Troubled platform UCars founded by group of dealers wound up on S$4 million debt
May 15, 2026 / /
Winding up application filed on Feb 23 after previous legal tussles between company and its main shareholder
[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 The Business Times 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.
Posted in Fashion
