Case Update: Maybank Singapore Limited v Dynamiq Solution Pte Ltd (Official Receiver, non-party) [2024] SGHC 219
Winding up a debtor company based on its inability to make payment on a statutory demand pursuant to s 125(1)(e) read with s 125(2)(a) of the Insolvency, Restructuring and Dissolution Act 2018 (the “IRDA”) is an option that is frequently pursued by creditors. Under Singapore law, both the statutory demand and the subsequent winding up application are required to be duly served on the debtor company before a winding up order can be made by the Courts.
From time to time, the usual method of service by leaving the documents at the registered address of the debtor company pursuant to s 125(2)(a) of the IRDA becomes unavailable and creditors are faced with the dilemma of which alternative method of service should be utilised. In this context the judgment of the Singapore High Court in Maybank Singapore Limited v Dynamiq Solution Pte Ltd (Official Receiver, non-party) [2024] SGHC 219(“Maybank v Dynamic Solution”) provides useful and rare insight into the nuances of the rules of service and potential pitfalls that creditors may face.
Read our case update here