Design Studio Group winds up
This follows the group's denied application for sanction of the New Creditor Scheme.
Design Studio Group (DSG) filed a wind up application, it announced in a bourse disclosure.
It's board has been informed by its largest shareholder, DEPA, that financial support for the Group will be discontinued, following a denied application for sanction of the New Creditor Scheme. This support would supposedly aid the restructuring of the company.
Due to this, the board has announced that the company is unable to pay its debts and is there, cash-flow insolvent, that the compulsory winding up is in the best interests of its creditors and that this is the most time-efficient manner to liquidate the company.
The winding-up application is scheduled to be heard by the High Court at 10:00 am on 19 November 2021.
Thus the company can no longer submit a proposal for the resumption of trading of shares.
DSG Projects Singapore Pte Ltd and DSG Manufacturing Singapore Pte Ltd have also commenced processes necessary to enter into voluntary liquidation.