Abstract:
In Affert Resources Pte Ltd v Industries Chimiques du Senegal [2025] 1 SLR 649, and CH Biovest Pte Ltd v Envy Asset Management Pte Ltd [2025] 1 SLR 141, the Singapore Court of Appeal provided significant clarification on the interpretation and application of s 224 of the Insolvency, Restructuring and Dissolution Act 2018. This provision is one of multiple statutory mechanisms for the reversal of transactions where assets were unduly disposed of prior to winding up. The authors in this article analyse the doctrinal developments emerging from these judgments in relation to the avoidance of undervalued transactions. It systematically examines each component of the legal test, while drawing out key principles articulated by the Court of Appeal. In sum, this article seeks to distil insights most relevant to insolvency practitioners, and to the continuing evolution of avoidance law in Singapore.