ZIPMEX COMPANY LIMITED
Outcome
Application dismissedI dismissed the applications as I was not satisfied that there was a reasonable prospect of the proposed scheme of arrangement working.
Source: [2024] SGHC 6, High Court (General Division), decided 11 January 2024. Read directly from the judgment.
Key facts
| Court | High Court (General Division) |
|---|---|
| Decided | |
| Judge | Aedit Abdullah |
| Charges / claim | Insolvency Law |
| Outcome | Application dismissed |
| Counsel | Prolegis LLC, Withers KhattarWong LLP, Charlene Wee Swee Ting, Cheang Hui Xuan, Daniel Chia Hsiung Wen, Justin Yip Yung Keong, Lam Zhen Yu, Tang Yuan Jonathan |
Source: [2024] SGHC 6, High Court (General Division), decided — eLitigation. Updated .
Catchwords
Practice Areas
Judges (1)
Counsel (8)
Case Significance
Re Zipmex Co Ltd and other matters [2024] SGHC 6 was a decision of the General Division of the High Court, with Aedit Abdullah J reserving judgment after the 5 January 2024 hearing and delivering it on 11 January 2024. The matters comprised five originating applications brought by the Zipmex group of companies — Zipmex Company Limited, Zipmex Pte Ltd, Zipmex Asia Pte Ltd, Zipmex Australia Pty Ltd and PT Zipmex Exchange Indonesia (Originating Applications Nos 381 to 385 of 2022, with corresponding summonses) — each under s 64 of the Insolvency, Restructuring and Dissolution Act 2018.
The judgment records that the applications sought an extension of the moratoria then operating in the applicants' favour under s 64(7) of the Insolvency, Restructuring and Dissolution Act 2018, in connection with schemes of arrangement. Prolegis LLC acted for the applicants, and Withers KhattarWong LLP appeared for a non-party.
[2024] SGHC 6 explained
ZIPMEX COMPANY LIMITED ([2024] SGHC 6) is a Singapore judgment decided by the High Court (General Division) on 11 January 2024. It is categorised under Insolvency Law. It is a recent decision; within this corpus no later judgment has cited it yet. 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 [2024] SGHC 6 about?
ZIPMEX COMPANY LIMITED ([2024] SGHC 6) is a High Court (General Division) decision from 2024. Its published catchwords are “Insolvency Law — Schemes of arrangement — Extension of moratoria”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.
Which legislation does [2024] SGHC 6 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.
Summary
The Zipmex group of companies, which operates a cryptocurrency exchange platform, applied to the General Division of the High Court to extend the moratoria operating in their favour under section 64 of the Insolvency, Restructuring and Dissolution Act 2018, not to pursue a restructuring but to protect a proposed sale of one or two of the applicants. The application raised the issue of whether the court has power to extend a moratorium where there is no further prospect of restructuring, a question that did not appear to have been directly addressed in local authority. Aedit Abdullah J dismissed the applications, concluding that granting such an extension would be contrary to the wording and structure of the statutory framework, the legislative purpose of the moratorium, and existing authority, so that the moratoria would not be extended.
What did the Zipmex group apply for in Re Zipmex Co Ltd [2024] SGHC 6?
The five Zipmex group companies applied for an extension of the moratoria operating in their favour under s 64(7) of the Insolvency, Restructuring and Dissolution Act 2018, in connection with schemes of arrangement. Aedit Abdullah J heard the applications on 5 January 2024.
Which companies were applicants in Re Zipmex Co Ltd and other matters ([2024] SGHC 6)?
The applicants in [2024] SGHC 6 were Zipmex Company Limited, Zipmex Pte Ltd, Zipmex Asia Pte Ltd, Zipmex Australia Pty Ltd and PT Zipmex Exchange Indonesia, across Originating Applications Nos 381 to 385 of 2022, each brought under s 64 of the Insolvency, Restructuring and Dissolution Act 2018.
Statutes Cited
Cases Cited (7)
Related cases
Other Singapore judgments involving the same parties or counsel.
Referenced in
Statutes interpreted in this judgment
Legal concepts & references
Judgment
Read the full judgment on the official Singapore Courts portal.
Read on eLitigationSource: eLitigation ([2024] SGHC 6)