Singapore – Envy Asset Management V. CH Biovest Pte Ltd [2024] SGHC 46 (“Biovest”)

David Chan – Shooklin & Bok, Shook Lin & Bok
david.chan@shooklin.com

Practice Area(s):

Energy & Natural Resources
International Arbitration
Litigation & Dispute Resolution
Restructuring & Insolvency

Qualifications / Education:

Barrister, Middle Temple, 1996
Advocate & Solicitor, Singapore, 1997
LLB (Hons), King’s College London, 1995
LLM, University College London, 1999
Solicitor, England & Wales
Fellow of the Chartered Institute of Arbitrators (FCIArb)

David Chan has been a Partner of Shook Lin & Bok since 2004. He has wide experience in general commercial litigation with particular focus on domestic and cross-border finance-related litigation, fraud and insolvency matters. He is also involved in international commercial arbitrations and corporate and shareholders’ disputes.

David is a member of the Complaints and Disciplinary Panel of the Accounting and Corporate Regulatory Authority. He was a former member of the Valuation Review Board under the Ministry of Finance, Singapore and former legal assessor to the Singapore Medical Council.

Matter Experience

• Acted successfully for the interim judicial managers of three entities in the Envy group of companies to be wound up by the Court, and currently representing the Court-appointed liquidators in the liquidation process. This is the first investment fraud in Singapore’s history to hit the billion-dollar mark;
• Acting for the independent panel of Aljunied-Hougang Town Council in a claim against the current members and elected members of Parliament over alleged improper payments;
• Acting for 21 investors in a Global Investment Programme fund in a High Court application to place the fund under judicial management as it is suspected of being mismanaged by the directors;
• Acting for a listed healthcare company in relation to a dispute arising from loans extended by an investment firm;
• Acting for an individual in a dispute relating to the purchase of shares in a Taiwanese company which involved a breach of trustee’s duty to account;
• Acting for an international logistics company in an arbitration involving a claim and counterclaims arising from and/or in connection to an Agency Agreement entered into by our client and an Australian shipping company and its Singapore subsidiary;
• Acting for Singapore subsidiaries of a major logistics group in respect of the ongoing investigations conducted by the Competition Commission of Singapore (CCS) into price fixing allegations in the logistics industry. We assisted the client in making an application for leniency under the leniency programme of the CCS;
• Acting for an indirect former subsidiary of a bankrupted Russian oil giant in an action in Singapore to enforce an arbitration award obtained in New York to recover monies owed by a former sister company but now state‐owned in a claim exceeding US$150 million;
• Acting for the four Defendants against proceedings brought by a company under judicial management and the judicial manager, seeking to recover against the Defendants a sum of US$35 million and S$500,000 on the basis that these were fraudulently misappropriated inter alia by the 1st and 2nd Defendants. The 1st Defendant is also being sued for breach of directors’ duties;
• Advising on all aspects of the judicial management of a sub-contractor in the construction of Terminal 1 and 4 of the Changi Airport;
• Advising on all aspects of the judicial management of the Panoil group of companies;
• Acting for a non-executive independent director of Celestial Nutrifoods (in Liquidation) which has claimed in excess of US$16 million against its directors for alleged fraud and/or dishonesty, fraudulent trading, and other breaches of directors duties;
• Acted for a non-executive independent director of China Sky Chemical Fibre Co Ltd in relation to alleged breaches of SGX-ST regulations;
• Acting for creditors and former officers of Altus Shipping and Logistics Pte Ltd (under Judicial Management) in relation to the affairs of the company;
• Acting for the security agent and chargee in the insolvency and restructuring of OW Bunkers;
• Acting for the liquidators of Hycarbex Asia Pte Ltd to receive assets of a subsidiary of a major energy company registered in Nevis over concessions in Pakistan. This matter included proceedings in the English High Court of Justice; and arbitration proceedings with the International Court of Arbitration of the International Chamber of Commerce, seated in London, as well as recovery proceedings in Nevis;
• Acting for Humpuss Sea Transport Pte Ltd (in liquidation) to recover and trace assets of a subsidiary of a major Indonesian shipping company in a claim exceeding US$200 million;
• Acted successfully for The Cayman Islands and Singapore liquidators of Petroprod Ltd (Petroprod), a Cayman Islands-incorporated company, in the proceedings which the liquidators commenced in the Singapore High Court to recover monies paid to Petroprod’s management agents, Larsen Oil & Gas Pte Ltd, a Singapore-incorporated company. Petroprod had debts in excess of US$500 million;
• Acted for the liquidator of Norwest Holdings Pte Ltd (in liquidation) in the legal action against Australia-listed Newport Mining Ltd which commenced after Newport walked away from buying shares in Norwest’s China subsidiary after the 2008 Sichuan Earthquake;
• Acting for a group of Italian creditor banks in a consensual workout with an Italian commercial shipping company and its wholly-owned Asian subsidiary which is incorporated in Singapore. The total value of the debt is in excess of US$500 million;
• Acted for Tan Holdings Pte Ltd (under insolvent voluntary liquidation) in a complex dispute which involved three companies, Abterra Limited, General Nice Resources (Hong Kong) Limited and Prosperity Steel (Asia) Company Limited. The dispute concerned a claim by the receiver for “bonus” shares in Abterra Limited that Prosperity was allegedly entitled to;
• Acting for liquidators to receive assets of the Citimex group of companies (engaged in the business of horology) for distribution;
• Acted successfully for five of the defendants, who are part of the Westcomb group, a well known provider of investment and securities-linked services in Singapore, in a claim by the Plaintiff, an ex-remisier from the firm, for commission allegedly due to him; and
• Acted for a minority shareholder in a family dispute crossing three generations.

Accolades

David is recognised as a leading lawyer in restructuring and insolvency, dispute resolution and international arbitration in various publications including Chambers Asia Pacific, IFLR1000, The Legal 500 Asia Pacific, Asialaw Leading Lawyers, Who’s Who Legal’s Restructuring & Insolvency Lawyers and Best Lawyers Singapore. He is also recognised by Benchmark Litigation Asia-Pacific as a ‘Litigation Star’ in Singapore for Commercial and transactions and Insolvency.

He is a Lexology Client Choice Award 2020 Winner for Restructuring in Singapore and is one of three lawyers selected for The Legal 500 Hall of Fame for Restructuring and Insolvency in Singapore.

In the area of Dispute Resolution, Chambers Asia Pacific notes a client commenting that David “‘is adept at the art of winning cases’, while a peer singles him out as an ‘effective disputes lawyer’.”

In the area of restructuring and insolvency, Chambers Asia-Pacific notes that David “has a strong legal practice in Singapore, with expertise acting for insolvency appointees on complex contentious matters. He also has experience working on behalf of debtors, creditors and trustees” (2022). Clients and peers praised David with comments such as “an individual who holds himself up to the highest level of practice” (2022); “He knows what we’re looking for, he gives us what we need, he’s highly commercial, very practical and very hands-on” (2018).

IFLR1000 2020 recognises David as a highly regarded Restructuring and Insolvency lawyer, especially in the realms of the energy, oil and gas industry sectors. Previous editions of IFLR1000 noted that David is “sharp, attentive to details, and offers concise advice that is easy to understand and evaluate.” One of his clients commented that he “tries to think outside of the box, and doesn’t give you textbook answers.” The Legal 500 Asia Pacific 2020 also notes that he is highly reputed for his expertise in dispute resolution, finance and shipping.

In Asialaw Profiles 2019 David was praised by clients for being “meticulous, analytical, positive and professional” and “practical and intense focus on outcomes.”