RHB BANK BERHAD v BOB TX FOOD EMPIRE PTE. LTD.
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Case Significance
RHB Bank Bhd v Bob TX Food Empire Pte Ltd and other matters [2024] SGHC 305 is a Grounds of Decision of the General Division of the High Court (Companies Winding Up Nos 205, 207 and 208 of 2024) delivered by Vinodh Coomaraswamy J on 18 December 2024, following a hearing on 27 September 2024. Before the court were three related winding-up applications brought by the claimant, RHB Bank Berhad, against three connected defendants: Bob TX Food Empire Pte Ltd, Valulogistics Pte Ltd and Valusports Pte Ltd. Each application sought that the defendant be wound up on the primary ground that it was insolvent within the meaning of s 125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed), by reason of the presumption found in s 125(2)(a) of the Act. Vinodh Coomaraswamy J declined the defendants' request to adjourn the applications.
Summary
RHB Bank Berhad brought three related winding-up applications in the General Division of the High Court against three connected companies (Bob TX Food Empire Pte Ltd, Valulogistics Pte Ltd and Valusports Pte Ltd), primarily on the ground that each was unable to pay its debts under s 125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018. The court considered the grounds for the petitions and the discretion to order winding up, including the companies' request to adjourn the applications. Vinodh Coomaraswamy J declined the requested adjournments and made a winding-up order against each defendant, finding the statutory prerequisites fulfilled and no basis to depart from the general rule that a winding-up order follows once those prerequisites are met.
What were the winding-up applications in RHB Bank v Bob TX Food Empire [2024] SGHC 305?
RHB Bank Berhad brought three related winding-up applications against connected defendants Bob TX Food Empire Pte Ltd, Valulogistics Pte Ltd and Valusports Pte Ltd, seeking to wind them up as insolvent under s 125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018, decided by Vinodh Coomaraswamy J on 18 December 2024.
On what ground were the companies sought to be wound up in [2024] SGHC 305?
Each winding-up application before Vinodh Coomaraswamy J sought to wind up the defendant on the primary ground of insolvency under s 125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018, relying on the statutory presumption of inability to pay debts in s 125(2)(a) of the Act.
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Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2024] SGHC 305)