CPIT Investments v Qilin World Capital: Stay of Execution Pending Appeal

In CPIT Investments Limited v Qilin World Capital Limited, the Singapore International Commercial Court, presided over by Vivian Ramsey IJ, dismissed Qilin's application for a stay of execution of a prior judgment pending appeal. The court ordered the release of HK$27,532,000 held in a solicitor's trust account as security for CPIT's claim. The court found that Qilin had not demonstrated a sufficient probability that the funds would not be recoverable if the appeal succeeded.

1. Case Overview

1.1 Court

Singapore International Commercial Court

1.2 Outcome

Qilin World Capital's application for a stay of execution pending appeal dismissed.

1.3 Case Type

Civil

1.4 Judgment Type

Ex Tempore Judgment

1.5 Jurisdiction

Singapore

1.6 Description

The Singapore International Commercial Court denied Qilin World Capital's application for a stay of execution pending appeal, ordering the release of funds.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
CPIT INVESTMENTS LIMITEDPlaintiffCorporationApplication for stay of execution dismissedWon
QILIN WORLD CAPITAL LIMITEDDefendantCorporationApplication for stay of execution dismissedLost

3. Judges

Judge NameTitleDelivered Judgment
Vivian RamseyInternational JudgeYes

4. Counsels

Counsel NameOrganization
Tan Poh Ling WendyMorgan Lewis Stamford LLC
Chua Han Yuan KennethMorgan Lewis Stamford LLC
Sharon Chong Chin YeeRHTLaw Taylor Wessing LLP
Renganathan NandakumarRHTLaw Taylor Wessing LLP
NandhuRHTLaw Taylor Wessing LLP

4. Facts

  1. CPIT obtained a judgment against Qilin.
  2. Qilin sought a stay of execution pending appeal.
  3. HK$27,532,000 is held in Qilin’s solicitors’ trust account as security.
  4. CPIT sold 993,000,000 shares in Millennium for HK$66,531,000.
  5. CPIT had assets of approximately HK$70m as of April 2017.
  6. Qilin argued CPIT was a shell company with no assets.

5. Formal Citations

  1. CPIT Investments Limited v Qilin World Capital Limited and another, Suit No 5 of 2016 (Summons No 21 of 2017), [2017] SGHC(I) 07

6. Timeline

DateEvent
Consent order dated
Solicitors’ undertaking dated
Suit No 5 of 2016 filed
Summons No 21 of 2017 filed
CPIT sold 993,000,000 shares in Millennium
Judgment handed down in Suit No 5 of 2016
Written demand from CPIT’s solicitors issued
Affidavit of Wilbur VI Morgan James dated
Judgment delivered
Sum payable

7. Legal Issues

  1. Stay of Execution Pending Appeal
    • Outcome: The court dismissed the application for a stay of execution, finding that Qilin had not demonstrated a sufficient probability that the funds would not be recoverable if the appeal succeeded.
    • Category: Procedural
    • Related Cases:
      • [1991] 2 SLR(R) 869
      • [1999] 1 SLR(R) 1053
      • [2001] SGHC 19
      • [2015] 5 SLR 1032

8. Remedies Sought

  1. Stay of execution pending appeal

9. Cause of Actions

  • No cause of actions

10. Practice Areas

  • Commercial Litigation

11. Industries

  • No industries specified

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Lee Sian Hee (trading as Lee Sian Hee Pork Trader) v Oh Kheng Soon (trading as Ban Hon Trading Enterprise)High CourtYes[1991] 2 SLR(R) 869SingaporeCited for the principles governing stay of execution pending appeal.
Lian Soon Construction Pte Ltd v Guan Qian Realty Pte LtdHigh CourtYes[1999] 1 SLR(R) 1053SingaporeCited for the principles governing stay of execution pending appeal.
Denis Matthew Harte v Tan Hun Hoe and anotherHigh CourtYes[2001] SGHC 19SingaporeCited for the principles governing stay of execution pending appeal and the relevance of foreign jurisdictions of parties.
Naseer Ahmad Akhtar v Suresh Agarwal and anotherHigh CourtNo[2015] 5 SLR 1032SingaporeCited regarding partial stay of execution pending application to the Court of Appeal.

13. Applicable Rules

Rule Name
No applicable rules

14. Applicable Statutes

Statute NameJurisdiction
No applicable statutes

15. Key Terms and Keywords

15.1 Key Terms

  • Stay of execution
  • Appeal
  • Solicitors’ undertaking
  • Constructive trust
  • BVI company

15.2 Keywords

  • Stay of execution
  • appeal
  • Singapore International Commercial Court
  • CPIT Investments
  • Qilin World Capital

17. Areas of Law

Area NameRelevance Score
Stay of Execution85
Civil Procedure75
Constructive Trust65
Solicitor's undertaking55
Appellate Practice50
Trust Law40
Non-Recourse Loan35
Summary Judgement30
Contract Law25

16. Subjects

  • Civil Procedure
  • Stay of Execution
  • Commercial Litigation