Re: FUSIONEX PTE. LTD.

Case Significance

Re Fusionex Pte Ltd (Resorts World at Sentosa Pte Ltd, non-party) [2024] SGHC 51 was decided in the General Division of the High Court on 27 February 2024, with grounds of decision delivered by Wong Li Kok, Alex JC after hearings on 12, 19 and 26 January 2024. In Companies Winding Up No 265 of 2023, the claimant, Fusionex Pte Ltd, applied under section 125(1)(a) of the Insolvency, Restructuring and Dissolution Act 2018 to wind up the company. The judgment notes that this provision is rarely invoked as a ground for winding up and that there were no reported cases in Singapore of a winding up being allowed on this ground. The application raised the issue of the applicable principles governing the court's discretion under this ground, and, taking guidance from persuasive foreign authorities, Wong Li Kok, Alex JC decided to allow the application. The judgment records that Fusionex Pte Ltd was a Singapore-incorporated company in the business of information technology consultancy and software development, wholly owned by a Malaysian-incorporated company, Fusionex Corp Sdn Bhd, with both being indirect subsidiaries of FusioTech Holdings Sdn Bhd. The claimant was represented by counsel from Allen & Gledhill LLP and Mori Hamada & Matsumoto (Singapore) LLP, while the non-party, Resorts World at Sentosa Pte Ltd, was represented by K&L Gates Stratis Law.