China Taisan to wind up; liquidators from BDO appointed

THE High Court of Singapore has granted that mainboard-listed China Taisan Technology Group Holdings be wound up, with Leow Quek Shiong and Gary Loh of BDO appointed as the joint and several liquidators, the fabric marker announced in a regulatory filing on Wednesday.

Hearing of the group's winding up application was held on Sept 6, after it filed for the application on Aug 14.

At the hearing, the High Court granted that upon making the winding up order against the company, the judicial management order is discharged, and the judicial managers are released from their appointment.

China Taisan has been on the Singapore Exchange's watch list since June 5, 2017, and its shares have been suspended from trading since June 2018.

The company has been under judicial management since August 2018.

In an Aug 8, 2019 filing announcing that it would file for winding up, China Taisan said: "Notwithstanding several rounds of discussions with potential investors, the company has not been able to secure an investment into the company from any of these potential investors."

On Aug 16, it was granted an extension of judicial management, to either the making of a winding-up order against the company, or to Oct 18, 2019, whichever is earlier.