The memorandum of understanding (MOU) entered into between AusGroup and Arion Agrophotovoltaic has also been terminated given that no definitive agreements were executed between both parties by the long stop date, which is on July 18.
The Singapore High Court has ordered Australia-based but Singapore-listed engineering firm AusGroup to wind up on July 18. The company has also been ordered to be discharged from judicial management with its joint judicial managers released from liability.
AusGroup had filed an application to wind up the company in May as it was unable to service its debt. The company had already filed for judiciary management in November last year.
