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
Add BT as a preferred source
[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.
TRENDING NOW
Profit with purpose: Kim Choo Kueh Chang’s pivot from public listing to protecting heritage
Singapore Kitchen CEO, senior manager charged with alleged fraud, falsifying accounts; both to stay in jobs for now
Yeo’s, Tiger Beer and now Gardenia – flight of food manufacturing from Singapore might be just as planned
Should you sacrifice some CPF Life income in favour of ILPs? Tread carefully
