Case Study Sapura

This episode features a conversation with Jo Tay. Jo is Partner at Allen & Gledhill in Singapore as well as a III NextGen member. Jo specialises in cross-border restructuring and insolvency.

This episode offers an in‑depth exploration of the complex interaction between arbitration and insolvency, using the Sapura Fabrication case as a central point of reference. In that matter, the Singapore courts considered whether arbitration claims could proceed despite moratoriums imposed during ongoing cross‑border restructuring procedures, ultimately highlighting the delicate balance between respecting arbitration agreements and preserving the integrity of insolvency regimes. The discussion reflects how the Sapura litigation has contributed to the wider debate on when courts should permit carve‑outs from moratoriums and the broader implications this has for both creditors and debtor companies engaged in restructuring efforts.

The episode also examines the recently introduced Restructuring and Insolvency Arbitration (RIA) Protocol, launched by the Singapore International Arbitration Centre (SIAC) in 2025. Designed specifically for disputes arising in restructuring, debt adjustment, or insolvency contexts, the Protocol aims to streamline arbitral procedures by shortening timelines and adapting standard SIAC Rules to the unique pressures of insolvency situations, where speed and efficiency may be crucial to preserving value. The conversation considers how this innovative framework may influence future practice, particularly in cases where arbitration and insolvency objectives intersect or potentially conflict.