In addition, the group says it had decided to proceed with the CVL “due to its cash flow problems and its inability to pay its debts as they fall due”.
No Signboard Holdings has, on the evening of March 14, announced that it will be placing its indirectly wholly-owned subsidiary, Danish Breweries, into creditors’ voluntary liquidation (CVL).
According to its statement, the Catalist-listed restaurant operator revealed that its subsidiary cannot continue its business due to its liabilities.
