Park Hotel Management and Allen Law’s legal battle results in landmark High Court judgment for insolvency law
In a related claim, CapitaLand unit Ascendas Hospitality Reit, another Park Hotel creditor, will not be able to recover the full sum it seeks from liquidators
Add BT as a preferred source
[SINGAPORE] Former Park Hotel Management (PHMPL) director Allen Law, who is being sued by liquidators of the company, has failed to reduce his potential liabilities by S$6.8 million after the High Court rejected his application to amend his defence and introduce a counterclaim.
In a landmark judgment last year, Justice Goh Yihan dismissed Law’s application on the basis that the counterclaims Law sought to introduce did not fall within the scope of insolvency set-offs.
Justice Goh ruled that insolvency set-offs are the only form of set-offs that can be advanced against an insolvent company without requiring permission from the court.
TRENDING NOW
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
Tiger Beer lines up new products as Singapore operations’ role shifts from brewing to innovation
Single founders, billion-dollar valuations: AI is minting unicorn startups at birth
