Creditor pauses insolvency, bankruptcy applications against Mary Chia
On September 30, the High Court in Singapore halted insolvency and bankruptcy proceedings against Mary Chia Holdings and its executives, including CEO Ho Yow Ping and CFO Su Jun Ming. The four lawsuits filed by financial firm Fullink Capital were put on hold, allowing both parties to consult their respective clients. Fullink Capital had sought to recover $902,640 from Mary Chia Holdings after a loan dispute, but the company disputed the late-payment interest and other fees.
Mary Chia Holdings was ordered to pay Fullink $651,498.97 as security, along with $13,900 in legal costs. The secured sum will remain in court until the final determination of Fullink's disputed claims. The dispute arose from Fullink's statutory demand, which sought repayment of $350,000 from Organica International Holdings, a subsidiary of Mary Chia Holdings.
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