Incredible Holdings files application for judicial management
An automatic moratorium, which commenced on Sept 21, will be in effect until the court rules on the application.
Incredible Holdings has submitted a request to the Singapore High Court for judicial management, according to a filing made on September 23. The company has proposed the appointment of Ellyn Tan Huixian and Terrence Chin Khee Loon from Forvis Mazars Consulting as its joint and several judicial managers. This move comes in the wake of investigations by the Commercial Affairs Department and the Monetary Authority of Singapore into potential violations of the Securities and Futures Act (Chapter 289) and Securities and Futures Act 2001.
Ellyn Tan Huixian and Terrence Chin Khee Loon were assisting independent director Eunice Veon Koh Pei Lee with these investigations. Koh had assured the company that her role was limited to assisting with the investigations and not being subject to them herself. Since September 2022, shares of Incredible Holdings have been barred from trading, and the company has not held an annual general meeting since 2023.
It has also breached listing rules by not convening meetings for the financial periods ending in June 2024 and 2025. An automatic moratorium, which began on September 21, will remain in place until the court decides on the judicial management application. During this period, no decisions can be made regarding the company's liquidation, no resolutions can be passed for winding up, and no enforcement actions can be taken against the company or its assets, except with court permission. Incredible Holdings promised to share further updates as new developments arise in this matter.
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