SINGAPORE - CNA Group will face possible liquidation and winding up if its appeal to further extend its judicial management order is rejected by the court, judicial manager Deloitte & Touche said on Monday (March 18) in a filing in response to Singapore Exchange queries.
It added that liquidators are likely to apply for the delisting of the company, assuming that the SGX-ST does not grant the company further time extension to submit the resumption of trading proposal.
The statement added: "In such circumstances, it is unlikely that an exit cash offer would be made to shareholders of the company, as the company is insolvent i.e. liabilities exceed its assets."
The judicial manager said that no hearing date has been fixed for the appeal and that there would be a case management conference which would see the court giving directions on the appeal's timeline. It added that the appeal would likely be heard in the third quarter of 2019, with updates to be provided when the date is fixed.
On March 11, 2019, Deloitte & Touche applied for a further extension of the judicial management order; however, the court did not grant it. The application for appeal was heard on March 12 in the High Court, barring Deloitte & Touche from taking further steps in judicial management, except for applying to the SGX-ST to extend its submission time for a resumption of trading proposal.