Re Boldtek Holdings Ltd: Judicial Management Order Application Under IRDA

Boldtek Holdings Limited applied to the General Division of the High Court of Singapore for a judicial management order under the Insolvency, Restructuring and Dissolution Act 2018. Goh Yihan J granted the order, finding that Boldtek was unable to pay its debts and that the judicial management order would likely achieve one or more of the purposes of judicial management. There was no objection to the application.

1. Case Overview

1.1 Court

General Division of the High Court

1.2 Outcome

Judicial management order granted.

1.3 Case Type

Insolvency

1.4 Judgment Type

Ex Tempore Judgment

1.5 Jurisdiction

Singapore

1.6 Description

Boldtek Holdings Limited applied for a judicial management order under the Insolvency, Restructuring and Dissolution Act. The court granted the order, finding Boldtek unable to pay its debts.

1.7 Decision Date

2. Parties and Outcomes

Party NameRoleTypeOutcomeOutcome TypeCounsels
RHB Bank BerhadOtherCorporationNeutralNeutral
Oversea-Chinese Banking Corporation LimitedOtherCorporationNeutralNeutral
Boldtek Holdings LimitedApplicantCorporationJudicial management order grantedWon
Berkshire Hathaway Speciality InsuranceOtherCorporationNeutralNeutral
Civil Aviation Authority of SingaporeOtherGovernment AgencyNeutralNeutral
Ng Min Hui of Independent Practitioner

3. Judges

Judge NameTitleDelivered Judgment
Goh YihanJudge of the High CourtYes

4. Counsels

Counsel NameOrganization
Tham Xue Yi FionaShook Lin & Bok LLP
Lye Yu MinRajah & Tann Singapore LLP
Matthew Tan Jun YeAquinas Law Alliance LLP
Lee Lieyong SeanAquinas Law Alliance LLP
Jo Tay Yu XiAllen & Gledhill LLP
Ng Min HuiIndependent Practitioner

4. Facts

  1. Boldtek Holdings Limited applied for a judicial management order.
  2. Boldtek is facing claims amounting to $6,606,432.40.
  3. Boldtek's current assets are around $4.6m, while its current liabilities are about $23.6m.
  4. Logistics Construction Pte Ltd, a key subsidiary, has been placed under judicial management.
  5. RHB Bank Berhad issued a letter of demand and a statutory demand against Boldtek.
  6. A potential white knight withdrew its proposed investment after RHB filed a winding up application.
  7. BPPL's revenue increased from $1,306,846 to $1,963,508 in the financial year ended 30 June 2023.

5. Formal Citations

  1. Re Boldtek Holdings Ltd, , [2024] SGHC 98

6. Timeline

DateEvent
Boldtek Holdings Limited incorporated
Boldtek Holdings Limited shares listed on Catalist of the Singapore Exchange
Trading of Boldtek Holdings Limited shares halted
Voluntary suspension of Boldtek Holdings Limited shares
RHB Bank Berhad issued a letter of demand against Boldtek Holdings Limited
RHB Bank Berhad issued a statutory demand against Boldtek Holdings Limited
Boldtek Holdings Limited appointed Ms Ellyn Tan Huixian of Mazars Consulting Pte Ltd as its financial advisor
RHB Bank Berhad served Boldtek Holdings Limited with a winding up application
Logistics Construction Pte Ltd placed under judicial management
Judicial management order granted to Boldtek Holdings Limited

7. Legal Issues

  1. Judicial Management Order
    • Outcome: The court granted the judicial management order.
    • Category: Substantive
    • Related Cases:
      • [2023] 4 SLR 862
  2. Inability to Pay Debts
    • Outcome: The court found that Boldtek was unable to pay its debts.
    • Category: Substantive

8. Remedies Sought

  1. Judicial Management Order

9. Cause of Actions

  • No cause of actions

10. Practice Areas

  • Insolvency
  • Restructuring

11. Industries

  • Construction

12. Cited Cases

Case NameCourtAffirmedCitationJurisdictionSignificance
Re Hodlnaut Pte LtdHigh CourtYes[2023] 4 SLR 862SingaporeCited for the factors a court considers when appointing a judicial manager.

13. Applicable Rules

Rule Name
No applicable rules

14. Applicable Statutes

Statute NameJurisdiction
Insolvency, Restructuring and Dissolution Act 2018Singapore
Companies Act 1967Singapore

15. Key Terms and Keywords

15.1 Key Terms

  • Judicial Management Order
  • Insolvency, Restructuring and Dissolution Act 2018
  • Winding Up Application
  • Restructuring Plan
  • Convertible Loan
  • Statutory Demand
  • Letter of Demand
  • Financial Advisor
  • White Knight
  • Corporate Guarantor

15.2 Keywords

  • Judicial Management
  • Insolvency
  • Boldtek
  • Restructuring
  • Singapore
  • High Court

17. Areas of Law

Area NameRelevance Score
Judicial Management95
Insolvency Law95
Restructuring and Dissolution90
Corporate Law50

16. Subjects

  • Insolvency Law
  • Judicial Management