Ascentury International Company Limited v VIVA CAPITAL (SG) PTE. LTD.

[2024] SGHC 118 High Court (General Division) 7 May 2024 • HC/OA 164/2024 • 17 min read

7 cases cited (4 SG, 3 foreign)

Catchwords

Insolvency Law — Winding up — Unable to pay debts

Practice Areas

Insolvency Law

Judges (1)

Goh Yihan Delivered

Counsel (10)

Aequitas Law LLP Firm Drew & Napier LLC Firm Kelvin Chia Partnership Firm Chin Tian Hui Joshua Counsel Non-Party Clarie Ong Bee Sim Counsel Non-Party Glenda Lim Jia Qian Counsel Non-Party Hing Shan Shan Blossom Counsel Non-Party Kang Hui Lin Jasmin Counsel Non-Party Lim Tat Counsel Non-Party Subir Singh Grewal Counsel Non-Party

Parties (2)

Ascentury International Company Limited Claimant Viva Capital (SG) Pte Ltd Defendant

Case Significance

Ascentury International Co Ltd v Viva Capital (SG) Pte Ltd [2024] SGHC 118 is an ex tempore judgment delivered by Goh Yihan J in the General Division of the High Court on 7 May 2024, following a hearing on 6 May 2024 in Originating Application No 164 of 2024, brought under Section 186 of the Insolvency, Restructuring and Dissolution Act 2018 in the matter of HC/CWU 138/2023. The claimant, Ascentury International Company Limited, applied to set aside the Winding Up Order dated 31 October 2023 made against the defendant, Viva Capital (SG) Pte Ltd, in CWU 138; the defendant consented to the application, which Goh Yihan J preferred to characterise as an application to terminate the winding up. The defendant's joint liquidators did not object but sought confirmation that their liquidation remuneration and disbursements, for the period from 31 October 2023 to the determination of the application, should be paid out of the defendant's assets, with quantum to be agreed if not taxed.

Summary

In this ex tempore decision of the General Division of the High Court, Ascentury International Company Limited applied to set aside, or terminate, the winding up of Viva Capital (SG) Pte Ltd, part of the Viva Land Group, with the defendant consenting and the joint liquidators not objecting but seeking directions that their remuneration and disbursements be paid out of the defendant's assets. The issue concerned the company's winding up on the ground of inability to pay debts and how a court should consider the interests of the liquidator in deciding to terminate a winding up. The court terminated the defendant's winding up, effective upon the liquidators' remuneration and disbursements being agreed or taxed and paid out of the defendant's assets, and made no order as to costs.

What was Ascentury International v Viva Capital (SG) [2024] SGHC 118 about?

Ascentury International Company Limited applied in Originating Application No 164 of 2024 to set aside, or terminate, the 31 October 2023 Winding Up Order made against Viva Capital (SG) Pte Ltd in CWU 138. The defendant consented. Goh Yihan J delivered the ex tempore judgment on 7 May 2024.

What did the liquidators seek in [2024] SGHC 118?

The defendant's joint liquidators did not object to the termination but sought confirmation that their liquidation remuneration and disbursements, for the period from 31 October 2023 to the determination of the application, should be paid out of the defendant's assets, with quantum to be agreed if not taxed.