June 7, 2021

5th Circular to Creditors
Dear Sirs,
Torque Group Holdings Limited (In Liquidation) (“Torque”)
BVI Company Registration Number: 2024611
I refer to the Circular dated 10 May 2021 (“4th Circular”), in which the Liquidators provided
creditors an update on progress since their appointment and findings from their preliminary
investigations.
Unless otherwise defined herein, capitalised terms used in this circular shall have the same
meanings as those defined in the 4th Circular.
The purpose of this circular (“5th Circular”) is to inform creditors of an application (“OS 439”)
filed by the Liquidators’ Singapore counsel, Rajah & Tann Singapore LLP, in the Singapore
High Court for orders which include the recognition of the BVI insolvency proceedings inSingapore as a “foreign main proceeding”, and certain ancillary orders to facilitate the winding
up process in Singapore.
A copy of OS 439 is enclosed below. A copy of the affidavit filed in OS 439 will be available
on request made to the Liquidators.
Pre-Trial Conference
A Pre-Trial Conference has been fixed for 1 July 2021, at a time to be notified. No date hasbeen fixed for the substantive hearing.

BORRELLI WALSH (BVI) LIMITED
3rd Floor, Commerce House
P.O. Box 3339
Road Town, Tortola VG1110
British Virgin Islands

T +1 284 340 5888

www.borrelliwalsh.com

Please inform the Liquidators by 22 June 2021 at <torque@borrelliwalsh.com> if you intend
to attend the hearing or object to OS 439, by providing the particulars set in out the form below:
Name

Email Address
Phone NumberandName, particulars andcontact
details
ofauthorized
representative / legal
counsel that will beattending the hearingWhether objecting to OS 439
and grounds for objecting

For any urgent customer, creditor and media enquiries, please contact the Liquidators at:
torque@borrelliwalsh.com. Separately, you may wish to note that updates by the Liquidators
can be found on Borrelli Walsh’s website at https://www.borrelliwalsh.com/creditors/
Sincerely,

Jason Kardachi
Joint Liquidator
Torque Group Holdings Limited(In Liquidation)2

IN THE GENERAL DIVISION OF THE HIGH COURT OF THE REPUBLIC OF SINGAPORE
Case No.: HC/OS 439/2021
Filed: 06­May­2021 07:34 PM
Hearing Date/Time: For
determination by Judge /Registrar. Solicitor(s)/ parties
need not attend unlessspecifically directed to do so.

In the matter of Part 11 of the Insolvency, Restructuring andDissolution Act (Act 40 of 2018)
And
In the matter of Section 252 of the Insolvency, Restructuring andDissolution Act (Act 40 of 2018)
And
In the matter of Article 15 of the UNCITRAL Model Law on Cross­
Border Insolvency
And
In the matter of TORQUE GROUP HOLDINGS LIMITED (INLIQUIDATION) (BVI REGISTRATION NO. 2024611)
1.

PHILIP JOHN SMITH(Australia Passport No. PA1296912)
a joint liquidator of Torque Group Holdings Limited (inliquidation)

2.

JASON ALEKSANDER KARDACHI(FIN No. G5970025T)
a joint liquidator of Torque Group Holdings Limited (inliquidation)...Applicant(s)EX PARTE ORIGINATING SUMMONS

Let all parties concerned attend for the hearing on an application by the Applicant(s) that1.

The liquidation proceedings in Claim No. BVIHC (COM) 2021/0031 in the Eastern Caribbean
Supreme Court in the High Court of Justice, Virgin Islands, Commercial Division, by which TorqueGroup Holdings Limited (in liquidation) (the “Company”) was put in liquidation and the Applicants
were appointed as Joint Liquidators of the Company (the “BVI Winding Up Order”) be recognised inSingapore, and the insolvency proceedings in relation thereto be recognised in Singapore as a foreign
main proceeding pursuant to Articles 2(f) and 17(2)(a) of the Third Schedule of the Insolvency,
Restructuring and Dissolution Act 2018 (No. 40 of 2018) (the “Insolvency Model Law”).

2.

The Applicants, namely Philip John Smith care of Borrelli Walsh, 3rd Floor Commerce House, P.O.
Box 3339, Road Town, Tortola, British Virgin Islands VG 1110, and Jason Aleksander Kardachi careof Borrelli Walsh, #10­62, 1 Raffles Place Tower 2, Singapore 048616, who had been appointed as
Joint Liquidators of the Company pursuant to the BVI Winding Up Order be recognised in Singapore
as foreign representatives within the meaning of Article 2(i) of the Insolvency Model Law.

3.

Pursuant to Article 20 of the Insolvency Model Law:a.

the commencement or continuation of individual actions or individual proceedings
concerning the Company’s property, rights, obligations or liabilities be stayed;b.

any execution against the Company’s property be stayed; andRestructuring and Dissolution Act 2018 (No. 40 of 2018) (the “Insolvency Model Law”).
2.

The Applicants, namely Philip John Smith care of Borrelli Walsh, 3rd Floor Commerce House, P.O.
Box 3339, Road Town, Tortola, British Virgin Islands VG 1110, and Jason Aleksander Kardachi careof Borrelli Walsh, #10­62, 1 Raffles Place Tower 2, Singapore 048616, who had been appointed as
Joint Liquidators of the Company pursuant to the BVI Winding Up Order be recognised in Singapore
as foreign representatives within the meaning of Article 2(i) of the Insolvency Model Law.

3.

Pursuant to Article 20 of the Insolvency Model Law:4.

a.

the commencement or continuation of individual actions or individual proceedings
concerning the Company’s property, rights, obligations or liabilities be stayed;b.

any execution against the Company’s property be stayed; andc.

the right to transfer, encumber or otherwise dispose of any property of the Company issuspended.

Pursuant to Article 21 of the Insolvency Model Law:a.

the Applicants be empowered to examine witnesses, take evidence, or require thedelivery of information concerning the Company’s property, affairs, rights, obligations orliabilities;b.

the Applicants be entrusted with the administration and realisation of all of theCompany’s property located in Singapore; andc.

the Applicants be entrusted with the distribution of all the Company’s property located inSingapore.

5.

The Applicants be granted liberty to apply; and6.

Such further or other order(s) as the Court deems fit.

THIS ORIGINATING SUMMONS is issued by the solicitors for the Applicant(s) whose particulars are as
follows:Solicitor(s) for the 1st and 2nd Applicant(s)RAJAH & TANN SINGAPORE LLP
9 Straits View #06­07 Marina One West Tower
Singapore 018937
Tel No.: 65353600
Fax No.: 62259630
Email: info@rajahtann.com
File Ref No.: (Applicant) DOW/YWJ/RZY/351883/1
File Ref No.: (2nd Applicant) DOW/YWJ/RZY/351883/1
Solicitor in charge: 1. ONG TUN WEI DANNY,
2. CHOW CHAO WU JANSEN,
3. YAM WERN JHIEN,
4. YAP ZHE YOU, RYO

HC/OS439/2021:HC/OS439/2021:HC/OS439/2021:HC/OS439/2021:HC/OS439/2021:HC/OS439/2021

TEH HWEE HWEEREGISTRAR
SUPREME COURTSINGAPORE

SINGAPORE

Note:
1.

Unless otherwise provided in any written law, the applicant intending to adduce evidence in supportof the hearing of the originating summons must do so by affidavit or affidavits, and such affidavit(s)must be filed with the Court at the time of filing of the originating summons.