Services - Virtus law

Restructuring and insolvency

We advise a wide array of stakeholders on all issues arising in connection with financial distress. We act for companies, banks, funds, other financial institutions, office holders, indenture trustees, pension trustees, directors and individuals dealing with the consequences of financial distress.

Our work covers all sectors – and encompasses domestic and international debt restructurings, schemes of arrangement, CVAs, administrations (including pre-packs), refinancings, workouts and turnaround strategies, debt for equity swaps, distressed M&A, distressed investing, loan to own strategies, receiverships, liquidations, personal bankruptcy, insolvency litigation and investigations, and fraud and asset recovery.

We have appeared before the Singapore courts in matters of corporate and individual insolvencies, judicial management and schemes of arrangement. This, coupled with our close network to the teams in London and Hong Kong, means that our international network allows us to be a one-stop service provider for any global client with restructuring and insolvency-related needs.

Experience

Skaugen
Advising and assisting the Skaugen Group to apply in Singapore for protection under the s. 211B scheme moratorium regime. This resulted in the first reported Singapore court judgment (Re IM Skaugen SE and other matters [2018] SGHC 259) on the requirements of a scheme moratorium.

EMAS Chiyoda
Acting for and advising creditors against EMAS-AMC Pte Ltd (part of the EMAS Chiyoda Subsea Limited group undergoing restructuring under Chapter 11 of the US Bankruptcy Code) regarding a stay order granted in Singapore.

Hin Leong Trading
Advising and acting for a major secured lender on the collapse of a well-known Singapore oil trader (Hin Leong Trading), its related vessel ownership group (Xihe Holdings) and its related bareboat charterer (Ocean Tankers), with an exposure of well over US$500 million. This matter has been the subject of headline news in Singapore and in international industry press, with allegations of fraudulent trading, and is one of the largest debt restructuring exercises in Singapore.

iflix
Advising the iflix group on its group restructuring and securing one of the first pre-pack schemes under Singapore’s Insolvency, Restructuring and Dissolution Act 2018 since it came into force on 30 July 2020.

Agritrade International
Advising the creditors of Agritrade International (Pte) Ltd in the judicial management of Agritrade International (Pte) Ltd, with a total debt of about US$1.55 billion, one of the largest insolvencies in Singapore.

Experience: Skaugen
Advising and assisting the Skaugen Group to apply in Singapore for protection under the s. 211B scheme moratorium regime. This resulted in the first reported Singapore court judgment (Re IM Skaugen SE and other matters [2018] SGHC 259) on the requirements of a scheme moratorium.

EMAS Chiyoda
Acting for and advising creditors against EMAS-AMC Pte Ltd (part of the EMAS Chiyoda Subsea Limited group undergoing restructuring under Chapter 11 of the US Bankruptcy Code) regarding a stay order granted in Singapore.

Hin Leong Trading
Advising and acting for a major secured lender on the collapse of a well-known Singapore oil trader (Hin Leong Trading), its related vessel ownership group (Xihe Holdings) and its related bareboat charterer (Ocean Tankers), with an exposure of well over US$500 million. This matter has been the subject of headline news in Singapore and in international industry press, with allegations of fraudulent trading, and is one of the largest debt restructuring exercises in Singapore.

iflix
Advising the iflix group on its group restructuring and securing one of the first pre-pack schemes under Singapore’s Insolvency, Restructuring and Dissolution Act 2018 since it came into force on 30 July 2020.

Agritrade International
Advising the creditors of Agritrade International (Pte) Ltd in the judicial management of Agritrade International (Pte) Ltd, with a total debt of about US$1.55 billion, one of the largest insolvencies in Singapore.

We’re here to help

Service

Restructuring and insolvency

We advise a wide array of stakeholders on all issues arising in connection with financial distress. We act for companies, banks, funds, other financial institutions, office holders, indenture trustees, pension trustees, directors and individuals dealing with the consequences of financial distress.