Zhu Su v THREE ARROWS CAPITAL LTD & 2 Ors

[2025] SGCA 31 Court of Appeal 24 June 2025 • CA/CA 19/2024|CA/CA 30/2024|CA/CA 31/2024 • 46 min read
9 cases cited (8 SG, 1 foreign)

Catchwords

Civil Procedure — Delay Contempt of Court — Civil contempt — Full and frank disclosure — Intention to commence proceedings against examinee — Concurrent proceedings against examinee Civil Procedure — Production of documents — Attendance of person to produce document — Whether a person can be ordered to produce documents without having been summoned — Section 244(1) Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed)

Practice Areas

Civil Procedure Contempt of Court

Judges (3)

Belinda Ang Saw Ean Coram Kannan Ramesh Coram Sundaresh Menon Delivered

Counsel (11)

Advocatus Law LLP Firm WongPartnership LLP Firm Christopher Anand Daniel Counsel Appellant Hudson Wong Counsel Respondent Kwong Kai Sheng Counsel Respondent Leo Zhen Wei Lionel Counsel Respondent Lim Yi Zheng Counsel Appellant Liu Zhao Xiang Counsel Respondent Muhammed Ismail bin KO Noordin Counsel Respondent T Abirami Counsel Respondent Yeo Yi Ling Eileen Counsel Appellant

Parties (5)

Three Arrows Capital Ltd Respondent Christopher Farmer Respondent Kyle Livingston Davies Appellant Russell Crumpler Respondent Zhu Su Appellant

Case Significance

[2025] SGCA 31 is a Court of Appeal decision dated 24 June 2025 concerning Civil Procedure and Contempt of Court, specifically addressing delay, civil contempt, and production of documents. The judgment was delivered by Sundaresh Menon, with Belinda Ang Saw Ean and Kannan Ramesh on the coram. The case was brought by Kyle Livingston Davies and others (appellant) against Three Arrows Capital Ltd and others (respondent). Legal representation was provided by Advocatus Law LLP and WongPartnership LLP. The judgment cites 9 cases (8 Singapore, 1 foreign) and references 4 statutory provisions, including the Companies Act, the Insolvency, and the Restructuring and Dissolution Act.

Summary

Zhu Su and Kyle Davies, co-founders and directors of collapsed cryptocurrency fund Three Arrows Capital, appealed against orders compelling them to provide information and documents to the fund's liquidators under s 244 of the Insolvency, Restructuring and Dissolution Act. The key issues included whether the directors had delayed in challenging the orders and whether the liquidators had failed to disclose their intention to commence proceedings in the BVI against the directors. The Court of Appeal dismissed two appeals but allowed the third in part, restraining the liquidators from using examination answers in concurrent BVI proceedings.

What was decided in [2025] SGCA 31?

[2025] SGCA 31 (Zhu Su v THREE ARROWS CAPITAL LTD & 2 Ors) is a Court of Appeal decision from 24 June 2025 addressing Civil Procedure and Contempt of Court, specifically delay, civil contempt, and production of documents. The judgment was delivered by Sundaresh Menon.

Who were the parties in Zhu Su v THREE ARROWS CAPITAL LTD & 2 Ors?

The appellant in [2025] SGCA 31 was Kyle Livingston Davies, Zhu Su, and the respondent was Three Arrows Capital Ltd, Christopher Farmer. Legal representation included WongPartnership LLP and Advocatus Law LLP. The case was decided on 24 June 2025 in the Court of Appeal.

Which judge decided [2025] SGCA 31?

[2025] SGCA 31 was delivered by Sundaresh Menon in the Court of Appeal on 24 June 2025. Belinda Ang Saw Ean and Kannan Ramesh also sat on the coram. The case concerned Civil Procedure and Contempt of Court.

What cases and statutes does [2025] SGCA 31 cite?

[2025] SGCA 31 cites 9 prior decisions, including 1 from foreign jurisdictions. It references Companies Act, Insolvency, Restructuring and Dissolution Act.

Statutes Cited

Companies Act (Cap 50)
s 285
Insolvency, Restructuring and Dissolution Act
Restructuring and Dissolution Act
Supreme Court of Judicature Act (Cap 322)
s 16(1)

Cases Cited (9)

SLR (8)
[2004] 3 SLR(R) 164 [2007] 2 SLR(R) 518 [2011] 2 SLR 196 [2015] 3 SLR 665 [2020] 2 SLR 1332 [2021] 3 SLR 725 [2024] 1 SLR 579 [2024] 4 SLR 1280
AU (1)
[2021] VSC 821

Judgment

Read the full judgment on the official Singapore Courts portal.

Read on eLitigation

Source: eLitigation ([2025] SGCA 31)