This will prevent any resolution for the winding-up of the company to pass, along with the commencement or continuation of any proceedings against the trust
THE trustee-manager of Dasin Retail Trust on Monday (Dec 2) said it has filed an application under the Insolvency, Restructuring and Dissolution Act to restrain proceedings against it for six months.
Under the moratorium, no resolution can be passed for the winding-up of the company, and no proceedings can be commenced or continued against it.
There will also be no appointment of a receiver or manager over any property, or to undertake the trustee-manager.
Additionally, there will be no enforcement order or other legal process against the trust, enforcement action to repossess assets held by the trust, or enforcement of lease violations without court permission.
For a period of 30 days after the trustee-manager’s application – or until the court decides on the application, whichever comes first – no winding-up orders can be made. Nor can any receivers be appointed, and legal or enforcement actions cannot be issued or executed.
In a bourse filing, the trustee-manager said the announcement represents the view of most of the board, save non-executive director Zhang Zhencheng and his alternate, Zhang Zhongming, who are believed to have conflicts of interest in the matter.
It will update shareholders in due course when it becomes aware of any material development.
Units of Dasin Retail Trust closed at S$0.032 on Monday, down 3 per cent or S$0.001, prior to the announcement.
Copyright SPH Media. All rights reserved.
