Re: AAX Asia Private Limited (in interim judicial management)

[2023] SGHC 324 High Court (General Division) 15 November 2023 HC/CWU 180/2023 · HC/CWU 181/2023

15 cases cited (13 SG, 2 foreign) Cited by 2 cases

Key facts

Court	High Court (General Division)
Decided	15 November 2023
Judge	Goh Yihan
Charges / claim	Insolvency Law
Counsel	Gibson Dunn & Crutcher LLP, Ministry of Law (IPTO), Rev Law LLC, Chua Sui Tong, Gan Jhia Huei, Janica Tan, Peter Madden, Troy Doyle

Source: [2023] SGHC 324, High Court (General Division), decided 15 November 2023 — eLitigation. Updated 10 July 2026.

Catchwords

Insolvency Law — Winding up — Grounds for petition — Just and equitable Insolvency Law — Winding up — Grounds for petition — Unable to pay debts Insolvency Law — Winding up — Standing of an interim judicial manager to bring winding up applications

Practice Areas

Insolvency Law

Judges (1)

Goh Yihan Delivered

Counsel (8)

Gibson Dunn & Crutcher LLP Firm

Ministry of Law (IPTO) Firm

Rev Law LLC Firm Chua Sui Tong Counsel for the plaintiff Gan Jhia Huei Counsel for the plaintiff

Janica Tan Counsel for the third party

Peter Madden Counsel for the plaintiff

Troy Doyle Counsel for the plaintiff

Parties (3)

AAX Asia Private Limited (in interim judicial management) Plaintiff

AAX Singapore Private Limited (in interim judicial management) Plaintiff

Official Receiver Third Party

Case Significance

Re AAX Asia Pte Ltd (under judicial management) and another [2023] SGHC 324 is a grounds of decision of the General Division of the High Court by Goh Yihan J, issued on 15 November 2023 in Companies Winding Up Nos 180 and 181 of 2023. Goh Yihan J granted orders winding up AAX Singapore Private Limited and AAX Asia Private Limited, part of a corporate group operating a cryptocurrency business across jurisdictions including Singapore, Hong Kong and Malta, and provided grounds to explain the standing of an interim judicial manager to bring a winding-up application. The applications were brought under Part 8 of the Insolvency, Restructuring and Dissolution Act 2018, on grounds of inability to pay debts and the just and equitable ground.

Summary

These were applications to wind up AAX Singapore Private Limited and AAX Asia Private Limited, entities in a cryptocurrency exchange group placed under interim judicial management whose stability deteriorated after the FTX bankruptcy. A key issue was the standing of an interim judicial manager to bring winding-up applications, alongside whether the companies were unable to pay their debts or should be wound up on just and equitable grounds. The court found standing was established and granted the winding-up orders, to take effect from 17 October 2023.

What did Re AAX Asia Pte Ltd [2023] SGHC 324 decide?

Goh Yihan J granted orders winding up AAX Singapore and AAX Asia, part of a cross-border cryptocurrency group, and explained the standing of an interim judicial manager to bring a winding-up application under Part 8 of the Insolvency, Restructuring and Dissolution Act 2018.

On what grounds were the AAX companies wound up ([2023] SGHC 324)?

The applications in Companies Winding Up Nos 180 and 181 of 2023 were brought on the grounds of inability to pay debts and the just and equitable ground. Goh Yihan J granted the orders on 12 October 2023, with grounds issued 15 November 2023.