It has also proposed the appointment of Tan Wei Cheong and Lim Loo Khoon as joint judicial managers.
Hatten Land Limited announced that it has filed an application with the general division of the High Court of Singapore to place the company under judicial management.
The company has proposed the appointment of Tan Wei Cheong and Lim Loo Khoon from Deloitte & Touche Financial Advisory Services Pte. Ltd. as joint and several judicial managers.
Under the Insolvency, Restructuring and Dissolution Act 2018, an automatic moratorium will take effect from the filing date of the judicial management application. During this period, no orders or resolutions for the company's winding up can be made, enforcement of security over company property or repossession of goods under certain agreements will be prohibited unless court-approved, no new proceedings against the company may be initiated or continued without court permission, and no legal enforcement actions, including distress, can be taken against the company or its property without court approval.
The company has also requested an interim judicial management order to appoint Tan and Lim as interim judicial managers pending the court's decision on the full judicial management application. Trading of Hatten Land Limited's shares has been halted since 2 August, and the company has requested a suspension of trading as of 5 August.
The applications for judicial management and interim judicial management are part of the company's proactive efforts to aid its ongoing restructuring process and to prevent any immediate actions by creditors.
The judicial management measures specifically pertain to the company and are not anticipated to affect the operations of its subsidiaries or business units, which will continue to function under their current management.
