Maybank Singapore Ltd v Dynamiq Solution Pte Ltd: Winding Up Application and Service of Statutory Demand
Maybank Singapore Limited applied to the General Division of the High Court of Singapore on 19 June 2024 for a winding up order against Dynamiq Solution Pte Ltd. The court, presided over by Goh Yihan J, granted the winding up order on 12 August 2024. The primary legal issue concerned the proper service of a statutory demand under Section 125(2)(a) of the Insolvency, Restructuring and Dissolution Act 2018 and the service of the winding up application under Rule 68(1) of the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020. The court found that the statutory demand had been properly served and the winding up application was also properly served after a retrospective order was made.
1. Case Overview
1.1 Court
General Division of the High Court1.2 Outcome
Winding up order granted against the defendant.
1.3 Case Type
Insolvency
1.4 Judgment Type
Grounds of Decision
1.5 Jurisdiction
Singapore
1.6 Description
Winding up application against Dynamiq Solution. The court considered the service of statutory demands and winding up applications under the IRDA and CIR Rules.
1.7 Decision Date
2. Parties and Outcomes
| Party Name | Role | Type | Outcome | Outcome Type | Counsels |
|---|---|---|---|---|---|
| Official Receiver | Non-party | Government Agency | Neutral | Neutral | Jeffrey Yip of Insolvency & Public Trustee’s Office Lim Yew Jin of Insolvency & Public Trustee’s Office |
| Maybank Singapore Limited | Claimant | Corporation | Judgment for Claimant | Won | |
| Dynamiq Solution Pte Ltd | Defendant | Corporation | Winding up order granted | Lost |
3. Judges
| Judge Name | Title | Delivered Judgment |
|---|---|---|
| Goh Yihan | Judge of the High Court | Yes |
4. Counsels
| Counsel Name | Organization |
|---|---|
| Jeffrey Yip | Insolvency & Public Trustee’s Office |
| Lim Yew Jin | Insolvency & Public Trustee’s Office |
| Iman Mohamad Fong | Adsan Law LLC |
4. Facts
- Maybank Singapore Limited sought a winding up order against Dynamiq Solution Pte Ltd.
- The claimant alleged the defendant was indebted for $186,870.19 under a Micro Loan Account.
- The claimant issued a statutory demand for repayment dated 8 March 2024.
- The claimant attempted to serve the demand at the defendant's registered office, but the unit number was incorrect.
- The claimant sent a copy of the demand to the defendant's director and company secretary.
- The defendant's registered office address was changed on 25 March 2024.
- The claimant attempted to serve the winding up application at the new registered office, but the unit number was also incorrect.
- The claimant served the winding up application on the defendant's director and company secretary at their residential addresses.
5. Formal Citations
- Maybank Singapore Ltd v Dynamiq Solution Pte Ltd, Companies Winding Up No 162 of 2024, [2024] SGHC 219
6. Timeline
| Date | Event |
|---|---|
| Claimant's letter of offer for banking facility to defendant. | |
| Supplemental letter of offer for banking facility to defendant. | |
| Claimant conducted an Accounting and Corporate Regulatory Authority search on the defendant. | |
| Statutory demand for repayment issued by claimant. | |
| Defendant's registered office address changed. | |
| Copy of demand sent to defendant's sole director and company secretary. | |
| Claimant conducted a second Accounting and Corporate Regulatory Authority search on the defendant. | |
| Defendant indebted to claimant in the sum of $186,870.19. | |
| Claimant filed winding up application. | |
| Claimant attempted to serve winding up application at defendant's registered address. | |
| Winding up application served on defendant's director and company secretary. | |
| Copy of winding up application sent to defendant's registered address by registered post. | |
| Winding up application could not be delivered due to invalid address. | |
| Parties appeared before the court. | |
| Claimant filed affidavit. | |
| Retrospective order made to serve winding up application. | |
| Winding up order made against the defendant. | |
| Judgment Date |
7. Legal Issues
- Service of Statutory Demand
- Outcome: The court held that the statutory demand had been properly served on the defendant.
- Category: Procedural
- Sub-Issues:
- Proper service of statutory demand
- Requirements for service under Section 125(2)(a) of the Insolvency, Restructuring and Dissolution Act 2018
- Application of Section 48A of the Interpretation Act 1965
- Related Cases:
- [2024] SGHC 192
- [2010] 3 SLR 914
- Service of Winding Up Application
- Outcome: The court held that the winding up application was properly served after a retrospective order was made.
- Category: Procedural
- Sub-Issues:
- Proper service of winding up application
- Requirements for service under Rule 68(1) of the Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020
- Application of Section 48A of the Interpretation Act 1965
- Related Cases:
- [2024] SGHC 192
- [2010] 3 SLR 914
8. Remedies Sought
- Winding up order
9. Cause of Actions
- Winding up application based on inability to pay debts
10. Practice Areas
- Winding Up
- Corporate Insolvency
11. Industries
- Banking
- Finance
12. Cited Cases
| Case Name | Court | Affirmed | Citation | Jurisdiction | Significance |
|---|---|---|---|---|---|
| Gunvor SA v Atlantis Commodities Trading Pte Ltd | High Court | Yes | [2024] SGHC 192 | Singapore | Discusses the requirements for proper service of a statutory demand, particularly regarding the registered office address of the defendant. Distinguished on the facts. |
| Nanyang Law LLC v Alphomega Research Group Ltd | High Court | Yes | [2010] 3 SLR 914 | Singapore | Cited for the principle that Section 48A of the Interpretation Act 1965 has a supplementary effect vis-à-vis other legislative provisions concerning service of documents. |
13. Applicable Rules
| Rule Name |
|---|
| Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020 |
14. Applicable Statutes
| Statute Name | Jurisdiction |
|---|---|
| Insolvency, Restructuring and Dissolution Act 2018 | Singapore |
| Interpretation Act 1965 | Singapore |
15. Key Terms and Keywords
15.1 Key Terms
- Winding up
- Statutory demand
- Service of documents
- Registered office
- Insolvency
- Insolvency, Restructuring and Dissolution Act 2018
- Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020
- Interpretation Act 1965
- Substituted service
15.2 Keywords
- Winding up application
- Statutory demand
- Service of statutory demand
- Service of winding up application
- Insolvency, Restructuring and Dissolution Act
- IRDA
- CIR Rules
- Interpretation Act
- Registered office
- Substituted service
17. Areas of Law
| Area Name | Relevance Score |
|---|---|
| Winding Up | 95 |
| Insolvency Law | 90 |
| Commercial Disputes | 30 |
| Evidence Law | 20 |
16. Subjects
- Insolvency
- Winding Up
- Service of Documents