AusGroup says unable to pay its debts, applies to wind up 

AUSGROUP has applied to the Singapore High Court to wind up the company, saying that it is unable to pay its debts and that the “purpose of judicial management cannot be achieved”. 

In a bourse filing on Friday (May 19), the company said it has applied to the court pursuant to the Insolvency, Restructuring and Dissolution Act 2018, for the discharge of the company from judicial management and to release the joint and several judicial managers from liability. 

The date of hearing for the applications will be fixed by the court, the company said. 

Tan Wei Cheong, Matthew Stuart Becker and Lim Loo Khoon of Deloitte & Touche are proposed to be appointed as joint and several liquidators of the company in relation to the winding up applications, AusGroup said. 

The group said it would release further announcements when there are material developments in relation to the applications. 

Shares of AusGroup have been suspended since Nov 10, 2022, following a trading halt called on Nov 7. The stock last traded at S$0.009.