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 BT 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
Singapore developer in limbo after Timor-Leste scraps major township project
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
From Tai Sin Electric to Toku: Industrials, tech stocks rule in RHB’s refreshed list of small-cap ‘jewels’
