No Signboard unit to pursue creditors' voluntary liquidation

A UNIT of embattled seafood restaurant operator No Signboard Holdings intends to pursue creditors' voluntary liquidation and has proposed to appoint a provisional liquidator to wind up the company.

The group's board of directors said in a bourse filing on Tuesday night (Feb 9) that Hawker QSR, one of No Signboard's wholly-owned subsidiaries, has made a statutory declaration of its inability to continue business by reason of its liabilities.

The subsidiary has proposed to appoint licensed insolvency practitioner Chan Yee Hong of Nexia TS Risk Advisory as its provisional liquidator.

Hawker QSR is No Signboard's hawker-themed fast food outlets. No Signboard had on Feb 3 received letters of demand from the landlords of 2 Hawker QSR outlets, for more than S$176,000 in arrears of rental and other monies owing.

The meeting of shareholders and creditors of Hawker QSR will be on Feb 23. They will vote on the resolutions for the winding up of Hawker QSR and to confirm the appointment of the subsidiary's provisional liquidator.

Shares of No Signboard last traded at S$0.031 on Jan 17. It requested a trading halt on Jan 19.

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READ MORE:

• No Signboard applies for 2-month extension for AGM and filing of financial statements
• No Signboard receives letters of demand from landlords
• No Signboard requests voluntary trading suspension pending announcement