HSBC v Rasmachayana Sulistyo: Bankruptcy Order & Service of Statutory Demand
The High Court of Singapore, on 4 October 2004, heard a bankruptcy petition filed by The Hongkong and Shanghai Banking Corp Ltd (HSBC) against Rasmachayana Sulistyo alias Chang Whe Ming. Sulistyo opposed the petition, arguing improper service of the statutory demand and lack of jurisdiction. The court rejected both objections and granted the bankruptcy order against Sulistyo, finding that HSBC had properly served the statutory demand and that Sulistyo's shareholdings in Singapore companies constituted property in Singapore, thus establishing jurisdiction.
1. Case Overview
1.1 Court
High Court1.2 Outcome
Bankruptcy order made against Sulistyo
1.3 Case Type
Bankruptcy
1.4 Judgment Type
Grounds of Decision
1.5 Jurisdiction
Singapore
1.6 Description
The High Court made a bankruptcy order against Sulistyo, rejecting his objections to the service of the statutory demand and the court's jurisdiction.
1.7 Decision Date
2. Parties and Outcomes
| Party Name | Role | Type | Outcome | Outcome Type | Counsels |
|---|---|---|---|---|---|
| Rasmachayana Sulistyo (alias Chang Whe Ming) | Debtor | Individual | Bankruptcy order made | Lost | |
| The Hongkong and Shanghai Banking Corp Ltd | Petitioning Creditor | Corporation | Bankruptcy order granted | Won |
3. Judges
| Judge Name | Title | Delivered Judgment |
|---|---|---|
| Joyce Low Wei Lin | Assistant Registrar | Yes |
4. Counsels
| Counsel Name | Organization |
|---|---|
| Rodney Keong | Rodyk and Davidson |
| Andrew Chan | Allen and Gledhill |
| Desmond Ho | Allen and Gledhill |
4. Facts
- HSBC filed a bankruptcy petition against Sulistyo based on a judgment debt.
- Sulistyo was indebted to HSBC for US$58,064,279.35 and $27,820.08 as of 9 January 2004.
- Sulistyo opposed the petition, arguing improper service of the statutory demand.
- Sulistyo also argued that the court lacked jurisdiction to make the bankruptcy order.
- HSBC served the statutory demand by leaving a copy at Sulistyo's forwarding agent.
- HSBC also advertised a notice of the statutory demand in "The Straits Times".
- Sulistyo held substantial shareholdings in various Singapore companies.
5. Formal Citations
- The Hongkong and Shanghai Banking Corp Ltd v Rasmachayana Sulistyo alias Chang Whe Ming, Bankrutcy 115/2004, [2004] SGHC 87
6. Timeline
| Date | Event |
|---|---|
| Sulistyo indebted to HSBC for US$58,064,279.35 and $27,820.08 | |
| Bankruptcy order made against Sulistyo |
7. Legal Issues
- Service of Statutory Demand
- Outcome: The court held that the statutory demand was properly served, either by leaving it at the forwarding agent's address or by advertising a notice of the demand.
- Category: Procedural
- Sub-Issues:
- Substituted service
- Service by advertisement
- Personal service
- Jurisdiction to Make Bankruptcy Order
- Outcome: The court held that it had jurisdiction to make the bankruptcy order because Sulistyo held substantial shareholdings in Singapore companies, which constituted property in Singapore.
- Category: Jurisdictional
8. Remedies Sought
- Bankruptcy Order
9. Cause of Actions
- Failure to honour a personal guarantee
10. Practice Areas
- Bankruptcy
- Debt Recovery
11. Industries
- Banking
- Finance
12. Cited Cases
| Case Name | Court | Affirmed | Citation | Jurisdiction | Significance |
|---|---|---|---|---|---|
| Wong Kwei Cheong v ABN-AMRO Bank NV | High Court | Yes | [2002] 3 SLR 594 | Singapore | Cited regarding the requirements for substituted service of a statutory demand by advertisement. |
| United Overseas Bank Ltd v Ishak Bin Ismail | High Court | Yes | [2003] 3 SLR 302 | Singapore | Cited to clarify the ratio decidendi of Wong Kwei Cheong v ABN-AMRO Bank NV regarding service by advertisement. |
13. Applicable Rules
| Rule Name |
|---|
| Bankruptcy Rules r 96 |
| Rules of Court O 62 r 3(2) |
| Rules of Court O 1 r 2(4) |
| Rules of Court O 1 r 2(5) |
| Rules of Court O 62 r 5 |
14. Applicable Statutes
| Statute Name | Jurisdiction |
|---|---|
| Bankruptcy Rules | Singapore |
| Bankruptcy Act s 11 | Singapore |
| Bankruptcy Act s 60(1) | Singapore |
15. Key Terms and Keywords
15.1 Key Terms
- Bankruptcy petition
- Statutory demand
- Substituted service
- Jurisdiction
- Forwarding agent
- Advertisement
- Shareholdings
15.2 Keywords
- bankruptcy
- statutory demand
- service
- jurisdiction
- Singapore
17. Areas of Law
| Area Name | Relevance Score |
|---|---|
| Bankruptcy | 90 |
| Jurisdiction | 70 |
| Contract Law | 30 |
| Asset Recovery | 20 |
16. Subjects
- Bankruptcy
- Civil Procedure
- Service of Process