In Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (“Biovest”), the General Division of the Singapore High Court held for the first time that the profits of a “net winner” of a Ponzi scheme ought to be repaid to the insolvent company through which the Ponzi scheme was perpetrated. In particular, the Court held that such profits were recoverable pursuant to the statutory clawback provision under Singapore’s insolvency regime – namely, Section 224, Insolvency, Restructuring and Dissolution Act 2018 (“IRDA") and Section 73B, Conveyancing and Law of Property Act 1886 (“CLPA”).

Judgment for Biovest was delivered in February 2024. The Court of Appeal has since dismissed an appeal against the High Court’s decision on 16 October 2024. Our Partners David Chan, Daryl Fong, Lin Ruizi, Senior Associate Sarah Chew and Associates Louis Lai, Tan Wei Sze and Mo Fei successfully acted for the Liquidators and EAM in this matter.

Biovest is the latest in a spate of decisions addressing the legal consequences of a Ponzi scheme. The decision stands in contrast to recent decisions dismissing claims arising from such schemes: e.g. Chan Pik Suk v. Wan Hoe Keet and others [2024] SGHC(A) 23 and Perry, Tamar v. Esculier, Bonnet Servane Michele Thais [2023] SGCA(I) 2.

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Our Litigation Partner, Joseph Tay has successfully acted for Huber’s Butchery in the landmark case of Huber’s Pte Ltd v. Hu Lee Impex Pte Ltd [2024] SGHC 230. In a first-reported decision of its kind, the Singapore High Court exercised its powers under Section 97A, Land Titles Act, to allow access to a neighbour’s property so that demolition and construction works on the adjoining property could be completed.

A copy of the judgment may be accessed here.

On 10 September 2024, Parliament passed the new Platform Workers Bill. Changes are being made to improve the welfare of the platform workers in Singapore. This Bill will take effect from 1 January 2025, and platform operators should take note of this new Bill.

This client update aims to provide a brief overview of the Bill, introduce the key areas covered by this Bill and give recommendations to the platform operators as they prepare for the forthcoming changes to the working benefits of platform workers.

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Our Partners Jevon Louis and Jaswin Kaur Khosa contributed to an article by ASIA IP Magazine on green claims in respect of trademarks and the risks of greenwashing.

The sustainability movement has sparked a wave of eco-conscious investments across brands. While celebrating these achievements is natural, regulators are keeping a close eye on greenwashing or the inclusion of or association with unsubstantiated environmental claims. In this regard, trademarks, indications of origin and certification marks have an important role to play, giving consumers confidence that products and services comply with verifiable sustainability standards.

Click here to view the article.

Asia has emerged as the largest source of emissions globally and Southeast Asia is also one of the most at-risk regions. Addressing climate change is therefore a matter of particular urgency for ASEAN and its companies. However, it has been estimated the region will need to raise capital of over US$50 billion over the next few years to fund the green transition.[1] With Singapore as a leading investment and financial hub in Asia, banks in Singapore, can and arguably should go beyond financing activities that are already aligned with a green economy to also finance the real-economy activities that are not yet aligned but are in transition to becoming so aligned. This update offers an overview of the increasing imperative for climate transition planning for corporates, and how banks can responsibly navigate the challenges and pitfalls of financing the transition.

Click here to view the article.

A Bill proposing changes to various laws to enhance Singapore’s anti-money laundering and countering the financing of terrorism (“AML/CFT”) regime was read for the first time in the Singapore Parliament on 2 July 2024.

Click here to view the article.