HARDWARE firm Home-Fix, which was forced to shutter all its retail stores in Singapore last December amid financial woes, will now be wound up for good - despite six months of debt restructuring and plans to revive itself in a different form. Read more at The Business Times.
In applying for judicial management in January, Home-Fix's lawyers from Tan Kok Quan Partnership had sought to show that the business had the potential to be revived. Failing that, restructuring the company would also help to achieve a better realisation of the company's assets than if it were wound up.
But his younger brother, Cheong Yew managed to get an interim order on Tuesday to propose a voluntary arrangement, which aims to persuade the creditors to accept settlement of debts instead of pursuing bankruptcy proceedings. The Supreme Court issued a bankruptcy order against the elder Mr Low last week. There was a notice inon Thursday by the private trustee of Mr Low's estate, who administers his affairs while he is bankrupt. The notice informed debtors and creditors of Mr Low to contact the trustee by Oct 26.
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