Art-lovers could spend hours wandering the world-class collection of 19th-century and modern Southeast Asian art housed across two of the city's most iconic heritage buildings, while kids are kept busy at the Keppel Centre for Art Education. Domestic interest rates have typically been below US interest rates and reflect market expectations of a trend appreciation of the Singapore dollar over time. In this case, one key factor in deciding that Zetta Singapore’s COMI was in the US was the fact that the primary decision-makers of the company were in the US. It was of the view that this provided for greater certainty. Candidates need to earn at least $4,500 a month and have acceptable qualifications. There were two issues to be addressed in relation to the determination of Zetta Jet Singapore’s COMI: (1) the date at which such assessment was to be made, and (2) the appropriate approach in assessing what constitutes the COMI of a particular debtor company. On the facts, the Singapore High Court considered that the following factors displaced the presumption that Singapore was Zetta Jet Singapore’s COMI: Notably, the High Court found that the location of Zetta Jet Singapore’s assets, namely, the planes, was incidental and not indicative of the location of its COMI. More about cookies. Relevant date for determination of the debtor’s COMI. Our mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial The following approaches with regard to the relevant date for determination of the debtor’s COMI were considered by the Singapore High Court: In reaching its view that the US approach should be adopted (i.e. Discover recipes, home ideas, style inspiration and other ideas to try. The reasons for the Singapore High Court’s decision are elaborated upon below. Alternatively, Zetta Jet Singapore had an establishment in the US within the meaning of Article 2(d) of the Singapore Model Law and the US proceedings may be recognised as a foreign non-main proceeding. The English and European position: The date of commencement of the foreign insolvency proceedings, The Australian position: The date of hearing of the recognition application, The US position: The date of filing of the recognition application, The use of the present tense in Article 2 of the Singapore Model Law (i.e. The breathtaking National Gallery Singapore is the jewel in the crown of Singapore's art scene. liquidation proceedings) under which a trustee was appointed (“Trustee”). https://www.planetware.com/tourist-attractions/singapore-sin.htm Create your own Singapore guide with up to 12 of your Favourites. Marina Centre Hotels; Popular Singapore Categories. On ‘the duck ’ an amphibious military veh Step 1 . the design is based around two animals, a lion and a fish, which is meant to show the folklore that went on in Singapore. In this regard, it is not objectionable for debtor companies to be given the autonomy (within limits) to select the jurisdiction that will offer the best prospects for achieving an effective restructuring solution. It noted that a company’s jurisdiction of incorporation could be displaced as the presumed COMI jurisdiction on evidence to the contrary. The court will look at the following factors which will be assessed as a whole in determining the location of the company’s COMI: • the location from which control and direction was administered; In determining which factors to take into consideration for the COMI determination, objectivity and the possibility of ascertainment by third parties were important. The center is a wonderful recreation of old houses and street scenes that tell the fascinating story of the old Chinatown. For more details, please see our cookies policy. Alpha is an 11-week course that creates a space, online or in person, where people come and discuss life’s big questions. A jurisdiction will be recognised as the jurisdiction of the main proceedings if it is the jurisdiction in which the company has its COMI. Subsequently, on the application of Asia Aviation Holdings Pte Ltd (“AAH”), a shareholder of Zetta Jet Singapore, the Singapore High Court granted an injunction restraining Zetta Jet Singapore and other shareholders from taking further steps in relation to bankruptcy filings in the US Bankruptcy Court (“Singapore Injunction”). Finally, the Singapore High Court had to consider whether the granting of full recognition of the US proceedings would be contrary to the public policy of Singapore pursuant to Article 6 of the Singapore Model Law. Job Description Starting in March 2021 or under agreement, we are looking for a talented individual to join our interdisciplinary team based at the Singapore ETH-Centre in Singapore. The Orchard Road district, which is dominated by multi-storey shopping centres and hotels, can be considered the center of tourism in Singapore. In the application for recognition of the proceedings in California as the main proceedings under the Model Law, the Singapore High Court held that the COMI of Zetta Singapore was California. AAH also