INV 3: Singapore Insolvency: Judicial Management

Under Singapore's Insolvency, Restructuring and Dissolution Act (IRDA), which Part specifically governs judicial management?

Judicial management in Singapore was primarily introduced as a response to the 2008 Global Financial Crisis to stabilize financially distressed companies.

Explain the dual aims of judicial management in the context of corporate insolvency, as it was originally conceived in Singapore.

In Singapore, judicial management is considered a preferred alternative to __________, positioning the latter as a measure of last resort.

Match the feature of judicial management with its description:

What is the fundamental financial criterion a company must meet to be eligible for judicial management in Singapore?

To successfully apply for a judicial management order, an applicant must demonstrate with certainty that all three statutory purposes outlined in s89(1)(a)-(c) of the IRDA will be achieved.

Name the three statutory purposes that an applicant must demonstrate are likely to be achieved for a judicial management order to be granted under the IRDA.

According to s91(6) of the IRDA, a court must dismiss a judicial management application if it is opposed by a person entitled to appoint a receiver and manager under a debenture with a floating charge, and if the prejudice to the opposing person is __________ greater than the prejudice to unsecured creditors.

Under what specific circumstance, as per s91(10) IRDA, can a court still proceed with appointing judicial managers even when there is opposition from a floating charge holder?

In Re Cosmotron Electronics (Singapore) Pte Ltd, the High Court ruled in favor of judicial management primarily because it was deemed to be in the public interest to relocate manufacturing assets.

What key clarification did the High Court provide in Re Bintan Lagoon Resort Ltd regarding the 'public interest' test for judicial management?

According to Section 90 IRDA, a judicial management application can be initiated by the company itself via a __________ resolution.

Apart from the company itself, which other parties are explicitly authorized under Section 90 IRDA to apply for a court-ordered judicial management?

A judicial management application in Singapore is typically commenced through an informal written request to the High Court.

What primary document must support a judicial management application to outline the factual and legal basis for the request?

Unlike court-ordered judicial management, voluntary judicial management can be initiated by a __________ resolution at a creditors' meeting, without a court order.

In voluntary judicial management, what initial step is typically required before convening a creditors' meeting to approve the process?

Any individual can be appointed as a judicial manager, provided they have sufficient business management experience.

According to s50 IRDA, what is the essential professional qualification required for an individual to be appointed as a judicial manager in Singapore?

Upon application for judicial management, a statutory __________ is immediately imposed, preventing actions such as winding up resolutions and enforcement of security over company property.

Which of the following actions is NOT automatically prevented by the statutory moratorium that comes into effect upon a judicial management application?

The moratorium after a judicial management order is narrower in scope compared to the moratorium that applies immediately upon application.

What is the standard initial duration of a judicial management order in Singapore, unless it is discharged earlier?

According to s111(3) IRDA, an extension of a JM order beyond the initial period can be approved by a __________ of creditors, without needing a court order.

Which of the following is NOT typically considered an immediate step a judicial manager must undertake upon appointment?

A judicial manager has the power to deal with property held by the company under trust, if necessary, to maximize asset realisation for creditors.

What is a key limitation on a judicial manager's power regarding payments, specifically concerning debts incurred before the judicial management period?

A judicial manager must send a statement of proposals to creditors within __________ days from the date of the judicial management order, as per Section 107 IRDA.

Under Section 112 IRDA, when is a judicial manager duty-bound to apply to the Court for the discharge of a judicial management order?

Under s115 IRDA, only the general body of creditors can seek relief from the court if a judicial manager's actions are unfairly prejudicial.

Under the Insolvency, Restructuring and Dissolution Act (IRDA), what condition regarding solvency must a company meet to be eligible for judicial management?

According to the criteria outlined in s91(6) IRDA, a court is obligated to reject a judicial management application if the prejudice to the opponent is deemed disproportionately greater than that to unsecured creditors, but this obligation is absolute and cannot be overridden under any circumstances.

According to Section 107 of the IRDA, what specific document articulating a strategy to fulfill statutory aims must a judicial manager furnish to creditors, and within what timeframe following the judicial management order must this occur?

In the context of judicial management under the IRDA, what is the effect of s96(5) on contractual rights of set-off?

Under Singapore's IRDA, once a company is placed under judicial management, the directors retain their powers to make strategic decisions for the company, albeit under the supervision of the judicial manager.

According to the IRDA, a Court must dismiss a judicial management application if the application is opposed by a person entitled to appoint Receiver and Manager under a debenture secured by a floating charge, and if the prejudice caused to the person opposing is ‘______’ than prejudice caused to unsecured creditors.

In which year was judicial management introduced in Singapore, inspired by the UK administration regime, as a response to a significant financial crisis?

According to the IRDA, an application for judicial management can only be initiated by the company's creditors.

In the case of Re Bintan Lagoon Resort Ltd, what clarification did the High Court make regarding the test for determining whether to appoint a judicial manager?

Under the IRDA, the moratorium that takes effect after a judicial management order is granted extends to prohibit the right of ________ or ________ under a lease.

Match the scenario with the appropriate action to be taken by the judicial manager:

In the context of the functions, powers, and duties of a judicial manager, which of the following actions is explicitly prohibited?

The fact that a company is unable to pay its debts is, on its own, sufficient grounds for a court to grant a judicial management order.

Under what specific condition, as defined by Section 112 of the IRDA, is a judicial manager obligated to petition the Court for the judicial management order to be discharged?

According to the IRDA, what is the typical duration of a judicial management order from the date it is issued, assuming it is not discharged earlier?