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The Adoption of Lock-Up Agreements in Schemes of Arrangement and Pre-Packaged Schemes: Re Brightoil Petroleum (S’pore) Pte Ltd [2022] SGHC 35 [case comment]

Darien The Chun Yiu

[2022] SAL Prac 22

Whilst the adoption of lock-up agreements in corporate restructurings has gained prevalence in recent times, there has, until recently, been no local judicial guidance on the principles governing their usage. The case of Re Brightoil Petroleum (S’pore) Pte Ltd [2022] SGHC 35 represents the first reported decision by the General Division of the Singapore High Court which provides such guidance. This article aims to provide an overview of that case and explore the issues which arise therein.