took the position that no recognition ought to be accorded because the Trustee’s breach of the Singapore Injunction amounted to contempt and remained so even after the discharge of the Singapore Injunction. Das Singapore Science Centre bietet interessierten Besuchern über 500 interaktive Experimente; Das National Museum of Singapore erläutert die Geschichte Singapurs und stellt darüber hinaus Kunsthandwerk und ausgewählte Prunkstücke der singapurer Sammlungen aus, wie John Singer Sargents Öl-Porträt des britischen Verwalters Sir Frank Swettenham aus dem Jahre 1904. Locate a Child Care Centre A strong partnership between parents and the child care centre is important as it positively impacts our children's development during their years in a child care centre. Top Places to Visit in Singapore, Singapore: See Tripadvisor's 15,24,228 traveller reviews and photos of Singapore attractions. Queenstown is located in Queenstown District, Singapore. It states that, “In the absence of proof to the contrary, the debtor’s registered office is presumed to be the debtor’s [COMI].”. https://www.singaporeexpats.com/food-and-leisure/places-of-interest.htm Use the locator below to help you find your nearest overseas mission. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It also recognised that it is possible, in the COMI analysis, to consider the activities of the entire group of companies and not just that of the debtor company. Zetta Jet Singapore’s COMI is the US as at the time of the filing of the recognition application. The Singapore High Court noted that US courts have adopted the term “nerve centre”, focusing on where the debtor company performs its most important and consequential business decision-making functions. the relevant date is the date of filing of the recognition application), the Singapore High Court observed that this provides greater certainty and accords with commercial realities and the language of the provisions of the Singapore Model Law: The High Court declined to follow the Australian approach because it left the date of ascertainment of the debtor’s COMI uncertain. Get the best value plans and offers. We have reviews of the best places to see in Singapore. Recognition no longer undermined the administration of justice in Singapore as the Singapore Injunction had been discharged. With its strong links with London, Singapore has developed into the Asia region's largest centre for foreign exchange and commodity trading, as well as a growing wealth management hub. The most important and best thing with PANGEA+CONNECTA is all the network members chosen with some good criteria and everyone is willing to support the other member. A foreign proceeding must be recognised as a foreign main proceeding if it is taking place in the State where the debtor has its centre of main interests (“COMI”). This site uses cookies and by using the site you are consenting to this. Singapore adopted the UNCITRAL Model Law on Cross-Border Insolvency (Model Law) as part of Singapore law on 23 May 2017. In 2017, the bulk of Singapore’s investment in Myanmar was in the information and communications sector (73%), followed by manufacturing (14%) and real estate (4.6%). Recital 13 of the Regulation provides that: [T]he centre of main interests should correspond to the place where the debtor conducts the administration of his interests on a regular basis and is therefore ascertainable by third parties. None of those three major communities is homogeneous. Environmental, Climate and Regulatory Law, Litigation, Arbitration and Investigations, Sanctions, International Trade and Investment Compliance, Other areas of Latin America and the Caribbean, The A&O Legal Innovation Benchmarking Report, Anti-slavery and human trafficking statement. This update considers the implications for banks. Such factors ought to have an element of settled permanence or intended permanence. Its inquiry in this regard is broad-ranging, looking at the company’s activities in and connections to a particular locale. Insolvency proceedings against Zetta Singapore and Zetta US were commenced in the California in 2017. Drop by one of these centres in downtown Singapore to get more information about Singapore, purchase tickets to attractions and tours or pick up a souvenir. Further, in ascertaining a specific company’s COMI, the Court expressed the view that there is no need to strictly maintain the distinction between different entities within a group. Furthermore, where appropriate, the analysis may be made of the activities of an entire group of companies, rather than of the specific debtor company in question. On the ground in more than 170 countries and territories, we offer global perspective and local insight to help empower lives and build resilient nations. The summary records the current and historic interest rates for each central bank. Further assistance is found in Article 3(1) of the Regulation, which provides that the place of a company's registered office shall, in the absence