Catalist-listed Serrano said a bankruptcy order has been delivered against former chief executive Winston Chia Wing Keong after a hearing on Thursday.
The proceedings were initiated by the Bank of East Asia.
Mr Chia has vacated his post as Serrano's director and chief executive. He will also cease to act as director in all other Singapore-incorporated companies, subsidiaries and the associated company in Thailand.
This comes after Mr Chia Wing Hock, Winston's brother and a former executive director at Serrano, was declared bankrupt by the High Court in November. He was also removed from his post.
Serrano also said the hearing date for arrangement schemes for corporate debt restructuring has been adjourned to Jan 5.
Biomedical firm QT Vascular has been granted the full approval for what is called the investigational device exemption by the United States Food and Drug Administration.
This means the company can start enrolling patients in a study of its drug-coated balloon. It can enrol up to 585 patients in up to 50 centres in the US and additional patients in selected centres outside the country.
The firm will study patients with disease in the superficial femoral and popliteal arteries in the legs. It plans to start enrolling people early next year in the US, Europe and New Zealand.
GS Holdings, a centralised commercial dishwashing firm, has signed a lease with Changi Airport Group.
The rented facility will allow the firm to provide centralised dishwashing services at Changi Airport to service the food and beverage outlets and the multi-storey Jewel Changi Airport complex.
The tenure is for five years, with an additional five-year option.
GS Holdings will finance the lease and outfitting of the site through internal funds and resources.
The lease agreement is not expected to have any material impact on the group's net tangible assets or earnings per share for the financial year ending Dec 31.