Introduction
The Court of Appeal (SGCA) had the opportunity to examine an insolvency mechanism that, while long-standing, has in recent years been seeing increased utilisation – creditors’ voluntary winding up of companies, or CVLs as we in the insolvency space fondly call it. In doing so, the SGCA provided pertinent guidance on the law relating to the commencement of a CVL. We take a look at
Superpark Oy v Super Park Asia Pte Ltd and ors [2021] SGCA 8 (Superpark).
Facts
The appellant, Superpark, was the 78.33% majority shareholder of the 1st respondent, Super Park Asia Group Pte Ltd (SPAG). SPAG was an investment holding company of various subsidiaries. The other shareholders of SPAG were one Treasure Step Global Limited (Treasure) and Vintex Oy (Vintex). One Kumarasinhe was the director and shareholder of Treasure. The directors of SPAG were one Juha (who was Superpark’s CEO and nominated representative on the board of SPAG), one Goh Ke Ching (Goh), and Kumarasinhe.