Hiap Seng Engineering and its subsidiary HS Compression & Process Pte Ltd (HSCP) have filed applications in Singapore's High Court to be placed under judicial management under Section 227B of the Companies Act on Tuesday (July 28).
The applications will be heard at a later date.
According to Section 227C of the same act, no resolution should be made for the winding up of both companies. Both companies’ property or goods should not be repossessed under any form of agreement, except with the court’s permission.
No other proceedings, execution, or other legal processes may be levied against both companies.
Hiap Seng said via an SGX filing that it has appointed Oon Su Sun and Lin Yueh Hung from RSM Corporate Advisory as its judicial managers to manage the affairs, business, and property of both companies during the judicial management period.
Shares in Hiap Seng have halted trading since Nov 28, 2019.
