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Re Ocean Tankers (Pte) Ltd (in liquidation) [2023] SGHC 330
The court held that an assignment of contractual rights in breach of a non-assignment clause is ineffective in equity, and that insolvency set-off under the IRDA applies to companies in judicial management under the IRDA but not those under the Companies Act.
Ong Jane Rebecca v Lim Lie Hoa [2023] SGHC 33
The principles governing the exercise of the court's investigative powers under s 244 of the IRDA (regarding insolvent companies) are equally applicable to s 335 of the IRDA (regarding bankruptcy).
Re AAX Asia Pte Ltd (under judicial management) and another [2023] SGHC 324
The court held that an interim judicial manager has standing to bring a winding up application under s 124(1)(h) of the IRDA, and that the need to empower a liquidator to conduct enhanced investigations for the benefit of unsecured creditors is a sufficient ground to wind up a co
Loh Cheng Lee Aaron and another v Hodlnaut Pte Ltd (Zhu Juntao and others, non-parties) [2023] SGHC 323
Cryptocurrency obligations count as debts for the purpose of determining insolvency under the IRDA, and the company was found to be cash flow insolvent.
Lim How Teck v Laguna National Golf and Country Club Ltd and another matter [2023] SGHC 32
A no-action clause in a trust deed does not preclude a noteholder from pursuing winding-up proceedings against the issuer if the trustee is in a position of conflict of interest.
Re Attorney-General (liquidators of oCap Management Pte Ltd, non-party) [2023] SGHC 316
The court held that paragraph 14(2)(a) of the Third Schedule to the MACMA restricts the court's power to grant a restraint order where it would inhibit a liquidator from performing the act of distribution to creditors or other functions serving that purpose, and paragraph 14(2)(b
61 Robinson Pte Ltd v Viva Capital (SG) Pte Ltd [2023] SGHC 315
In 61 Robinson Pte Ltd v Viva Capital (SG) Pte Ltd, the High Court of the Republic of Singapore addressed issues of Insolvency Law — Winding up.
Re Lim Keng Teck [2023] SGHC 287
Analysis of [2023] SGHC 287, a decision of the High Court of the Republic of Singapore on 2023-10-12.
DDP (in his capacity as the joint and several trustees of the bankruptcy estate of [B]) and another v DDR (a minor) and another [2023] SGHC 285
The court held that a transfer of beneficial interest in property via a Declaration of Trust constituted a transaction at an undervalue under s 361 of the IRDA, as the bankrupt received no consideration and was insolvent at the time of the transaction.
SCP Holdings Pte Ltd v I Concept Global Growth Fund and another matter [2023] SGHC 269
An agreement to agree is not a contract and is unenforceable. The court will set aside a statutory demand only if there are triable issues as to whether the debt is payable.
Sabyasachi Mukherjee and another v Pradeepto Kumar Biswas and another matter [2023] SGHC 262
A bankrupt is incompetent to commence, continue, or defend any action without the previous sanction of the Official Assignee or Private Trustee in Bankruptcy, unless the action falls within the specific exceptions in s 401(1) of the IRDA.
Maybank Singapore Ltd v Synergy Global Resources Pte Ltd [2023] SGHC 258
The court held that the debtor failed to raise a triable issue regarding its cross-claim or the claimant's exercise of contractual discretion to recall banking facilities, thus the winding up application was allowed.
Re X Diamond Capital Pte Ltd (Metech International Ltd, non-party) [2023] SGHC 253
The court held that the applicant for a judicial management order need only establish a 'real prospect' that the statutory purposes of judicial management will be achieved, which is a lower threshold than the balance of probabilities.
Majestica Enterprises Ltd and another v Kams Singapore Pte Ltd (in compulsory liquidation) [2023] SGHC 250
The court may grant a prospective order under s 204(3) of the IRDA to give funding creditors an advantage over other creditors, provided the advantage is reasonable, other creditors had an opportunity to fund, and the liquidator retains control over the proceedings.
PT Bank Negara Indonesia (Persero) TBK, Singapore Branch v Farooq Ahmad Mann (in his capacity as judicial manager) and another and other matters [2023] SGHC 249
The court held that a less exacting standard applies to an interim judicial manager adjudicating a proof of debt for the limited purpose of voting at a pre-appointment meeting, requiring only a prima facie case.
Abcom Pte Ltd v TransAsia Private Capital Ltd and another [2023] SGHC 242
The court will enjoin a winding-up application only if the debt is disputed in good faith and on substantial grounds. The doctrine of frustration does not apply to excuse non-payment of loan instalments while the contract remains in force.
Re Genesis Asia Pacific Pte Ltd (in its capacity as a foreign representative for Genesis Asia Pte Ltd) and another and other matters [2023] SGHC 240
A corporate entity can be recognised as a 'foreign representative' under the Model Law, and a debtor can be its own 'foreign representative'.
Re Lemarc Agromond Pte Ltd [2023] SGHC 236
The court dismissed an application for a second extension of a moratorium under s 64(1) of the IRDA because the applicant failed to demonstrate significant progress in its restructuring efforts or provide a realistic timeline for a scheme of arrangement.
Europ Assistance Holding SA v ONB Technologies Pte Ltd (ONB Holdings Pte Ltd, non-party) [2023] SGHC 226
A winding-up application will be dismissed where the claimant fails to prove the company is unable to pay its debts under the cash flow test, and where the underlying debt is subject to a valid arbitration agreement.
K Shanker Kumar v Nedumaran Muthukrishnan (Official Assignee, non-party) [2023] SGHC 214
The court has residual discretion under s 316(3)(e) of the IRDA to dismiss a bankruptcy application where there is sufficient cause, such as procedural injustice or miscommunication regarding the debtor's suitability for the Debt Repayment Scheme.
Re Kirkham International Pte Ltd (in compulsory liquidation) [2023] SGHC 19
The court has no power to retrospectively authorise the appointment of a solicitor by a liquidator under s 144(1) of the IRDA, as the statute requires authorisation to be obtained prior to the appointment.
Founder Group (Hong Kong) Ltd (in liquidation) v Singapore JHC Co Pte Ltd [2023] SGHC 159
An insolvency court must adopt the AnAn approach when a winding up application is based on a debt subject to an arbitration agreement, requiring the court to stay or dismiss the application if the arbitration agreement is prima facie valid and covers the dispute, unless there is
Adcrop Pte Ltd v Gokul Vegetarian Restaurant and Cafe Pte Ltd (Rajeswary d/o Sinan and another, non-parties) [2023] SGHC 152
A winding up application may be dismissed as an abuse of process if it is motivated by a collateral purpose, such as wresting control of a company's business, even if the company is insolvent.
Tonghuai @ Nanhang Pte Ltd v Teo Fook Keong [2023] SGHC 134
The court held that the threshold for granting permission to commence proceedings against a bankrupt under s 327(1)(c)(ii) of the IRDA is that of a 'serious question to be tried'.