Safeguards to Liquidators’ Fees and Expenses – A Consideration in Ordering a Termination of a Winding Up

09 May 2024

In 2020, the Insolvency Restructuring and Dissolution Act 2018 (2020 Rev Ed) came into effect. Among a slew of amendments was the introduction of a statutory power for the Courts to terminate a winding up. Recently, the High Court released its first reported decision on the exercise of such power. In Ascentury International Co Ltd v Viva Capital (SG) Pte Ltd [2024] SGHC 118, it was made clear that a court would only exercise its discretion to terminate a winding up if the court is satisfied that the liquidator’s fees and expenses were safeguarded.

Director Blossom Hing, Associate Director Joshua Chin and Senior Associate Clarie Ong acted for the liquidators in this matter.

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