The recent Court of Appeal decision in BNP Paribas v. Jurong Shipyard Pte Ltd is a landmark decision on the insolvency tests in s. 254 of the Companies Act. Although the court did not expressly decline to follow English law, various propositions in the judgment mark the beginning of a distinct Singaporean jurisprudence on the meaning of the insolvency tests. This article explains the old law, which is poorly understood due to a lack of discussion, and examines the extent to which that has been altered by BNP.