it has held that arbitration may be set aside if it jeopardises the receiver’ s ability to maximise creditor recovery. Justice Ramesh discussed the Privy Council’ s decision in Sian Participation, and noted that Singapore’ s approach was aligned with the approach in Hong Kong cases such as Lasmos and Guy Lam, i. e. if a genuine dispute exists over a debt subject to an arbitration agreement, the winding-up petition should be stayed in favour of arbitration, unless the debtor’ s challenge amounts to an abuse of process.
The panel also touched on asset tracing and reverse vesting orders( RVOs). Chief Justice Morawetz mentioned a recent decision recognising an interim Mareva injunction, reflecting the practical need to freeze assets before they are dissipated across borders. Regarding RVOs, he cautioned that they were originally designed for situations where all parties benefited, but they have increasingly been deployed in circumstances that may prejudice certain creditors, thereby warranting appellate scrutiny.
Ultimately, the session underscored that as cross-border restructurings grow increasingly complex and fast-paced, global courts must adapt their judicial frameworks. Whether navigating third-party releases, managing jurisdictional tensions, or evaluating novel restructuring vehicles, courts worldwide remain focused on facilitating practical solutions that maximise estate value while ensuring the equitable protection of all stakeholders ' rights.
49