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In Director's Liability

Germany: Wirecard board members liable for EUR 140 million

January 3, 2025 by Dr. Max Oehm and David Weiss 7 Mins Read

Our last Wirecard update was some time ago.[1] For those who have erased Wirecard from their memories: Wirecard AG is the former German “stock market miracle” from Aschheim, a small community in Bavaria with around 10,000 inhabitants. Wirecard went bankrupt in June 2020 after it had turned out that EUR 1.9 billion in supposed funds in the Philippines were non-existent. It is one of the biggest financial scandals in post-war German history. There is a…

In Creditor Duty

Singapore: Court of Appeal sets out test to ascertain when a director must prioritise creditor interests

April 25, 2024 by Nandakumar Ponniya, Emmanuel Chua and Darrell Lee 14 Mins Read

In brief When would the directors of a company be bound to consider the interest of the company’s creditors? This was the issue at the heart of the Singapore Court of Appeal’s (SGCA) watershed decision in Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10, which comes hot on the heels of the UK Supreme Court’s pronouncements on the same issue in BTI 2014 LLC v Sequana SA and others [2022] UKSC 25. In a…