Moratorium obtained to prevent major creditor from winding up our client

July 3, 2020

Moratorium to Prevent Winding Up

We recently represented a client in a moratorium application pursuant to Section 211B of the Companies Act, to prevent a major creditor from winding them up.

Our Client is a telecommunications systems engineering and integration company providing telecommunication infrastructure for critical industrial environments. They are part of a group of companies with regional and international offices. Due to the recent Covid-19 pandemic, our client has experienced a liquidity crunch, which resulted in one of the local banks, which is a major creditor of our client, commencing winding up proceedings.

We swiftly filed an application in the Singapore High Court under Section 211B of the Companies Act soon after the bank commenced winding up proceedings. We worked with all the other creditors to obtain support for our client’s application and successfully obtained a moratorium preventing any creditors from winding up of our client or any other legal proceedings being commenced or continued against our client. This will allow our client time and space to restructure their debts and to resolve their temporary liquidity issues.

Chambers & Partners – Asia Pacific 2023

PDLegal LLC is pleased to announce that Managing Partner, Peter Doraisamy, has been recognised and ranked by Chambers & Partners (Asia Pacific 2023 for Shipping: Domestic: Litigation). The following quotes appear with Peter’s ranking: –

“Peter Doraisamy of PDLegal in Singapore is a noted shipping lawyer in the market. He handles a wide range of disputes, including ship grounding, cargo and fraud-related cases” – Chambers & Partners – Asia Pacific 2023

“He is excellent in litigation. He has very good control of the case, collecting the right evidence and putting this into a very successful trial.” – Shipping Litigation Client

Chambers and Partners is the leading independent professional legal research company operating across 200 jurisdictions. Chambers and Partners delivers detailed rankings and insights into the world’s leading lawyers and law firms.

This ranking is a testimony to the expertise and experience of the Firm’s shipping practice and would not be possible without the support of our clients and friends.

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