Thursday 14 April 2016

Singapore: Court of Appeal considers the statutory derivative action

The Court of Appeal has in Petroships Investment Pte Ltd v Wealthplus Pte Ltd [2016] SGCA 17 provided important guidance on the operation of the statutory derivative action under section 216A of the Companies Act (Cap 50, 2006 Rev Ed) and, in doing so, held that such actions cannot be brought where a company is in liquidation. A copy of the court's judgment, delivered by Andrew Phang Boon Leong JA (the other justices being Sundaresh Menon CJ and Chao Hick Tin JA), is available here (pdf).

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