General Announcement::Receipt of Letter of Statutory Demand

Issuer & Securities

Issuer/ Manager
SINOPIPE HOLDINGS LIMITED
Securities
SINOPIPE HOLDINGS LIMITED - SG1S70928191 - X06
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
16-Jun-2021 17:28:12
Status
New
Announcement Sub Title
Receipt of Letter of Statutory Demand
Announcement Reference
SG210616OTHRB2OJ
Submitted By (Co./ Ind. Name)
Wang Sen
Designation
Non-Executive Chairman
Description (Please provide a detailed description of the event in the box below)
The Board of Directors (the "Board" or the "Directors") of Sinopipe Holdings Limited (the "Company" and, together with its subsidiaries, the "Group") wishes to make an announcement regarding a claim by Dentons Rodyk & Davidson LLP ("Dentons") against the Company. The Company has received a letter of statutory demand dated 4 June 2021 from Dentons pursuant to Sections 125(1)(e) and 125(2)(a) of the Insolvency, Restructuring and Dissolution Act 2018 seeking payment for a total sum of S$50,064.71 (inclusive of accrued interest) for outstanding invoices for the provision of corporate secretarial services from Dentons to the Company (the "Letter of Statutory Demand"). The Letter of Statutory Demand states that unless the outstanding sum of S$50,064.71 is paid, secured or compounded to Dentons reasonable satisfaction within twenty-one days from the date of service of the Letter of Statutory Demand, the Company shall be deemed to be unable to pay its debts and Dentons shall be entitled to forthwith present a winding up application for a winding up order to be made against the Company without further reference. The Letter of Statutory Demand also states that the Company shall be liable to pay interests on Dentons' disbursements and costs pursuant to Section 108 of the Legal Profession Act and Section 5 of the Legal Profession (Solicitors' Remuneration) Order, and Dentons' legal costs. Dentons has further informed the Company that due to the aforesaid non-payment of outstanding bills, Dentons has hereby given one month's notice to terminate their corporate secretarial services to the Company, together with notice of the secretary's resignation with effect from 4 July 2021.

The Company is presently seeking legal advice and is liaising with Dentons to remedy the situation.

The Company will keep shareholders updated on any further material development on this matter.