B2C2 Ltd v Quoine Pte Ltd: Breach of Contract, Breach of Trust, and Equitable Compensation

In B2C2 Ltd v Quoine Pte Ltd, the Singapore International Commercial Court, with Simon Thorley IJ presiding, found Quoine Pte Ltd liable for breach of contract and breach of trust for reversing trades and deducting Bitcoin from B2C2 Ltd's account. The court denied specific performance but allowed for damages or equitable compensation, the election of which will be determined at a further hearing. The court also addressed issues related to an indemnity, assessment of damages, interest, and costs.

1. Case Overview

1.1 Court

Singapore International Commercial Court

1.2 Outcome

Judgment for Plaintiff; financial relief limited to damages or equitable compensation, with election to be determined at a further hearing.

1.3 Case Type

Civil

1.4 Judgment Type

Judgment

1.5 Jurisdiction

Singapore

1.6 Description

B2C2 Ltd sued Quoine Pte Ltd for breach of contract and breach of trust. The court found in favor of B2C2 but limited the remedy to damages.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
Quoine Pte LtdDefendantCorporationLiable for breach of contract and breach of trustLost
B2C2 LtdPlaintiffCorporationJudgment for PlaintiffWon

3. Judges

Judge NameTitleDelivered Judgment
Simon ThorleyInternational JudgeYes

4. Counsels

Counsel NameOrganization
Ivan LimAllen & Gledhill LLP
Marrissa KarunaAllen & Gledhill LLP
Paul OngAllen & Gledhill LLP
Danny OngRajah & Tann Singapore LLP
Jason TeoRajah & Tann Singapore LLP
Sheila NgRajah & Tann Singapore LLP

4. Facts

  1. The Defendant reversed certain trades made by the Plaintiff.
  2. The Defendant deducted 3084.78582325 BTC from the Plaintiff’s account.
  3. The Plaintiff sued the Defendant for breach of contract and breach of trust.
  4. The Plaintiff sought specific performance, damages, and equitable compensation.
  5. The court found the Defendant liable for both breach of contract and breach of trust.
  6. The court denied specific performance as a remedy.
  7. The court considered whether the Plaintiff was entitled to both damages and equitable compensation.

5. Formal Citations

  1. B2C2 Ltd v Quoine Pte Ltd, Suit No 7 of 2017, [2019] SGHC(I) 06
  2. B2C2 Ltd v Quoine Pte Ltd, , [2019] SGHC(I) 03

6. Timeline

DateEvent
Suit filed in Suit No 7 of 2017
Plaintiff provided security for Defendant’s costs
Trial commenced on 21, 22, 23, 26 and 29 November 2018
Judgment given in B2C2 Ltd v Quoine Pte Ltd [2019] SGHC(I) 03
Court issued letter regarding disputed issues
Judgment reserved
Judgment issued

7. Legal Issues

  1. Breach of Contract
    • Outcome: The court found the defendant liable for breach of contract.
    • Category: Substantive
  2. Breach of Trust
    • Outcome: The court found the defendant liable for breach of trust.
    • Category: Substantive
  3. Equitable Compensation
    • Outcome: The court considered the availability of equitable compensation in addition to or in lieu of common law damages.
    • Category: Substantive
  4. Stay of Proceedings
    • Outcome: The court addressed the issue of whether to stay the assessment of damages pending appeal.
    • Category: Procedural

8. Remedies Sought

  1. Damages
  2. Equitable Compensation
  3. Specific Performance
  4. Account of Profits
  5. Indemnity

9. Cause of Actions

  • Breach of Contract
  • Breach of Trust

10. Practice Areas

  • Commercial Litigation

11. Industries

  • Financial Services
  • Cryptocurrency

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Libertarian Investments Ltd v HallHong Kong Court of Final AppealYes(2013) 16 HKCFAR 681Hong KongCited regarding the necessity of an account to identify specific assets for relief.
Ausman Ramzan v Brookwide LtdEnglish Court of AppealYes[2011] EWCA Civ 985England and WalesCited to illustrate that causes of action for trespass and breach of trust do not provide cumulative remedies but alternative remedies.
Quality Assurance Management Asia Pte Ltd v Zhang Qing and othersSingapore High CourtYes[2013] 3 SLR 631SingaporeCited in relation to alternative remedies.
B2C2 Ltd v Quoine Pte LtdSingapore International Commercial CourtYes[2019] SGHC(I) 03SingaporeRefers to the original judgment in this case.

13. Applicable Rules

Rule Name
O 57 r 15 of the Rules of Court

14. Applicable Statutes

Statute NameJurisdiction
Rules of Court (Cap 322, R 5, 2014 Rev Ed)Singapore
Civil Law ActSingapore

15. Key Terms and Keywords

15.1 Key Terms

  • Bitcoin
  • Reversal of Trades
  • Breach of Contract
  • Breach of Trust
  • Equitable Compensation
  • Specific Performance
  • Account of Profits
  • Indemnity
  • Assessment of Damages
  • Stay of Proceedings

15.2 Keywords

  • breach of contract
  • breach of trust
  • equitable compensation
  • bitcoin
  • cryptocurrency
  • singapore
  • commercial court

17. Areas of Law

Area NameRelevance Score
Damages90
Remedies85
Chancery and Equity80
Equitable Compensation80
Breach of Contract80
Civil Practice75
Trust Law70
Arbitration40

16. Subjects

  • Contract Law
  • Trust Law
  • Civil Procedure
  • Remedies
  • Equity