On 19 June 2024, the Privy Council delivered a significant judgment in the case of Sian Participation Corp (In Liquidation) v Halimeda International Ltd [2024] UKPC 16. This case, emerging from the British Virgin Islands (BVI), deals with the tension between the enforceability of arbitration agreements and the practicalities of insolvency proceedings. The ruling has...
Tag: Banks
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Sanctions and their effects on Banks and Liquidators in Singapore
Sanctions can affect Singapore parties whether or not they are imposed by Singapore. We have recently had occasion to deal with issues arising out of US sanctions against Venezuela, and European Union and Singapore sanctions against Russia, and have had to consider specific issues relating to the potential liabilities of liquidators and the applicability of...
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PK Wong & Nair LLC involved in PDV Marina wind-up identified as “Impact Case Winner” at Benchmark Litigation Asia-Pacific Awards 2023
PK Wong & Nair acts for the liquidator of CV Shipping, a 50/50 joint venture company between Petrochina International (Singapore) Pte Ltd and PDV Marina SA (“PDVM”). PDVM, a company incorporated in Venezuela is a wholly owned subsidiary of Petroleos de Venezuela (“PDVSA”), which is in turn a Venezuela state-owned entity. The case raised important...