In Loh Cheng Lee Aaron and another v Hodlnaut Pte Ltd (Zhu Juntao and others, non-parties) [2023] SGHC 323, the General Division of the High Court of Singapore (High Court) clarified that a company’s obligation to pay cryptocurrency to its creditors may, for the purposes of determining whether the company is insolvent, count as “debts” within the meaning of section 125(1)(e) read with section 125(2)(c) of the Insolvency, Restructuring and Dissolution Act 2018.
Our Partners Lionel Leo and Stephanie Yeo, Counsel Adnaan Noor, Senior Associates Eden Li and Andrew Pflug and Associates T Abirami and Toh Yong Xiang acted for the successful claimants before the High Court.
This update takes a look at the High Court’s decision.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Lionel LEO
Partner – Restructuring & Insolvency
and Special Situations Advisory
d +65 6517 3758
e lionel.leo@wongpartnership.com
Click here to view Lionel’s CV.
Stephanie YEO
Partner – Restructuring & Insolvency
and Special Situations Advisory
d +65 6517 3796
e stephanie.yeo@wongpartnership.com
Click here to view Stephanie’s CV.