Third-party Release in Restructuring in the US and Singapore

This webinar takes place from 7pm to 8:10pm (Singapore time) on Wednesday, 2 October 2024.

Members of the Singapore Academy of Law (SAL) who want to take advantage of their SAL credit dollars can sign up at SAL’s e-commerce platform at https://store.lawnet.com/webinar-third-party-release-in-restructuring-in-the-us-and-singapore.html. Do note that SAL’s system is unable to cater to promo codes specifically provided to you by ABLI.

Overview

Third-party releases play an important role in corporate restructurings by providing legal protections to parties not directly involved in the restructurings. These releases can prevent creditors and other stakeholders from pursuing separate claims against third parties such as co-borrowers, guarantors, company directors, officers or even financial advisors. The United States Supreme Court has also recently deliberated on the use of non-consensual third-party releases in the high-profile Purdue Pharma case.

This webinar, organised by the Asian Business Law Institute, is expected to cover:

• An introduction of third-party release in the United States, such as the circumstances under which it is used, type of release, disclosure requirements, etc.
• Use of third-party release in Singapore, such as usual release of guarantee claims and release that goes beyond third parties who are guarantors or co-borrowers/obligors;
• Jurisdiction to hear and consider third-party releases in the United States and Singapore
• Public policy considerations in sanctioning reorganisation plans or schemes involving third-party releases in the United States and Singapore
• Relevance of the Purdue Pharma decision in the cross-border context, and specifically in relation to Singapore schemes

The webinar is expected to feature cases such as the Purdue Pharma decision of the US Supreme Court, and the decisions in Pathfinder [2019] SGCA 29 by the Singapore Court of Appeal and in PT Garuda Indonesia (Persero) Tbk [2024] SGHC(I) 1 by the Singapore International Commercial Court, among others.

When is this webinar scheduled?

This webinar will take place from 7pm to 8:10pm (Singapore time) on Wednesday, 2 October 2024.

Please be mindful of the time difference if you are joining from outside of Singapore.

Who will be speaking at this webinar (in alphabetical order)?

Justice Aedit Abdullah (Singapore)

Judge of the Supreme Court of Singapore

Justice Aedit Abdullah was appointed Judicial Commissioner in 2014 and High Court Judge on 30 September 2017.

Justice Abdullah obtained a Bachelor of Laws (First Class Honours) from the National University of Singapore (NUS) in 1994, as well as a Bachelor of Civil Law (First Class) from the University of Oxford in 1998 and a Master in Public Management from NUS in 2007.

He joined the Singapore Legal Service in 1995 and began his career as a Justices’ Law Clerk. He then taught at the Faculty of Law, NUS, before re-joining the Singapore Legal Service. He has held various appointments, such as Deputy Public Prosecutor, Deputy Senior State Counsel and District Judge of the Subordinate Courts (renamed as State Courts in 2014). He was appointed Chief Prosecutor (Economic Crimes and Governance Division), and subsequently Chief Prosecutor (Criminal Justice Division) at the Attorney-General’s Chambers in 2011 and served as special counsel at the Monetary Authority of Singapore from January 2008 to June 2009. He was appointed Senior Counsel in 2012.

He is the Judge in charge of Transformation and Innovation in the Judiciary, and is also Chair of the Promotion of Legal Technology Innovation Committee of the Singapore Academy of Law.

Dan T. Moss (New York / Washington, D.C., United States)

Partner, Jones Day

Dan Moss has significant experience in business finance and restructuring, with a particular focus on complex corporate and cross-border reorganizations, distressed acquisitions, and crypto-related matters. He represents debtors, creditors, and creditor committees in significant corporate and government reorganizations and counsels clients on avoidance litigation and corporate governance matters.

Most recently, Dan served as co-lead counsel for Diebold Nixdorf in its successful restructuring in 71 days of more than $2.7 billion in funded debt in the first-ever dual proceeding under the United States Bankruptcy Code and Dutch WHOA restructuring law, including the first-ever chapter 15 recognition of a WHOA proceeding and confirmed restructuring plan. Dan also was lead counsel to Spark Networks SE in connection with its restructuring under the German StaRUG law and the first-ever chapter 15 recognition of a StaRUG proceeding and confirmed reorganization plan.

Sim Kwan Kiat (Singapore)

Head of Restructuring & Insolvency, Rajah & Tann Singapore LLP

Kwan Kiat heads Rajah & Tann Singapore LLP’s Restructuring & Insolvency practice group.

Kwan Kiat has been cited and recognised by international legal directories for his expertise in his field. He is recognised as a “Band 1” practitioner by Chambers Asia-Pacific 2024, recommended as a “Thought Leader” by Who’s Who Legal: Restructuring & Insolvency 2024, and named “Lawyer of the Year”, for two consecutive years, in Insolvency and Reorganisation Law by Best Lawyers in Singapore (2023 – 2024). Kwan Kiat is also “Highly Regarded” by IFLR1000 and Benchmark Litigation and identified as an “Elite Practitioner” by asialaw Profiles.

