Nearly a month after overnight shutdown, 3,300 creditors file claims against Singapore gym chains True Fitness and True Yoga

Nearly a month after the unexpected closure of three thousand creditors have filed claims against the defunct Singaporean gym chains True Fitness and True Yoga. The fitness group abruptly shut down all seven of its Singapore locations overnight on September 10, leaving members and employees without service. The liquidation process was set in motion after the companies held extraordinary general meetings yesterday, confirming their entry into creditors' voluntary liquidation.

The swift shutdown had surprised employees and members, who were informed just an hour before the closures. Many were left confused and distressed when they arrived at the gyms the following morning to find locked doors and notices of repossession. The Consumers Association of Singapore received hundreds of complaints from affected members, with losses from unused memberships, packages, and services exceeding S$609,000.

Liquidators RSM Singapore have been appointed to oversee the recovery of assets and the winding-up of the companies, while a Committee of Inspection will safeguard the interests of creditors during the process. The group, which operated under the True Singapore Group and included TFX and Yoga Edition fitness brands, had been grappling with financial difficulties despite generating revenue.

The parent company, Kontafarma China Holdings, disclosed that the Singapore operations were burdened by substantial losses and net liabilities, with the group owing HK$309.7 million to its parent company as of the end of August. The ultimate recovery amount for creditors remains uncertain.