INTER-PACIFIC PETROLEUM PTE LTD V GOH JIN HIAN

Case Significance

Inter-Pacific Petroleum Pte Ltd (in liquidation) v Goh Jin Hian [2024] SGHC 178 was a decision of the General Division of the High Court delivered by Aedit Abdullah J on 11 July 2024 in Suit No 953 of 2020, following a trial spanning 3-4 April and 2-5 and 8-11 May 2023 with a further hearing on 24 January 2024. The plaintiff, Inter-Pacific Petroleum Pte Ltd ("IPP"), is a company in insolvent liquidation, and the defendant was Goh Jin Hian. The case concerned claims against the defendant in his capacity as a director.

The extensive catchwords show that the proceedings engaged directors' duties of skill, care and diligence under s 157(1) of the Companies Act 1967 (2020 Rev Ed), the duty to take into account the interests of creditors, and relief from liability under s 391 of the Companies Act. They also raised the role of a liquidator in adversarial proceedings, whether an insolvent company incurs liability before adjudication of a proof of debt, the fraud and nullity exceptions to letters of credit arising from irregularities on the face of bills of lading, the juridical basis of the Quincecare duty, and questions on the existence of loss, including whether an insolvent company can suffer loss despite no change in its net asset position. The plaintiff was represented by counsel from LVM Law Chambers LLC, including Mr Lok Vi Ming, Mr Chan Kia Pheng and Ms Joshua Ho Jun Ling, while the defendant was represented by counsel from TSMP Law Corporation, including Mr Thio Shen Yi and Ms Goh Enchi, Jeanne.