In this update, we highlight several key points that in-house counsel should take note of and steps they can take when dealing with internal and external insolvency. Internal insolvency refers to a situation where the employer company (“Company”) becomes insolvent, whereas external insolvency refers to a situation where the Company is a creditor and its debtor becomes insolvent. In both situations, timely and appropriate action by in-house counsel is crucial in placing the Company in an advantageous position.
This update is divided into three parts. First, we highlight steps in-house counsel should take when the Company is being wound up. Second, we suggest various practical steps that can be taken when the Company is faced with internal or external insolvency. Lastly, we indicate various strategies in-house counsel can use to prevent hidden insolvency risks in the Company’s transactions.
If you would like information or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or the following Partner:
Smitha MENON
Head – Restructuring & Insolvency
d +65 6416 8129
e smitha.menon@wongpartnership.com
Click here to see Smitha’s CV.