Explain, Established in $2015$ as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court $($the "SICC"$)$ is a division of the General Division of the High Court and part of the Supreme Court of Singapore. On January $18,2024,$ the SICC handed down its first insolvency$-$related ruling. In Re PT Garuda Indonesia $($Persero$)$ Tbk $[2024]$ SGHC$($I$)1("$PT Garuda"$),$ the SICC granted recognition in Singapore of an Indonesian debtor$-$airline's "suspension of payments" proceeding under Singapore's version of the UNCITRAL Model Law on Cross$-$Border Insolvency $($the "Model Law"$).$ The SICC also recognized and enforced the terms of a composition plan approved by creditors and confirmed by an Indonesian court. In so ruling, the SICC overruled objections to recognition interposed by disgruntled aircraft lessors asserting, among other things, that recognition of the Indonesian proceeding would violate Singapore's public policy because creditors were treated unfairly in the debtor's composition plan.

The decision provides a wealth of guidance regarding practice, procedure, and judicial standards governing the recognition of cross$-$border insolvency proceedings in the aftermath of Singapore's adoption of the Model Law in $2017.$

The Model Law

In $1997,$ the United Nations Commission on International Trade Law $("$UNCITRAL$")$ adopted the Model Law as a common framework of rules and procedures governing bankruptcy and insolvency proceedings involving debtors that do business or have creditors or other stakeholders in more than one country. The Model Law is premised on "comity," or cooperation among courts, court functionaries, and professionals of different nations for the efficient administration of debtors and their assets in bankruptcy and restructuring proceedings. If a bankruptcy or insolvency proceeding has been filed in one country, the debtor's accredited representative can seek "recognition" of that proceeding under the Model Law in the courts of other nations for the purpose of$,$ among other things, protecting the debtor's assets against collection efforts by local creditors or repatriating the debtor's assets to the home forum.

As of $2024,$ the Model Law had been implemented by nearly $60$ nations or territories, including the United States $($in chapter $15$ of the U$.$S$.$ Bankruptcy Code, $11$ U$.$S$.$C$.1501$ et seq.$),$ the United Kingdom, Japan, and Singapore $($discussed below$).$ In discussing the provisions of the Model Law below, we have included citations to the corresponding provisions of chapter $15$ for ease of reference.

Under the Model Law, the "foreign representative" of a foreign debtor may file a petition in a bankruptcy or insolvency court in a Model Law jurisdiction seeking recognition of the debtor's "foreign proceeding" in another jurisdiction $($Model Law or otherwise$).$ See Model Law Art. $2$; Art. $11(11$ U$.$S$.$C$.1515($a$)).$ Article $15\mathrm{.}2$ of the Model Law specifies the information required in an application for recognition, which includes documentary $($or other acceptable$)$ evidence of the commencement of the debtor's foreign proceeding and the appointment of the foreign representative. Id$.$ at Art. $15\mathrm{.}2(11$ U$.$S$.$C$.1515($b$)).$

A "foreign representative" is defined as "a person or body, including one appointed on an interim basis, authorized in a foreign proceeding to administer the reorganization or the liquidation of the debtor's assets or affairs or to act as a representative of the foreign proceeding." Id$.$ at Art. $2($d$)(11$ U$.$S$.$C$.101(24)).$

The Model Law defines a "foreign proceeding" as:

$[$A$]$ collective judicial or administrative proceeding in a foreign State, including an interim proceeding, pursuant to a law relating to insolvency in which proceeding the assets and affairs of the debtor are subject to control or supervision by a foreign court, for the purpose of reorganization or liquidation.

Id$.$ at Art. $2($a$)(11$ U$.$S$.$C$.101(23)).$

More than one bankruptcy or insolvency proceeding may be pending with respect to the same foreign debtor in different countries. The Model Law therefore contemplates recognition in a Model Law jurisdiction of both a foreign "main" proceeding$$a case pending in the country where the debtor's "centre of main interests" $("$COMI$")$ is located$$and foreign "non$-$main" proceedings, which may be pending in countries where the debtor merely has an "establishment." Id$.$ at Art. $2($b$)$ and $($c$)(11$ U$.$S$.$C$.1502).$

In the absence of evidence to the contrary, "the debtor's registered office, or habitual residence in the case of an individual, is presumed to be$"$ the debtor's COMI. Id$.$ at Art. $16\mathrm{.}3(11$ U$.$S$.$C$.1516($c$)).$ In comparison, an establishment is defined as "any place of operations where the debtor carries out a non$-$transitory economic activity with human means and goods or services. Id$.$ at Art. $2($f$)(11$ U$.$S$.$C$.1502(2)).$

If an application for recognition satisfies the requirements set forth in the Model