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Asset Tracing & Recovery in Singapore
Date: 15/07/2020 Type: Articles Topic: FIRE | Insolvency | Civil Fraud | International | Enforcement |Author: Abraham Vergis, Danny Quah, Kenny Lau – Providence Law Asia (Singapore)
Singapore is one of Asia’s leading centres for conventional banking and financial services, and is fast becoming a hub for digital payments and cryptocurrency platforms. As such, there is an ever-present risk of fraud. This article provides a snapshot of the mechanisms through which victims of fraud may seek to recover assets via civil proceedings in Singapore.
COVID-19 Challenges to Cross-Border Insolvency
Date: 15/07/2020 Type: Articles Topic: FIRE | Insolvency |Author: Ays Lidzhanova - Egorov Puginsky Afanasiev & Partners (Russia)
COVID-19 has had an overwhelming impact on the global economy. Future economic effects of the pandemic will largely depend on the efficiency of government actions. At present, record number of personal, corporate, local, and cross-border bankruptcy filings is being anticipated due to the virus.1 A vast majority of airlines is likely to collapse without extensive financial support paving the way to a litany of multinational failures
Using Creditor Administration Applications as a Tool for Asset Recovery in respect of Corporate Targets
Date: 15/07/2020 Type: Articles Topic: FIRE | Insolvency | Civil Fraud |Author: Luke Harrison - Keidan Harrison
The insolvency process often features as a weapon in the asset recovery arsenal so far as corporate targets are concerned. It’s utility not only as a mechanism to recover assets but also as a tool with which to recovery information is well known. The appointment of administrators by creditors with a qualified floating charge is quick and effective and so it is not surprising why it is favoured by secured creditors. It’s use by unsecured creditors is, however, much less frequent principally because of the lack of information about the company’s business and affairs.
Passing the buck: who is responsible for a fraudulently-diverted payment?
Date: 15/07/2020 Type: Articles Topic: FIRE | Civil Fraud | International |Author: Matthew McGhee - Twenty Essex
A form of fraud which FIRE practitioners are often asked to advise on starts with a contract, where one party is required to pay the other. For example, the paying party might be a buyer under a sale contract. The dispute arises where a fraudster has induced the buyer to pay the fraudster instead of the seller
Investigate and Preserve
Date: 15/07/2020 Type: Articles Topic: FIRE | Insolvency | Civil Fraud | International | Enforcement | Offshore |Author: Shaun Reardon-John - Martin Kenney & Co (BVI)
Shaun Reardon-John outlines why pre-action asset investigation and preservation is going to be crucial during the Coronavirus crisis.
Covid-19: A Perfect Storm over the Courts System
Date: 15/07/2020 Type: Articles Topic: FIRE | International | Enforcement |Author: Hector Sbert - Lawants (Spain)
The COVID-19 crisis has caused a perfect storm in which the increase in commercial disputes, fraud-related behaviours and insolvencies has come hand-in-hand with the impossibility of the judicial system to deal with them, as the crisis has also prevented the courts from operating normally.
English Courts: At the Forefront of Fighting Fraud
Date: 15/07/2020 Type: Articles Topic: FIRE | Civil Fraud |Author: Jon Felce, Natalie Todd & Anastasia Tropsha - PCB Litigation
As fraud continues to be rife, it is important to develop new tools and strengthen existing mechanisms to enable claimants to pursue, locate and enforce against fraudsters and their ill-gotten assets. Over the past few years, the English Courts have continued to develop the law in this area. We set out below a non-exhaustive snapshot of some of these developments in three areas. These highlight the progress continuing to be made in the fight against fraud, and bodes extremely well for the future.
Covid-19 Induced Insolvencies - Things to Watch Out for
Date: 15/07/2020 Type: Articles Topic: FIRE | Insolvency | Civil Fraud | International |Author: Rick Brown & David Chalcraft - HFW
In the midst of the COVID-19 pandemic and the far reaching and drastic measures implemented in numerous countries around the world, we are receiving an increasing number of insolvency and restructuring enquiries from our clients.
Civil Fraud Quarterly Round-Up: Q2 2020
Date: 15/07/2020 Type: Articles Topic: FIRE | Civil Fraud |Author: Mary Young - Kingsley Napley
This quarterly civil fraud update provides a summary of reported decisions handed down in the courts of England and Wales in the period April - June 2020.
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