{"id":5668,"date":"2024-10-23T00:00:00","date_gmt":"2024-10-23T00:00:00","guid":{"rendered":"https:\/\/shooklin.com\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/"},"modified":"2024-10-23T00:00:00","modified_gmt":"2024-10-23T00:00:00","slug":"envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest","status":"publish","type":"post","link":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/","title":{"rendered":"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d)"},"content":{"rendered":"

\n

In Envy Asset Management v. CH Biovest Pte Ltd<\/em> [2024] SGHC 46 (\u201cBiovest<\/strong>\u201d), the General Division of the Singapore High Court held for the first time that the profits of a \u201cnet winner\u201d 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\u2019s insolvency regime \u2013 namely, Section 224, Insolvency, Restructuring and Dissolution Act 2018 (\u201cIRDA<\/strong>“) and Section 73B, Conveyancing and Law of Property Act 1886 (\u201cCLPA<\/strong>\u201d).Judgment for Biovest<\/em> was delivered in February 2024. The Court of Appeal has since dismissed an appeal against the High Court\u2019s 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.<\/p>\n

Biovest<\/em> 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<\/em> [2024] SGHC(A) 23 and Perry, Tamar v. Esculier, Bonnet Servane Michele Thais<\/em> [2023] SGCA(I) 2.<\/p>\n

Click here <\/a>to view the article.<\/p>\n","protected":false},"excerpt":{"rendered":"

In Envy Asset Management v. CH Biovest Pte Ltd<\/em> [2024] SGHC 46 (\u201cBiovest<\/strong>\u201d), the General Division of the Singapore High Court held for the first time that the profits of a \u201cnet winner\u201d 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\u2019s insolvency regime \u2013 namely, Section 224, Insolvency, Restructuring and Dissolution Act 2018 (\u201cIRDA<\/strong>“) and Section 73B, Conveyancing and Law of Property Act 1886 (\u201cCLPA<\/strong>\u201d).<\/p>\n

Judgment for Biovest<\/em> was delivered in February 2024. The Court of Appeal has since dismissed an appeal against the High Court\u2019s 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.<\/p>\n

Biovest<\/em> 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<\/em> [2024] SGHC(A) 23 and Perry, Tamar v. Esculier, Bonnet Servane Michele Thais<\/em> [2023] SGCA(I) 2.<\/p>\n

