Singapore: the meaning of 'creditor' for the purposes of section 210 of the Companies Act

At the end of last month the Singapore Court of Appeal gave judgment in SAAG Oilfield Engineering (S) Pte Ltd (formerly known as Derrick Services Singapore Pte Ltd) v Shaik Abu Bakar bin Abdul Sukol and another and another appeal [2012] SGCA 7. This is an important case in which the court considered the meaning of 'creditor' for the purposes of Section 210 ('Power to compromise with creditors and members') of the Companies Act (Cap 50, 2006 Rev Ed). The court held, reversing the decision of the trial judge, that the fact that a creditor's claim was covered by insurance did not mean that the creditor could not be a creditor for the purposes of Section 210.