Point72 Ventures Investments, LLC v FinLync Private Limited

[2023] SGHC 122 High Court (General Division) 5 May 2023 HC/OA 81/2023

2 cases cited (1 SG, 1 foreign) Cited by 2 cases

Key facts

Court	High Court (General Division)
Decided	5 May 2023
Judge	Hri Kumar Nair
Charges / claim	Companies
Counsel	Dentons Rodyk & Davidson LLP, Drew & Napier LLC, Gibson Dunn and Crutcher LLP, Rev Law LLC, Chua Sui Tong, Clarie Ong, Lim Hui Li Debby, Ng Tse Jun Russell, Peter Madden, Sia Tian Wa Jeremy Marc, Sushil Nair, Teri Cheng, Troy Doyle

Source: [2023] SGHC 122, High Court (General Division), decided 5 May 2023 — eLitigation. Updated 10 July 2026.

Catchwords

Companies — Receiver and manager — Judicial management order

Practice Areas

Companies

Judges (1)

Hri Kumar Nair Delivered

Counsel (13)

Dentons Rodyk & Davidson LLP Firm Drew & Napier LLC Firm

Gibson Dunn and Crutcher LLP Firm

Rev Law LLC Firm Chua Sui Tong Counsel for the applicant

Clarie Ong Counsel for the non-party

Lim Hui Li Debby Counsel for the respondent Ng Tse Jun Russell Counsel for the applicant

Peter Madden Counsel for the applicant

Sia Tian Wa Jeremy Marc Counsel for the respondent

Sushil Nair Counsel for the non-party

Teri Cheng Counsel for the non-party

Troy Doyle Counsel for the applicant

Parties (4)

FinLync Pte Ltd Respondent

Point72 Ventures Investments LLC Applicant

Peter Selig Klein Non-Party

Phillip Ashley Klein Non-Party

Case Significance

Point72 Ventures Investments LLC v FinLync Pte Ltd (Klein, Peter Selig and another, non-parties) [2023] SGHC 122 is a grounds of decision of Hri Kumar Nair J in the General Division of the High Court, delivered on 5 May 2023 in Originating Application No 81 of 2023. Point72 Ventures Investments LLC applied to place FinLync Pte Ltd, a financial technology company, in judicial management. On 15 March 2023 Hri Kumar Nair J allowed the application, satisfied that FinLync would become unable to pay its debts by May 2023 and that a judicial management order would likely achieve a purpose under s 89(1) of the Insolvency, Restructuring and Dissolution Act 2018; Point72's standing as a contingent creditor under a US$3,249,990 convertible promissory note dated 14 April 2022 was not disputed.

Summary

Point72 Ventures Investments LLC, a creditor under a US$3,249,990 convertible promissory note and investor in financial technology company FinLync Pte Ltd, applied to place the company in judicial management. The court considered whether the company was or would become unable to pay its debts and whether judicial management would achieve its statutory purposes under the Insolvency, Restructuring and Dissolution Act 2018. The High Court was satisfied the criteria were met, rejected the founders' objections, and allowed the judicial management application.

What did the court decide in Point72 Ventures Investments LLC v FinLync Pte Ltd [2023] SGHC 122?

On 15 March 2023 Hri Kumar Nair J allowed Point72's application to place FinLync Pte Ltd in judicial management, satisfied the company would become unable to pay its debts by May 2023 and that a judicial management order would serve a statutory purpose.

Why did Point72 have standing to seek judicial management of FinLync in [2023] SGHC 122?

Hri Kumar Nair J found Point72 had standing as at least a contingent or prospective creditor under a US$3,249,990 convertible promissory note dated 14 April 2022; its standing to bring the judicial management application was in any event not disputed.