The Court of Appeal has, in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10, comprehensively considered the contours of a director’s duty to consider the interests of creditors in certain circumstances (Creditor Duty).
In this important decision, the apex court examined when the Creditor Duty first becomes engaged as well as the nature, scope and content of the duty. It also set out the approach that the court should take when faced with a claim that a director has breached the Creditor Duty.
This update takes a close look at the Creditor Duty.
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 any of the following Partners:
Manoj Pillay SANDRASEGARA
Co-Head – Special Situations Advisory
d +65 6416 8106
e manoj.sandra@wongpartnership.com
Click here to view Manoj’s CV.
Smitha MENON
Head – Restructuring & Insolvency
d +65 6416 8129
e smitha.menon@wongpartnership.com
Click here to view Smitha’s CV.
Lionel LEO
Partner – Restructuring & Insolvency
d +65 6517 3758
e lionel.leo@wongpartnership.com
Click here to view Lionel’s CV.
Stephanie YEO
Partner – Restructuring & Insolvency
d +65 6517 3796
e stephanie.yeo@wongpartnership.com
Click here to view Stephanie’s CV.
Joel CHNG
Partner – Restructuring & Insolvency
d +65 6517 8707
e joel.chng@wongpartnership.com
Click here to view Joel’s CV.
TAN Kai Yun
Partner – Restructuring & Insolvency
d +65 6416 6869
e kaiyun.tan@wongpartnership.com
Click here to view Kai Yun’s CV.
Joy TAN
Co-Head – Commercial & Corporate Disputes Practice
Co-Head – Corporate Governance & Compliance
d +65 6416 8138
e joy.tan@wongpartnership.com
Click here to view Joy’s CV.
Kevin HO
Co-Head – Corporate Governance & Compliance
d +65 6416 2555
e kevin.ho@wongpartnership.com
Click here to view Kevin’s CV.