Hyflux has been granted an order to liquidate by the Singapore High Court following a hearing on July 21.
Hyflux’s judicial managers (JMs), Patrick Bance and Hamish Alexander Christie of Borrelli Walsh, had filed an application to wind up the company in early June.
See also: Hyflux to wind up; remaining value 'best realised' in liquidation
At the same hearing, the court ordered Utico, one of the suitors for the beleaguered water treatment company, to pay a sum of $5,000 to the JMs.
This comes after the UAE-based firm attempted to intervene at the initial application hearing on July 12. Utico had asked to be heard on its application to intervene in the case, following which the hearing had been adjourned to July 21.
The JMs had subsequently requested for Utico to pay $6,000 to cover time spent on submission following Utico’s intervention.
Hyflux had earlier announced that Utico was “unable to meet the minimum acceptable conditions” for the company to consider its bid.
See also: Hyflux releases FAQs on winding up including date of hearing and why Utico's offer wasn't accepted
Read the entire Hyflux saga here.
Photo: Bloomberg