of proof to the contrary, be … SAS and Singapore have shared a similar journey—one of progress, modernization, achievement, and change. In all cases, they refer to bonds whose capital repayment is guaranteed by governments. In the recent case of Re Zetta Jet Pte Ltd [2019] SGHC 53, the Singapore High Court held that the Centre of Main Interest (COMI) of a Singapore-incorporated company was the US. The Chinese central bank has complete autonomy with regard to the use of monetary instruments. The breach of the Singapore Injunction is still contempt which may be pursued, but that is a separate matter and does not, in itself, give rise to grounds for continued non-recognition of the US proceedings; The Zetta Jet Entities’ contention of a countervailing public policy consideration of ensuring that the general interests of creditors are protected is not material in the application of Article 6 of the Singapore Model Law. Click 'Accept' to consent to cookies other than strictly necessary cookies or 'Reject' if you do not. Headquartered in Singapore, Oversea-Chinese Banking Corporation Limited, abridged as OCBC Bank, is one of the major publicly listed banking and financial service groups in Singapore. Chapter 11 bankruptcy proceedings (i.e. Media centre Articles Image library COVID-19 visual resources Broadcast videos Archive Media contacts Sustainability. Creditors in those other jurisdictions would generally need to look to the courts of the jurisdiction where the restructuring or insolvency proceedings are taking place to either take part in the restructuring or recover their debts. Step 2. Go back in time at the Chinatown Heritage Centre and get a glimpse of early life in Singapore. The main interest rate is the certificates of deposit rate. Its main office in Singapore is located at 16 Collyer Quay, Hitachi Tower, Singapore, 049318. Zetta Jet Singapore then filed an application to set aside the Singapore Injunction. Zetta Jet Singapore’s principal business was in aircraft rental and charter. 1)”), the Singapore High Court took the view that the US Chapter 7 proceedings was contrary to the public policy of Singapore as its continuation was in breach of the Singapore Injunction and thus undermined the administration of justice in Singapore. Forging ahead to create, provide and deliver premium value to all stakeholders of Suntec REIT. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Postponing the COMI determination until the application for recognition recognises that various entirely legitimate measures may be taken to shift a debtor’s COMI to another jurisdiction, for instance, to create a jurisdictional nexus for commencement of insolvency proceedings. It should be noted that this is a relatively low threshold and makes it easier to displace the company’s place of its registered office as its COMI. Singapore American School holds a legacy as one of the world’s leading American international schools. Malays are the next largest ethnic group, and Indians the third. The choice of the exchange rate is predicated on the Singapore economy’s small size and its high degree of openness to trade and capital flows. Our mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre. One aspect of the decision that is particularly noteworthy are the observations made by the Court on changes in COMI .The Court observed that so long as an applicant company sought to shift its COMI for legitimate reasons, there was no reason why a court would object to granting companies the discretion to select the jurisdiction that would offer the best prospects for achieving an effective restructuring solution. The Court first held that the relevant date for determining COMI was the date of the application for recognition. Singapore Visitor Centre @ orchardgateway . In its view, this approach, while useful, would only be one of several factors that needed to be weighed in the determination of the debtor company’s COMI. The Model Law does not define the term. It carried on the business of hiring and chartering of private jets and had a wholly-owned subsidiary in California, Zetta Jet US, Inc (Zetta US). The Singapore Botanic Gardens first opened in 1859, making them one of Singapore’s oldest parks and explaining how such a large complex came to exist in the middle of the busy city-state. ... visa immigration prohibited & restricted items animal/plant quarantines travelers' resources 1330 travel hotline & complaint center tourist information centers tourist police e … From October 2018 to February 2019, Singapore had the highest FDI into Myanmar at US$20.6 billion, accounting for 26% of the total foreign investment. None of those three major communities is homogeneous. This is what started the design Singapore which is what attracted me to this Central management and direction of Zetta Jet Singapore were, at all material times, conducted from the US. WiFi & Connectivity Maps, Apps & City Guides Singapore Visitor Centres; Deals; 0. 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