Called to both the Singapore and New York bar, Kwan Kiat’s practice comprises domestic and cross-border disputes and advisory work. He has advised and acted for debtors, lenders and insolvency office holders in debt restructuring, judicial management, schemes of arrangement, liquidations, and receiverships of both local and foreign companies. Many of the matters Kwan Kiat acted in had a strong cross-border element.

A regular speaker at local and overseas seminars and conferences, Kwan Kiat is the principal examiner for corporate insolvency law for the Foreign Practitioners Examination in Singapore, an Associate Mediator on the Insolvency Panel of the Singapore Mediation Centre, and a member of the International Insolvency Institute.

I am a member of the Singapore Academy of Law (SAL), and would like to use my SAL credit dollars to sign for the webinar. How do I do so?

SAL members who want to take advantage of their SAL credit dollars can sign up at SAL’s e-commerce platform at https://store.lawnet.com/webinar-third-party-release-in-restructuring-in-the-us-and-singapore.html. Do note that if you sign up there, you will receive an invoice generated by SAL. SAL is a GST-registered organisation. ABLI does not charge GST and will absorb GST on its own for registrations via SAL.

If you are from any of ABLI’s Founding Partners and would like to enjoy the discount to which you are entitled, you will need to sign up on Eventbrite as SAL’s system does not cater specifically to such arrangements.

This is the same case if you have received any special promo code directly from ABLI.

How do I register for this webinar?

To register for this webinar:

Step 1: Purchase a ticket here on Eventbrite, and make sure you enter the correct email address to receive the webinar registration link that will be sent to you separately;

Step 2: ABLI will either perform the Zoom registration for you directly by using the email address you provided upon registration, or contact you for more details before such registration can be done.

Step 3: You will receive your Zoom attendance details once the registration is processed. Simply follow the instructions indicated in the approval email to attend the webinar on 17 October 2023. Please be punctual as the system captures your log-in time, which is especially relevant if you are claiming for CPD points.

Please be mindful of the time difference if you are joining from outside of Singapore.

What if I am unable to attend this webinar after registration? Are the fees paid refundable?

Unfortunately, the payments made are not refundable. If you are unable to attend the webinar, we request that you let us know as soon as possible so that we can let you transfer your slot to your colleague.

I am interested in this webinar but unable to make it for the live session. If I register, will a recording be made available to me?

Yes, a recording of the webinar can be made available upon request via a private link, though it is important to bear in mind that viewing the recording will not entitle you to any public CPD points. In principle, we only provide recording upon request by a paid attendee.

Will the materials presented at the webinar be made available to attendees?

The materials can be made available to attendees if the speakers so consent as they are the copyright owners of their presentation materials. Those who wish to receive such materials are advised to write to catherine_shen@abli.asia after the webinar for more information.

Are the fees payable inclusive of GST?

No. ABLI is not GST-registered, and therefore does not charge GST.

I want to sign up for the webinar but my organization requires registration to be done by other means, such as by sending an invoice to a dedicated portal. How do I register in this case?

In principle, your registration for the webinar is only confirmed after payment is made online. However, if you need to pay against a manual invoice by bank transfer or other means, or if you are from a Singapore government agency that uses a central invoicing system, please write to info@abli.asia so that ABLI can arrange an alternative way of registration for you, taking your needs into consideration.

Eventbrite sends me an order confirmation after registration, but I need a formal receipt to submit a webinar fee claim to my employer. How do I go about doing that?

Please write to info@abli.asia. ABLI can issue an official receipt to you for expense claim purposes upon receiving your request.

Is this webinar accredited for continuing professional development (CPD) points for Singapore-admitted lawyers?

This webinar has been accredited for 1 public CPD point. Attendees who wish to claim CPD points are reminded to provide their AAS numbers or other number issued by the Singapore Institute of Legal Education (SILE) during registration. You are required to strictly follow the attendance policy of SILE before CPD points can be awarded. Please refer to www.sileCPDcentre.sg for more information.

I am a practitioner qualified in a jurisdiction other than Singapore. Will attending this webinar entitle me to claim relevant CPD-equivalent points in my own jurisdiction?

The answer to this question depends on the rules of the relevant governing body in your jurisdiction. In the past, we have issued letters of attendance accompanied by actual Zoom log-in records to assist non-Singapore-qualified attendees to claim their professional learning points. Therefore, if a letter of attendance and a Zoom record are all you need, we will be able to help. Likewise, we have issued the same set of documents to professionals other than lawyers who may also have such continuing education requirements.

However, if the rules of your jurisdiction require an event to be accredited, we regret that this session will not entitle you to claim points outside of Singapore