THREE ARROWS CAPITAL LTD & 2 Ors v KYLE LIVINGSTON DAVIES & Anor

Case Significance

Three Arrows Capital Ltd and others v Davies, Kyle Livingston and another [2024] SGHC 164 was decided in the General Division of the High Court on 28 June 2024 by Philip Jeyaretnam J, in Originating Application No 1259 of 2023 (Summonses Nos 309 and 716 of 2024), following a hearing on 24 May 2024. The applicants were Three Arrows Capital Ltd together with Christopher Farmer and Russell Crumpler, each solely in his capacity as a duly appointed joint liquidator of Three Arrows Capital Ltd, a company incorporated in the British Virgin Islands (BVI). The respondents were Kyle Livingston Davies, the company's co-founder, and his wife Kelly Kaili Chen.

The liquidators sought an interim freezing order against the co-founder and his wife, the latter both on the basis that she held assets as his nominee and on the basis of claims made against her personally. The application was made without notice to the respondents, in support of proceedings in the BVI where a worldwide freezing order had been granted, and it was granted. The catchwords frame the issues around Mareva injunctions: whether the threshold of a good arguable case had been met, whether a real risk of dissipation of assets had been demonstrated, and whether the duty to give full and frank disclosure of material information had been complied with on the without-notice application. The matter cited the Civil Law Act. Counsel included WongPartnership LLP for the applicants and Rajah & Tann Singapore LLP and Advocatus Law LLP for the respondents.