A recent Singaporean case, Sapura Fabrication Sdn Bhd and Others v GAS and Another Appeal [2025] SGCA 13, provides welcome guidance on when arbitral proceedings can be carved out from a domestic restructuring and insolvency process. Continuing the debate about the clash between arbitration and insolvency, Sapura adds two new dimensions: the multi-creditor context and a sliding timescale. This article examines how best to interpret these novel elements in light of the spirit of the insolvency regime, namely facilitating the fair administration of assets according to creditors’ legal entitlements rather than a free-for-all favouring the most well-resourced and well-advised.