Case Update: ACTAtek, Inc v Tembusu Growth Fund Ltd: SGCA holds wrongful call of event of default as anticipatory repudiatory breach of contract

ACTAtek, Inc and another v Tembusu Growth Fund Ltd [2016] SGCA 50 PDF

This case concerned a venture capital fund, Tembusu Growth Fund Ltd (“Tembusu“), suing an investee company ACTAtek Inc., which is part of a group of companies providing identification management solution, under the tort of misrepresentation in relation to two convertible loan agreements and its plan to list on the New Zealand stock exchange. The Singapore Court of Appeal reversed the High Court’s decision below, holding that the venture capital fund was in anticipatory repudiatory breach of the contract by wrongly calling events of default such that the investee company’s plan to list on the NZ stock exchange was derailed. The Court considered the interesting point of law being “what are the legal consequences that flow if an event of default is found to have been wrongly declared and damages are suffered as a result?” ([at [2]). The decision also traversed other issues of law including misrepresentation and the application of Sembcorp Marine Ltd v PPL Holdings Pte Ltd [2013] 4 SLR 193 principles regarding implied terms in contract.

Continue reading “Case Update: ACTAtek, Inc v Tembusu Growth Fund Ltd: SGCA holds wrongful call of event of default as anticipatory repudiatory breach of contract”

Case Update: Hewlett-Packard Singapore (Sales) Pte Ltd v Chin Shu Hwa Corinna [2016] SGCA 19 – construction of contract and contra proferentem

Hewlett-Packard Singapore (Sales) Pte Ltd v Chin Shu Hwa Corinna [2016] SGCA 19

Significance: Singapore Court of Appeal grants appeal to Hewlett-Packard who argued that a new commission remuneration metric was not ambiguous and that the scenario in question did not fall within the said metric entitling its ex-employee a substantially higher commission payment. Court clarifies and explains the principles on contra preferentem, among other things.

Continue reading “Case Update: Hewlett-Packard Singapore (Sales) Pte Ltd v Chin Shu Hwa Corinna [2016] SGCA 19 – construction of contract and contra proferentem”

Case Update: Alvin Nicholas Nathan v Raffles Assets (Singapore) Pte Ltd [2016] SGCA 18 – damages for premature termination of lease agreement

Significance: Singapore Court of Appeal clarifies the legal and conceptual basis for awarding and quantifying damages pursuant to a breach of a lease agreement. Court held that claims for expectation and reliance losses as damages for breach of contract are mutually exclusive.

Continue reading “Case Update: Alvin Nicholas Nathan v Raffles Assets (Singapore) Pte Ltd [2016] SGCA 18 – damages for premature termination of lease agreement”