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

Q: Which legislation does [2023] SGHC 324 consider?

The judgment refers to Companies Act (Cap 50), Insolvency, Restructuring and Dissolution Act, and Restructuring and Dissolution Act. The statutes cited are listed in full on this page, each linking to its primary text.

[2023] SGHC 324 High Court (General Division) 15 November 2023 HC/CWU 180/2023 · HC/CWU 181/2023 27 min read

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 Plaintiff Gan Jhia Huei Counsel Plaintiff Janica Tan Counsel Third Party Peter Madden Counsel Plaintiff Troy Doyle Counsel 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.

[2023] SGHC 324 explained

Re: AAX Asia Private Limited (in interim judicial management) ([2023] SGHC 324) is a Singapore judgment decided by the High Court (General Division) on 15 November 2023. It is categorised under Insolvency Law. Within this corpus it has since been cited by 2 other reported Singapore judgments, a measure of how often later decisions have referred to it. This page summarises what the reported decision covers and links the primary sources — the full judgment, the statutes it cites, and the other cases it engages with — so the decision can be read in context. It is reference information, not legal advice, and it does not state the outcome or any holding beyond what the official judgment records.

What is [2023] SGHC 324 about?

Re: AAX Asia Private Limited (in interim judicial management) ([2023] SGHC 324) is a High Court (General Division) decision from 2023. Its published catchwords are “Insolvency Law — Winding up — Grounds for petition — Just and equitable”, “Insolvency Law — Winding up — Grounds for petition — Unable to pay debts”, and “Insolvency Law — Winding up — Standing of an interim judicial manager to bring winding up applications”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.

Which legislation does [2023] SGHC 324 consider?

The judgment refers to Companies Act (Cap 50), Insolvency, Restructuring and Dissolution Act, and Restructuring and Dissolution Act. The statutes cited are listed in full on this page, each linking to its primary text.

What earlier Singapore cases does [2023] SGHC 324 cite?

Among the in-corpus authorities it refers to are [2023] SGHC 276 and [2023] SGHC 83. The complete list of cases cited, and of later cases that cite this decision, is shown on this page.

How influential is [2023] SGHC 324?

Within this corpus, [2023] SGHC 324 has been cited by 2 later reported Singapore judgments. That count reflects references from other decisions held in this corpus only and is a conservative lower bound on how often the case has actually been cited.

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.