Kitchen Culture's subsidiary goes into liquidation
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EMBATTLED kitchen systems vendor Kitchen Culture said its wholly-owned subsidiary KHL Marketing Asia-Pacific entered into compulsory liquidation on April 5.
The court had on March 18 dismissed the company's application for judicial management. Kitchen Culture on Thursday (Apr 7) said it did not appeal against the decision, and the winding up application filed by its landlord Kim Hup Lee & Co was therefore granted by the court on April 5.
KHL Marketing Asia-Pacific allegedly owes Kim Hup Lee outstanding rental arrears amounting to S$1.8 million for the first, second and third floors of 25 New Industrial Road between 2016 and 2018.
Kitchen Culture said the winding up of loss-making KHL Marketing Asia-Pacific will likely result in lower operating losses and net cash outflows for operating activities for the group.
Gary Loh Weng Fatt and Leow Quek Shiong of BDO Advisory have been appointed the joint and several liquidators.
Shares of Catalist-listed Kitchen Culture have been suspended from trading since July 7, 2021.
READ MORE: Kitchen Culture's AGM to review a turbulent FY2021
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