Chan Wei Meng
Corporate Restructuring & Workouts
Wei Meng’s areas of practice are corporate and individual insolvency and restructuring as well as commercial litigation. He has considerable experience in matters of corporate insolvency, schemes of arrangements and compromise, judicial management, and liquidation.
Wei Meng has represented distressed companies in debt restructuring exercises, including cross-border schemes of arrangement and reverse takeovers. He has been involved with daily operational, management and creditor issues. He has advised liquidators and judicial managers of accounting firms on a variety of matters resulting from the liquidation and judicial management of companies.
Wei Meng is also experienced in internal and external investigations, including fraud, accounting irregularities, and securities trading and market manipulation.
Wei Meng has been involved in many high profile matters. Here are just a few:
TT International Ltd - Advised the major shareholders-directors of the homegrown, mainboard-listed global electronics distributor, who had incurred significant personal debt of about S$68 million due to guarantees and undertakings granted to bank lenders to secure credit facilities for the company. To protect the interest of the company and its stakeholders, he advised the shareholders-directors to file for bankruptcy before filing for statutory protection under the Bankruptcy Act in a proposed voluntary arrangement. These steps provided an avenue for the controlling shareholders-directors to resolve their personal debt and for the company to successfully implement a scheme of arrangement to restructure some S$503 million of debt.
Fibrechem Technologies Limited - Assisted the special auditors in investigating the difficulties faced by the S-chip company and its auditors in finalising the audit of the group’s trade receivables and cash balances as at 31 December 2008. The investigation uncovered several financial and accounting irregularities, including the overstatement of net assets and cash balance by HK$382 million and HK$686 million, respectively, and a cash balance of HK$777 million that was not accounted for. It also found that Fibrechem’s subsidiaries in the People’s Republic of China had weak corporate cultures and inadequate respect for internal control measures.
Thakral group of companies - Advised the group on restructuring loans of US$718 million from banks and financial institutions. The restructuring exercise involved an innovative, parallel scheme of arrangement in Singapore and Hong Kong, which the courts in both jurisdictions had to sanction concurrently. The debt restructuring comprised three components. A Tier 1 debt of S$62 million was deemed sustainable, a Tier 2 debt of S$200 million was deemed unsustainable, and a Tier 3 debt was converted into equity. The debt restructuring also consisted of a cash sweep mechanism that let creditors benefit from any excess cash derived from daily operations.
Zhongguo Jilong Limited - Represented the judicial manager of the Singapore-listed food and beverage manufacturer, which operated out of the People’s Republic of China. The manufacturer was successfully restructured and relisted on the Singapore Exchange under a new name, Chang Jiang Fertiliser Holdings Limited, via a listing by introduction of a fertilizer producer in the People’s Republic of China. The restructuring exercise included a debt-to-equity swap involving the shares of the re-listed company and a scheme of arrangement.
Bank of Mauritius - Worked with financial advisors appointed by the country’s central bank to investigate the country’s largest banking fraud. He assisted in the preparation of a confidential report that has been extensively discussed in the Mauritian Parliament and media.
Asia Pacific Legal 500
Restructuring & Insolvency 2017 – Recommended Lawyer
Singapore Business Review
Singapore’s 40 most influential lawyers aged 40 and under in 2015 – Listed lawyer
Member, Law Society of Singapore
Member, Singapore Academy of Law
Member, Law Society of England & Wales