SINGAPORE - Travel agency 707 Travel Services has wound up on Friday (Dec 18) after failing to meet its financial obligations.
The company was placed in receivership by DBS Bank according to court documents.
This means that DBS Bank has appointed a receiver to settle 707's loans by taking control of the company's assets.
The documents did not state how much money was owed by the company although it is believed that its debts were in excess of $1 million, Shin Min Daily News reported. The travel agency was not represented by a lawyer.
The business, which started in 1976 and was located in Golden Mile Tower, is "permanently closed", according to its Facebook page. A post from Nov 6 said the business had "ceased service since March 2015".
It warned that it did not have any other branches and will not be responsible for customers who buy services from imposters.
The travel service specialised in coach tours to Malaysia, in particular Genting Highlands.
It claimed to be the first Singapore travel agency to operate daily Genting Highlands tours.
The company was badly affected when the Genting Theme Park closed for renovation in 2013, Shin Min said.
The opening of the integrated resorts was also a factor, it reported earlier this month.