Incredible Holdings files application for judicial management
An automatic moratorium, which commenced on Monday, will be in effect until the court rules on the application
[SINGAPORE] Catalist-listed Incredible Holdings has filed a Singapore High Court application to place the company under judicial management, it said on Wednesday (Sep 23).
The application, filed two days ago, proposed the appointment of Ellyn Tan Huixian and Terrence Chin Khee Loon of Forvis Mazars Consulting as joint and several judicial managers of the electronics and consumer goods company.
Incredible Holdings on Saturday said that one of its independent directors, Eunice Veon Koh Pei Lee, was assisting in investigations by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS). The investigations involve alleged offences under the Securities and Futures Act (Chapter 289) and Securities and Futures Act 2001.
On Monday, Incredible Holdings said that Koh had told the company she understood that she was only asked to assist with investigations and was not their subject.
Shares of Incredible Holdings have been suspended from trading since September 2022. The company last held an annual general meeting in 2023 and has not convened meetings for the financial periods ended June 2024 and June 2025, placing it in breach of listing rules.
An automatic moratorium, which commenced on Monday, will be in effect until the court rules on the judicial management application.
Under the moratorium, no order may be made and no resolution may be passed for the winding up of the company. No step may be taken to enforce any security over any company property, or to repossess any goods, except with the permission of the court.
No other proceedings may also be commenced or continued against Incredible Holdings during this period, except with the permission of the court and subject to such terms as the court may impose.
Additionally, no enforcement order or other legal process may be issued, continued or executed, and no distress may be levied, against the company or its property, except with the permission of the court.
Incredible Holdings added that it will release further announcements as and when there are material developments in this matter.
