AusGroup says it is unable to pay debts, applies to wind up

SINGAPORE – AusGroup has applied to the Singapore High Court to wind up the company, saying it is unable to pay debts and that the “purpose of judicial management cannot be achieved”.

In a bourse filing on May 19, the company added that it has applied to the court for its discharge from judicial management and to release the joint and several judicial managers from liability.

The date of hearing for the applications will be fixed by the court, it said.

Mr Tan Wei Cheong, Mr Matthew Stuart Becker and Mr Lim Loo Khoon of Deloitte & Touche are proposed to be appointed as joint and several liquidators of the company in relation to the winding up applications, AusGroup said.

It added that it would release further announcements when there are material developments in relation to the applications.

Shares of AusGroup have been suspended since Nov 10, 2022, following a trading halt called on Nov 7. The stock last traded at 0.9 cent.



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