[Webinar] Third-party Release in Restructuring in the US and Singapore

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.

Speakers for this session are Justice Aedit Abdullah (Judge of the Supreme Court of Singapore), Dan T. Moss (Partner, Jones Day) and Sim Kwan Kiat (Head of Restructuring & Insolvency, Rajah & Tann Singapore LLP).