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Stratech announcement on court orders of winding-up, appointment of liquidators done without approval: BDO
BDO, the court appointed liquidators of mainboard-listed The Stratech Group said on Monday afternoon that Stratech's announcement last Thursday of its winding-up and announcement of liquidators had been carried out without BDO's prior written approval and knowledge.
As Stratech and its subsidiary Stratech Systems have been placed in liquidation under a Singapore court, its directors no longer have any power or authority to represent or act on behalf of the company without the liquidators’ prior written consent.
BDO added that it has emphasised this to company directors, the husband-and-wife team of executive chairman Chew Khien Meow David, and executive director and chief corporate officer Leong Sook Ching "on numerous occasions".
Transactions entered without the liquidators’ consent may not be recognised by BDO or binding. The liquidators would not be held responsible or liable for any loss or damage resulting from such transactions.
BDO said that it is "currently holding discussions with both Mr Chew and Ms Leong, and are in the midst of reviewing the companies’ books and records to evaluate the affairs of the companies".
It will also update the relevant parties of the status of the contracts and agreements that Stratech and its subsidiaries have entered into prior to liquidation.
Last Thursday, Stratech said that a secured creditor holding more than half of its secured debt opposed the company's latest proposal to resuscitate itself.
Together, Mr Chew and Ms Leong have a 34 per cent interest in Stratech.
Trading in Stratech's shares remain suspended.