We acted for a Japanese trustee in bankruptcy who was pursuing SGD 124 million worth of monies hidden in various Singapore bank accounts by one Masahiko Nishiyama. A Kyoto court had adjudicated Nishiyama to be bankrupt, as well as convicted Nishiyama of dissipating assets around the world in fraud of Nishiyama’s creditors. In granting the order, the High Court recognised a foreign trustee in bankruptcy of an individual bankrupt. This was the first time this has been done by a Singapore court.
“Recognition of the bankruptcy order would be aligned with the universalist approach to cross-border insolvency and it would be entirely sensible to assist in the bankruptcy proceedings initiated in Japan.”