Insolvency
Autobahn Rent A Car suspends its business; gives up fight for protection from creditors
This means its creditors including DBS, OCBC, UOB can continue claims or writs of asset seizure and sale
Autobahn Rent A Car group appeals dismissed moratorium, reveals potential SGX listco investor
The group also files for a new six-week interim moratorium to facilitate investment negotiations
Autobahn Rent A Car and related companies’ moratorium application dismissed
The High Court ruling opens the way for creditor actions and insolvency proceedings, which may include being wound up
Autobahn-Shariot group reveals possible S$100 million investment, says it is solvent
Shariot could be hived off into a JV with potential investors; group plans to begin repaying debts in January as its liabilities rise
Creditors of Autobahn Rent A Car, Shariot group claim S$38 million more, contrary to group’s own estimates
DBS, UOB, OCBC, Teck Wei Credit and Toyota Financial Services list liabilities higher than those listed by the group
Singapore car-sharing service Shariot, related firms face S$180 million debt; exploring survival options
Lawyer’s letter to creditors requests temporary standstill on enforcement or recovery actions
UK insolvencies surge as higher business costs deepen strain
The increase reflects the impact of last year’s budget measures, including higher minimum wages and reduced reliefs
Veteran lawyer Ashok Kumar sees fresh wave of restructuring deals as sliding interest rates lure investors
Such activity is subdued in Singapore, but some Covid-era ‘zombie companies’ could face financial stress as they struggle to adapt to the new economy, he adds
Number of compulsory wind-ups rise more than 50% in 2024
4,521 bankruptcy applications filed in the first 11 months of 2024
Singapore car portal UCars S$4 million in debt, heads for voluntary winding-up
Sixty creditors are owed a total of around S$3.8 million; EGM on the voluntary closure slated for Feb 7
