Lin Ruizi

Restructuring and Insolvency

• Acted for the interim judicial managers of three entities in the Envy Group of companies, including applications to Court to wind-up these entities. Currently acting for the Court-appointed liquidators in the liquidation process and the suit commenced against the Envy companies’ former directors in the Singapore High Court. Also acting in various satellite proceedings related to the liquidations and other companies in the Envy Group. The Envy Group of companies were involved in the first alleged billion-dollar fraudulent Ponzi scheme in Singapore’s history;
• Acted for a global indoor activity park company, Superpark Oy, in unwinding the voluntary liquidation of its Singapore subsidiary which had been improperly procured. This resulted in an instructive Court of Appeal judgment clarifying the ambit of provisional liquidations (Superpark Oy v Super Park Asia Group Pte Ltd [2021] 1 SLR 998);
• Acted for Humpuss Sea Transport Pte Ltd (in liquidation) in Court proceedings brought against a major Indonesian shipping company to recover over US$170m worth of unpaid intercompany loans and transfers of vessels and shares at undervalue. The matter concerned complex cross-border issues and foreign law, including cross-border scheme of arrangement proceedings in Indonesia – judgment was successfully obtained for the full claim;
• Assisted in successfully opposing the sanction of a scheme of arrangement, which was set aside in a landmark decision by the Court of Appeal (SK Engineering & Construction Co Ltd v Conchubar Aromatics Ltd [2017] 2 SLR 898); and
• Acted for a Taiwanese company in its capacity as shareholder and creditor of an investment entity in Singapore, with claims close to US$10m, and successfully closed a settlement during contested winding-up proceedings.

Investment Disputes / Cryptocurrency / Web3

• Acted for 20 PRC investors in a Global Investment Programme fund in a High Court application to place the aforesaid fund, which the investors suspect was been mismanaged by the directors, under judicial management;
• Acted for China-based businessmen in Court proceedings brought by a Singapore private equity fund to enforce term sheets entered into for sums in excess of S$12 million;
• Acted for a recovery fund in bringing Court proceedings against two Indonesian energy companies for claims of over US$50m, which resulted in a successful settlement;
• Acted for a cryptocurrency company in defending arbitration proceedings brought by its major investor for return of an invested sum of eight figures, which alleged amongst others fraudulent misrepresentation;
• Acted for a founder of an NFT project in respect of potential claims made against him – advised on and finalised a settlement;
• Advised / advising creditors in relation to their deposits with various cryptocurrency lending and borrowing platforms and/or exchanges, which had suspended withdrawals and/or initiated insolvency proceedings; and
• Acted for a co-founder of a fintech stablecoin banking platform in a multi-jurisdictional shareholder dispute, and successfully closed a settlement.

Breach of Duties

• Acting for the independent panel of Aljunied-Hougang Town Council in an ongoing claim against the current members and elected members of Parliament over alleged improper payments ([2019] SGHC 241, [2022] SGCA 72);
• Acted for a PRC director and his wholly-owned Singapore company in defending Court proceedings brought by a company under judicial management and its judicial manager, involving claims of fraudulent misappropriation, breach of director’s duties and fraudulent trading under Section 340(1) of the Companies Act. The claims were valued at US$65 million; and
• Acted for a solicitor in respect of claims against him for professional negligence, in relation to an alleged fraudulent transfer of property. Successfully appealed judgment against the aforementioned solicitor on the basis that no fraud had in fact occurred, resulting in an instructive judgment by the Court of Appeal on solicitor negligence (Wibowo Boediono v Cristian Priwisata Yacob [2018] SGCA 38).

Commercial Disputes

• Acted for a multinational logistics conglomerate in defending arbitration proceedings brought by a logistics conglomerate and its founder, in respect of disputes arising from and/or related to the sale and purchase of the latter conglomerate – successfully negotiated a settlement; and
• Assisted in various arbitrations relating to international trade, involving various contractual and tortious claims eg. claims of economic duress, failure to deliver etc.

Land

• Acted in a Singapore High Court action concerning the first commercial dispute arising out of disruptions caused by government pandemic measures. It was successfully argued on behalf of the client that government pandemic measures can cause a commercial contract to be frustrated and discharged (Dathena Science Pte Ltd vs Justco (Singapore) Pte Ltd [2021] SGHC 219); and
• Acted for several banks in seeking to overturn or modify enforcement orders obtained bv a subcontractor against all units in an uncompleted development – which crucially on its face included all units already mortgaged to the said banks – a compromise was successfully negotiated.

Regulatory / Investigations

• Acted for Multi-Chem Limited, a listed company, in respect of investigations into red flags raised by auditors and taken up by SGX.

High-net Worth

• Successfully acted in obtaining a world-wide freezing (Mareva) injunction for the value of US$20 million (covering assets spanning Singapore, the US, Canada and Indonesia) in connection with a high net-worth family dispute in October 2022. Proceedings remain ongoing;
• Acted for various high net-worth individuals in respect of amongst others, MCST-related disputes; and
• Acted for a sibling in a family dispute over the appointment of an administrator over a high-net worth estate where there was no will.