Troubled platform UCars founded by group of dealers wound up on S$4 million debt
Winding up application filed on Feb 23 after previous legal tussles between company and its main shareholder
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[SINGAPORE] Troubled local car portal UCars has been wound up, more than a year after it was revealed to be S$4 million in debt and owe salaries to former employees.
A letter sent to creditors on Monday and seen by The Business Times indicates the company was wound up pursuant to a court order dated Mar 20, with the reason being cash flow problems.
The letter, from appointed liquidator Seah Chee Wei of Rock Stevenson, further states that a creditor meeting via Zoom was fixed for May 8, 2026.
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