Click here <\/a>to view the article.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-5668","post","type-post","status-publish","format-standard","hentry","category-publications"],"yoast_head":"\nEnvy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d) - Shook Lin & Bok LLP | Leading Singapore Law Firm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d) - Shook Lin & Bok LLP | Leading Singapore Law Firm\" \/>\n<meta property=\"og:description\" content=\"In Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d), the General Division of the Singapore High Court held for the first time that the profits of a \u201cnet winner\u201d 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\u2019s insolvency regime \u2013 namely, Section 224, Insolvency, Restructuring and Dissolution Act 2018 (\u201cIRDA") and Section 73B, Conveyancing and Law of Property Act 1886 (\u201cCLPA\u201d). Judgment for Biovest was delivered in February 2024. The Court of Appeal has since dismissed an appeal against the High Court\u2019s 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. Click here to view the article.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/\" \/>\n<meta property=\"og:site_name\" content=\"Shook Lin & Bok LLP | Leading Singapore Law Firm\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-23T00:00:00+00:00\" \/>\n<meta name=\"author\" content=\"Dharmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u4f5c\u8005\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dharmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u5206\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/\"},\"author\":{\"name\":\"Dharmin\",\"@id\":\"https:\\\/\\\/shooklin.com\\\/#\\\/schema\\\/person\\\/204cfdbec448c27754d0255d35508e07\"},\"headline\":\"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d)\",\"datePublished\":\"2024-10-23T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/\"},\"wordCount\":216,\"commentCount\":0,\"articleSection\":[\"\u51fa\u7248\u7269\"],\"inLanguage\":\"zh-Hans\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/\",\"url\":\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/\",\"name\":\"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d) - Shook Lin & Bok LLP | Leading Singapore Law Firm\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/shooklin.com\\\/#website\"},\"datePublished\":\"2024-10-23T00:00:00+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/shooklin.com\\\/#\\\/schema\\\/person\\\/204cfdbec448c27754d0255d35508e07\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/#breadcrumb\"},\"inLanguage\":\"zh-Hans\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/shooklin.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/shooklin.com\\\/#website\",\"url\":\"https:\\\/\\\/shooklin.com\\\/\",\"name\":\"Shook Lin & Bok LLP | Leading Singapore Law Firm\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/shooklin.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"zh-Hans\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/shooklin.com\\\/#\\\/schema\\\/person\\\/204cfdbec448c27754d0255d35508e07\",\"name\":\"Dharmin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"zh-Hans\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7d255ccba3f8bf16f76680b9c255d2c0e5a816ac212f3ce70b1579352da68a53?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7d255ccba3f8bf16f76680b9c255d2c0e5a816ac212f3ce70b1579352da68a53?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/7d255ccba3f8bf16f76680b9c255d2c0e5a816ac212f3ce70b1579352da68a53?s=96&d=mm&r=g\",\"caption\":\"Dharmin\"},\"sameAs\":[\"https:\\\/\\\/shooklin.com\"],\"url\":\"https:\\\/\\\/shooklin.com\\\/zh-hans\\\/author\\\/shooklin_bok\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d) - Shook Lin & Bok LLP | Leading Singapore Law Firm","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/","og_locale":"zh_CN","og_type":"article","og_title":"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d) - Shook Lin & Bok LLP | Leading Singapore Law Firm","og_description":"In Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d), the General Division of the Singapore High Court held for the first time that the profits of a \u201cnet winner\u201d 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\u2019s insolvency regime \u2013 namely, Section 224, Insolvency, Restructuring and Dissolution Act 2018 (\u201cIRDA\") and Section 73B, Conveyancing and Law of Property Act 1886 (\u201cCLPA\u201d). Judgment for Biovest was delivered in February 2024. The Court of Appeal has since dismissed an appeal against the High Court\u2019s 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. Click here to view the article.","og_url":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/","og_site_name":"Shook Lin & Bok LLP | Leading Singapore Law Firm","article_published_time":"2024-10-23T00:00:00+00:00","author":"Dharmin","twitter_card":"summary_large_image","twitter_misc":{"\u4f5c\u8005":"Dharmin","\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4":"1 \u5206"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/#article","isPartOf":{"@id":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/"},"author":{"name":"Dharmin","@id":"https:\/\/shooklin.com\/#\/schema\/person\/204cfdbec448c27754d0255d35508e07"},"headline":"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d)","datePublished":"2024-10-23T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/"},"wordCount":216,"commentCount":0,"articleSection":["\u51fa\u7248\u7269"],"inLanguage":"zh-Hans","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/","url":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/","name":"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d) - Shook Lin & Bok LLP | Leading Singapore Law Firm","isPartOf":{"@id":"https:\/\/shooklin.com\/#website"},"datePublished":"2024-10-23T00:00:00+00:00","author":{"@id":"https:\/\/shooklin.com\/#\/schema\/person\/204cfdbec448c27754d0255d35508e07"},"breadcrumb":{"@id":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/#breadcrumb"},"inLanguage":"zh-Hans","potentialAction":[{"@type":"ReadAction","target":["https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/shooklin.com\/zh-hans\/envy-asset-management-v-ch-biovest-pte-ltd-2024-sghc-46-biovest\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/shooklin.com\/"},{"@type":"ListItem","position":2,"name":"Envy Asset Management v. CH Biovest Pte Ltd [2024] SGHC 46 (\u201cBiovest\u201d)"}]},{"@type":"WebSite","@id":"https:\/\/shooklin.com\/#website","url":"https:\/\/shooklin.com\/","name":"Shook Lin & Bok LLP | Leading Singapore Law Firm","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/shooklin.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"zh-Hans"},{"@type":"Person","@id":"https:\/\/shooklin.com\/#\/schema\/person\/204cfdbec448c27754d0255d35508e07","name":"Dharmin","image":{"@type":"ImageObject","inLanguage":"zh-Hans","@id":"https:\/\/secure.gravatar.com\/avatar\/7d255ccba3f8bf16f76680b9c255d2c0e5a816ac212f3ce70b1579352da68a53?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/7d255ccba3f8bf16f76680b9c255d2c0e5a816ac212f3ce70b1579352da68a53?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7d255ccba3f8bf16f76680b9c255d2c0e5a816ac212f3ce70b1579352da68a53?s=96&d=mm&r=g","caption":"Dharmin"},"sameAs":["https:\/\/shooklin.com"],"url":"https:\/\/shooklin.com\/zh-hans\/author\/shooklin_bok\/"}]}},"_links":{"self":[{"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/posts\/5668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=5668"}],"version-history":[{"count":0,"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/posts\/5668\/revisions"}],"wp:attachment":[{"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=5668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=5668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shooklin.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=5668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}