General Announcement::RECEIPT OF STATUTORY DEMAND

Issuer & Securities

Issuer/ Manager
CHINA ENVIRONMENT LTD.
Securities
CHINA ENVIRONMENT LTD. - SG1Y42946521 - 5OU
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
13-Jan-2017 17:01:14
Status
New
Announcement Sub Title
RECEIPT OF STATUTORY DEMAND
Announcement Reference
SG170113OTHRA0EJ
Submitted By (Co./ Ind. Name)
Remy Tan
Designation
Corporate Affairs Manager
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of China Environment Ltd (the "Company" and, together with its subsidiaries, the Group ) wishes to make an announcement regarding a claim by Shook Lin & Bok LLP ( Shook Lin & Bok ) against the Company. The Company received a letter of demand dated 6 January 2017 from Shook Lin for payment pursuant to Section 254 of the Companies Act (CAP. 50) of the sum of approximately S$19,676, in respect of tax invoices issued by Shook Lin to the Company for services rendered and disbursements incurred.

The letter stated that it is a statutory demand for payment under Section 254(1)(e) read with 254(2)(a) of the Companies Act (Cap 50), and unless the total sum is full paid within twenty one days of the demand letter, the Company would be deemed to be unable to pay the debts and Shook Lin & Bok is entitled to present a winding-up application for a winding-up order against the Company. Given the existing Board of Directors are not involved in the engagement of the services from Shook Lin & Bok, the Company is liaising with Shook Lin & Bok and former directors and management to seek clarifications in relation to this engagement and the invoices payable.

The Directors are of the view that the claim will have no material adverse impact on, inter alia, the financial position and performance of the Group.

The Company will keep the shareholders updated when we establish the matters accordingly.

Attachments

CEL-Receipt%20of%20legal%20letter%20shook%20lin%20finalised.pdf
Total size =121K