Kim Dang Dang Pte Ltd v RegalRare Gem Museum Pte Ltd: Termination of Winding Up under IRDA

Kim Dang Dang Pte Ltd, a shareholder of RegalRare Gem Museum Pte Ltd (in liquidation), applied to the General Division of the High Court to terminate the winding up of RegalRare. The winding-up order was initially made on 7 August 2024. Goh Yihan J granted the application on 24 October 2024, citing the protection of creditors' interests, the liquidator's expenses being provided for, shareholders' undertakings to support financial obligations, and the absence of any adverse impact on commercial morality or public interest.

1. Case Overview

1.1 Court

General Division of the High Court

1.2 Outcome

Winding up terminated

1.3 Case Type

Insolvency

1.4 Judgment Type

Grounds of Decision

1.5 Jurisdiction

Singapore

1.6 Description

Application to terminate the winding up of RegalRare Gem Museum Pte Ltd. The court granted the application, citing the protection of creditors' interests and other factors.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
Kim Dang Dang Pte LtdApplicantCorporationApplication GrantedWon
RegalRare Gem Museum Pte Ltd (in liquidation)RespondentCorporationWinding up terminatedNeutral

3. Judges

Judge NameTitleDelivered Judgment
Goh YihanJudge of the High CourtYes

4. Counsels

Counsel NameOrganization
Tan Jin SongHavelock Law Corporation
Ng Wan Yun DeborahHavelock Law Corporation
Georgina Lai Li YiHavelock Law Corporation
Zhu Ming-Ren WilsonRajah & Tann Singapore LLP

4. Facts

  1. Kingsmen served a statutory demand on RegalRare for $144,745.68.
  2. RegalRare failed to pay the sum demanded.
  3. Kingsmen commenced winding-up proceedings against RegalRare.
  4. A winding-up order was made against RegalRare on 7 August 2024.
  5. The applicant, a shareholder, paid $153,749.43 to Kingsmen.
  6. Kingsmen entered into a deed of assignment with the applicant.
  7. The applicant paid an additional $160,000 to Kingsmen.

5. Formal Citations

  1. Kim Dang Dang Pte Ltd v RegalRare Gem Museum Pte Ltd (in liquidation), Companies Winding Up No 121 of 2024 (Summons No 2783 of 2024), [2024] SGHC 275

6. Timeline

DateEvent
Statutory demand served on RegalRare
Winding-up commenced
Winding-up order made against RegalRare
Applicant transferred $150,000 to TSMP Law Corporation
Applicant's director transferred $3,749.43 to TSMP Law Corporation
Deed of assignment between Kingsmen and applicant
Winding up of RegalRare terminated
Judgment issued

7. Legal Issues

  1. Termination of Winding Up
    • Outcome: The court terminated the winding up of RegalRare.
    • Category: Substantive
    • Related Cases:
      • [2024] 5 SLR 434
      • [2014] NSWSC 439

8. Remedies Sought

  1. Termination of winding up

9. Cause of Actions

  • No cause of actions

10. Practice Areas

  • Insolvency
  • Commercial Litigation

11. Industries

  • No industries specified

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Kingsmen Exhibits Pte Ltd v RegalRare Gem Museum Pte Ltd and another matterGeneral Division of the High CourtYes[2024] SGHC 238SingaporeCited to explain why a winding-up order was made against RegalRare.
Ascentury International Co Ltd v Viva Capital (SG) Pte LtdGeneral Division of the High CourtYes[2024] 5 SLR 434SingaporeCited for the factors a court should consider when deciding whether to terminate a winding up.
In the matter of Glass Recycling Pty LtdNew South Wales Supreme CourtYes[2014] NSWSC 439AustraliaCited for the factors a court should consider when deciding whether to terminate a winding up.

13. Applicable Rules

Rule Name
No applicable rules

14. Applicable Statutes

Statute NameJurisdiction
Insolvency, Restructuring and Dissolution Act 2018Singapore

15. Key Terms and Keywords

15.1 Key Terms

  • Winding up
  • Termination
  • Statutory demand
  • Deed of assignment
  • Creditors
  • Liquidator
  • Shareholders

15.2 Keywords

  • Winding up
  • Insolvency
  • Termination
  • Singapore
  • IRDA

17. Areas of Law

Area NameRelevance Score
Insolvency Law95
Winding Up95
Restructuring and Dissolution90

16. Subjects

  • Insolvency
  • Company Law