Judicial managers appointed for Technics Oil & Gas

SINGAPORE'S High Court has appointed two judicial managers to be in charge of Technics Oil & Gas and its subsidiary, Technics Offshore Engineering.

Tam Chee Chong and Andrew Grimmett of Messrs Deloitte & Touche LLP said in a filing to the Singapore Exchange on Monday that the group has been placed under judicial management.

Mr Tam and Mr Grimmett, the judicial managers of the group, will be managing the affairs, business and property of the company and the subsidiary in place of the boards of directors.

This is so that the survival of the company and subsidiary can be ensured.

The method is also deemed a better way to realise a company's assets than in a winding up.

Trading of its shares have been suspended since June 1 this year, following an announcement that the companies had applied to the Singapore High Court to place the firms under judicial management. The counter last traded at S$0.071 on May 30.