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China Sports files for judicial management in Singapore High Court
SPORTSWEAR maker China Sports International has applied to the Singapore High Court on Apr 16 to have the company placed under judicial management (JM), it announced late on the same day.
The company, which manufactures sports fashion apparel accessories under the Yeli brand in China, has proposed the appointment of Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche LLP as joint and several judicial managers to manage the company's affairs, business and property during the JM period.
A separate application was also filed on the same day for the appointment of the two individuals above as the interim joint and several judicial managers pending the hearing of the JM application.
The Court has yet to fix the date for the hearing of the application.
On March 20 this year, the company announced it might be involved in past or ongoing lawsuits which were not previously disclosed.
At the time, the board was seeking further information from chief executive Lin Shao Xiong and will make further announcements when there are material developments.
Its shares have been suspended since Dec 4, 2017, after it requested a voluntary suspension until the commencement of an audit process.
The company also said in December last year that it had received a statutory demand from the legal advisors of RHT Corporate Advisory Pte Ltd for S$50,839.25 in unpaid fees, and that if it failed to repay the amount within three weeks from Dec 15, RHT would be entitled to commence winding-up proceedings against the company.