The Business Times
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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

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Derryn Wong

Derryn Wong

Published Thu, Jan 23, 2025 · 05:40 PM — Updated Thu, Jan 23, 2025 · 09:33 PM
    • The now-closed office of Singapore car portal UCars at 81 Ayer Rajah Crescent.
    • The now-closed office of Singapore car portal UCars at 81 Ayer Rajah Crescent. PHOTO: BT FILE

    SINGAPORE car portal UCars, formed in 2019 as a joint effort by 40 car dealers to take on Toyota-owned Sgcarmart, is set to go into voluntary liquidation.

    An extraordinary general meeting will be held on Feb 7 to pass a resolution on the company’s voluntary winding-up and to appoint a liquidator, according to documents dated Jan 22 and seen by The Business Times.

    A classified listing in BT on Jan 22, attributed to UCars’ director and former chief executive officer Hong Chun Mun, stated that a meeting of the company’s creditors will take place at 3.30 pm on Feb 7.

    InsolvencyAutomotiveCars

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