law, corporate law, insolvency law, data protection, financial laws, public law, privacy law, commercial law, constitutional law, law and technology, and dispute resolution. It also analyses how the COVID-19 pandemic will affect the judicial system, the study of law, and the future of the legal profession. Beyond considerations of the pandemic’s influence on law and legal service delivery the authors consider how law can help facilitate the …


Trading Through A Pandemic: The Singaporean Experience, Henry Gao, Dhiraj G. Chainani, Siu Farn Chew Sep 2020

Trading Through A Pandemic: The Singaporean Experience, Henry Gao, Dhiraj G. Chainani, Siu Farn Chew

Research Collection Yong Pung How School Of Law

Being a small country with one of the highest trade-to-GDP ratios in the world, Singapore faced seemingly insurmountable challenges at the onset of the Coronavirus disease 2019 (COVID-19) pandemic. As countries around the world scrambled to fight the pandemic, they imposed restrictions on exports and imports, suspended international transportation of both goods and people, and invoked emergency power and exceptions to justify their actions. All these presented unprecedented challenges to Singapore, a country which relies on international trade not only for its prosperity but also for survival. This article discusses how Singapore tries to meet these challenges through various initiatives …


Insolvency Law In Emerging Markets, Aurelio Gurrea-Martinez Sep 2020

Insolvency Law In Emerging Markets, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

Corporate insolvency law can serve as a powerful mechanism to promote economic growth. Ex ante, a well-functioning insolvency framework can facilitate entrepreneurship, innovation and access to finance. Ex post, corporate insolvency law can perform several functions, including the reorganization of viable companies in financial distress, the liquidation of non-viable businesses in a fair and efficient manner, and the maximization of the returns to creditors. Therefore, if having an efficient corporate insolvency framework is essential for any country, it becomes even more important for emerging economies due to their potential for growth and their greater financial needs.


Pragmatism In The Pandemic: The Protection Of Commercial Tenants In Singapore, Edward Ti Sep 2020

Pragmatism In The Pandemic: The Protection Of Commercial Tenants In Singapore, Edward Ti

Research Collection Yong Pung How School Of Law

The COVID-19 epidemic has not spared any country, not least a densely populated country like Singapore. The government has been working tirelessly developing new policies and laws to mitigate the human and economic devastation brought on by the virus. The COVID-19 (Temporary Measures) Act 2020 (COTMA) is intended to tackle some of the negative effects brought about by COVID-19. With an initial application period of 6 months which can be amended at the Minister’s discretion, the COTMA covers a wide range of issues. Summarily, the COTMA provides for public health controls necessary to manage the health crisis, increases bankruptcy and …


The Low Usage Of Bankruptcy Procedures: A Cultural Problem? Lessons From Spain, Aurelio Gurrea-Martinez Jul 2020

The Low Usage Of Bankruptcy Procedures: A Cultural Problem? Lessons From Spain, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

While filing for bankruptcy does not seem appealing for any debtor regardless of the jurisdiction, the reluctance to use the bankruptcy system varies across countries. This article explores the underlying reasons and economic effects of the low usage of bankruptcy procedures in Spain, where the rate of business bankruptcies is one of the lowest in the world. Some authors have argued that the low usage of bankruptcy procedures in Spain is due to a “cultural” problem faced by Spanish entrepreneurs. According to this hypothesis, the lack of a “bankruptcy culture” makes Spanish entrepreneurs afraid to use the bankruptcy system. In …


Addressing The Auditor Independence Puzzle: Regulatory Models And Proposal For Reform, Martin Gelter, Aurelio Gurrea-Martinez Jul 2020

Addressing The Auditor Independence Puzzle: Regulatory Models And Proposal For Reform, Martin Gelter, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

Auditors play a major role in corporate governance and capital markets. Ex ante, auditors facilitate firms’ access to finance by fostering trust among public investors. Ex post, auditors can prevent misbehavior and financial fraud by corporate insiders. In order to fulfill these goals, however, in addition to having the adequate knowledge and expertise, auditors must perform their functions in an independent manner. Unfortunately, auditors are subject to conflicts of interest by, for example, providing non-audit services or the mere fact of being hired and paid by the audited company. Therefore, even if auditors act independently, investors have reason to think …


Sidra International Dispute Resolution Survey: 2020 Final Report, Nadja Alexander, Vakhtangi Giorgadze, Allison Goh Jul 2020

Sidra International Dispute Resolution Survey: 2020 Final Report, Nadja Alexander, Vakhtangi Giorgadze, Allison Goh

Research Collection Yong Pung How School Of Law

The International Dispute Resolution Survey: 2020 Final Report presents the findings of the Singapore International Dispute Resolution Academy’s inaugural examination into the preferences, experiences, practices and perspectives of international dispute resolution users around the globe. The survey examined three major international dispute resolution mechanisms: international commercial arbitration, international commercial mediation, international commercial litigation, as well as hybrid dispute resolution mechanisms such as mediation-arbitration and arbitration-mediation. The survey also inquired into the use of technology in international dispute resolution, such as predictive analytical tools and negotiation support systems, and asked the users to express whether they were satisfied with the use …


Insolvency Law In Times Of Covid-19, Aurelio Gurrea-Martinez Apr 2020

Insolvency Law In Times Of Covid-19, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

The international spread of the coronavirus is not only generating dramatic consequences from a social perspective but it is also heavily affecting the global economy. For this reason, governments, financial regulators and international organizations are responding to this pandemic with a package of legal, economic and financial reforms. Among the legal measures included in these packages of reforms, many countries, including Australia, Germany, Spain, India, Singapore, the United Kingdom and the United States, have proposed or implemented several changes to their insolvency frameworks.