Sixty creditors are owed a total of around S$3.8 million; EGM on the voluntary closure slated for Feb 7
SINGAPORE car portal UCars, formed in 2019 as a joint effort by 40 car dealers to take on Toyota-owned Sgcarmart, is set to go into voluntary liquidation.
An extraordinary general meeting will be held on Feb 7 to pass a resolution on the company’s voluntary winding-up and to appoint a liquidator, according to documents dated Jan 22 and seen by The Business Times.
A classified listing in BT on Jan 22, attributed to UCars’ director and former chief executive officer Hong Chun Mun, stated that a meeting of the company’s creditors will take place at 3.30 pm on Feb 7.
Automotive financial services company Teck Wei Credit is the largest creditor, with around S$1.3 million owed.
PY Opulence Investments is owed US$184,908, while Black Kite Investments, One10 Food Sciences, and HFC Ventures are owed US$100,000 each.
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