No Va Land Investment Group Corporation

Case Significance

Re No Va Land Investment Group Corp [2024] SGHC(I) 17 was a grounds of decision of the Singapore International Commercial Court delivered by James Michael Peck IJ on 7 June 2024, in Originating Application No 6 of 2024 and Summons No 19 of 2024, following a hearing on 26 April 2024. The grounds related to a sanction order entered on 26 April 2024 in connection with a pre-pack scheme of arrangement for No Va Land Investment Group Corporation, a significant business enterprise incorporated and based in Vietnam, brought pursuant to SIC/OA 6/2024 under Section 71 of the Insolvency, Restructuring and Dissolution Act 2018. Although the application proceeded on an uncontested basis, the court noted that this was the first ever cross-border pre-pack scheme filed in the Singapore International Commercial Court, and that its description of the experience would constitute useful precedent for managing similar restructurings in the future, including an analysis of disclosure obligations in relation to pre-packs. The catchwords addressed schemes of arrangement, disclosure under Section 71, and jurisdiction over foreign companies under Sections 63 and 246 of the Insolvency, Restructuring and Dissolution Act 2018. The applicant was represented by BlackOak LLC and Sidley Austin LLP, with Hogan Lovells Lee & Lee appearing for a non-party.