Hoe Leong gets statutory demand from UOB for loan payment

Singapore

HOE Leong Corporation on Monday said it has received a statutory demand under the Companies Act from the law firm acting on behalf of United Overseas Bank (UOB), which is seeking payment of about S$5.7 million from the company within 21 days from Aug 29, 2019, the date of receipt of the statutory demand.

The Act says that if a company is deemed to be unable to pay its debt, it may be wound up by the Court.