“Given Aspen Glove’s unsuccessful attempts to dispose of its interest in the lease land and factory buildings… mounting legal claims and suits faced by Aspen Glove and the current financial position of Aspen Glove, the directors and shareholders of Aspen Glove… accordingly resolved that Aspen Glove is unable to pay its debts based on actual and/or contingent liabilities and is cash flow insolvent,” says the company in its July 16 statement.
Aspen Glove, the subsidiary of Aspen Group, has submitted a petition to the High Court of Penang to wind up its business on July 14 as it is unable to pay its debts.
The news comes after Aspen Glove announced that it was unsuccessful in its proposed disposal of its land and factory at Seksyen 11, Bandar Lunas, Daerah Kulim, Negeri Kedah in Malaysia in April. The land and building were proposed to be sold for a consideration of RMB200.0 million ($61.2 million) in December 2022.
