Operations were halted due to constrained cash flow.
Big Box Singapore (BBS), an indirect subsidiary of TT International Limited, has initiated creditors’ voluntary liquidation proceedings on 11 September 2018. Abuthahir Abdul Gafoor, of AAG Corporate Advisory Pte. Ltd. has been appointed as the provisional liquidator of BBS.
According to an announcement, BBS’ operations have constrained cash flow and disallowed it to continue its business. The directors have decided to liquidate the company.
BBS’ principal activities were general retail trade under the Warehouse Retail Scheme (WRS) which included selling of goods in the ground floor of the Big Box building and operating the supermarkets at the Big Box building.
“The appointment of the receivers and managers over Big Box Pte. Ltd. (a 51% owned subsidiary of the Company) and the significant winding down of the WRS retail activities at the Big Box building as a result of the termination of the WRS have severely affected the operations of BBS,” TT International added.
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