Read the full judgment text of HCCW 397/2020 on BabelCite. This High Court CFI judgment was delivered on 19 April 2021.
1. I have before me a petition to wind up the Company on the grounds of insolvency. There is no dispute that the Company is indebted to the Petitioner for in excess of US$124 million. The Petitioner is a secured creditor and has appointed receivers over amongst other things a 49% shareholding in the Company. That shareholding was beneficially owned by interests associated with Lim Yew Cheng, who has filed an affirmation in these proceedings explaining the Company’s restructuring efforts.
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