Libra unit appoints provisional liquidators for voluntary winding up

LIBRA Group's wholly-owned subsidiary, Cyber Builders, has appointed joint and several provisional liquidators for the creditor's voluntary winding up of Cyber Builders.

The provisional liquidators are Lim Loo Khoon and Tan Wei Cheong from Deloitte & Touche LLP, the group said on Tuesday.

Libra on Sept 20 said the company and Cyber Builders are being sued by insurer Great American Insurance over a claim of S$180,000. On Sept 3, Maybank Singapore sent a letter of demand to Cyber Builders, seeking to possess a property at 34 Sungei Kadut Loop within a month from the letter being served.

The Singapore High Court granted Libra a six-month debt moratorium on Oct 14. Libra suspended trading in August when it said it could no longer continue as a going concern due to the various claims filed against two of the company's subsidiaries.