HEALTH Management International (HMI) on Friday announced a joint bid with PanAsia Health Limited to privatise HMI by way of a scheme of arrangement that values HMI at approximately S$611 million. A recent decision by the learned Judicial Commissioner Aedit Abdullah saw the Singapore High Court clarify the factors which ought to be considered in an application to set aside an order made by the court pursuant to section 210(1) of the Companies Act (the “Act”). Noble Group plans to introduce the schemes of arrangement that underpin its restructuring this week, a key step in the creation of a new company that … Under the previous cross-class cram down regime contained in the Companies Act 6, to cram down a class of unsecured creditors, existing members were required to divest their shares. A scheme of arrangement is a procedure that allows a company to reconstruct its capital, assets or liabilities with the approval of its shareholders and the Court. As an example, Singapore introduced an option for an automatic moratorium under its scheme of arrangement provisions. Section 211B of the Singapore Companies Act allows for a 30-day automatic moratorium period. 50). Schemes of Arrangement have been a part of Singapore’s restructuring and insolvency landscape since 1967. Singapore “supercharged” scheme of arrangement The Singapore government has implemented a plan to make Singapore a debt restructuring centre to rival London and New York. On 22 January 2018, the Singapore High Court (“Court”) sanctioned the first “pre-packaged” scheme of arrangement under Singapore’s new restructuring and insolvency regime that was unveiled in 2017.These ground-breaking amendments have taken the existing scheme of arrangement mechanism in Singapore and engrafted new features adapted from Chapter 11 of the US Bankruptcy … Scheme of arrangement – cross-class cram downs. Prior to the IRDA, the procedures for a Scheme of Arrangement were set out in Section 210 and 211 of the Companies Act (Cap. For business employers that are not in MTI’s permitted list to resume operations on the GoBusiness Portal, and all businesses in the construction, marine shipyard and process sectors.. A flat rate of $750 in June 2020 and $375 in July for each S Pass or Work Permit holder in your employment as at 1 June 2020 and 1 July 2020 respectively. It … Singapore is hoping to leverage its position to bolster the effectiveness of any Singapore moratorium. For it to go through: A scheme of arrangement requires the approval of at least 75 percent in value of the shares voted at a scheme meeting. Thus, a scheme of arrangement is the closest restructuring mechanism available under Singapore law to the debtor-in-possession model of reorganisation such as implemented under Chapter 11 of the United States Bankruptcy Code. On 22 January 2018, the Singapore High Court ("Court") sanctioned the first "pre-packaged" scheme of arrangement under Singapore's new restructuring and insolvency regime that was unveiled in 2017.These ground-breaking amendments have taken the existing scheme of arrangement mechanism in Singapore and engrafted new features adapted from Chapter 11 of the US Bankruptcy Code. However, there is a balancing of the rights of … This is the case of Re Punj Lloyd Pte Ltd and another matter  SGHC 321 (“Punj Lloyd”). THE BUSINESS TIMES scheme of arrangement - Find scheme of arrangement News & Headlines, insight and analysis in Singapore, Asia-Pacific & global markets news at The Business Times. All schemes of arrangement have to comply with the Takeover Code, with exemptions provided under certain conditions. 3rd round of levy rebate as announced on 26 May 2020.