Jason Holdings hit with more creditor claims

TROUBLED timber flooring maker Jason Holdings on Sunday said it has received two more letters of demand from creditors that will have a material and adverse impact on the firm.

Jason said it received on Sept 26 a statutory demand from the solicitors of ANZ Bank, for a claim of about S$1.74 million that is due to the bank. Jason Holdings had stood as a guarantor for loans granted to its principal operating unit, Jason Parquet Specialist (Singapore) Pte Ltd (JPSS). If payment is not made, secured, or compounded to the "reasonable satisfaction" of ANZ within 21 days of the statutory demand, ANZ can present a winding up application in the High Court against the company.

Jason received a separate letter of demand on Sept 21 from ShareInvestor for a claim of about S$5,900 for an unpaid invoice. It said ShareInvestor will take legal action against the company if the company did not settle the payment within seven days.

The claims are the latest in the string of repayment claims that the company has been hit with in recent months.

In September, the Commercial Affairs Department of Singapore had called in two persons - one current employee and one former employee of JPSS - for an ongoing investigation.