Court orders AusGroup to wind up; company to be discharged from judicial management

AusGroup had filed an application to wind up the company in May as it was unable to service its debt.

The Singapore High Court has ordered Australia-based but Singapore-listed engineering firm AusGroup to wind up on July 18. The company has also been ordered to be discharged from judicial management with its joint judicial managers released from liability.

AusGroup had filed an application to wind up the company in May as it was unable to service its debt. The company had already filed for judiciary management in November last year.

The memorandum of understanding (MOU) entered into between AusGroup and Arion Agrophotovoltaic has also been terminated given that no definitive agreements were executed between both parties by the long stop date, which is on July 18.

AusGroup and Arion Agrophotovolatic had entered into an MOU on June 8. The MOU sought to explore the restructuring of AusGroup by way of transferring its listing status to Arion Agrophotovoltaic or to a new Singapore company that is directly or indirectly holding the latter.

Arion Agrophotovoltaic is a company that focuses on the investment, development, and operation of agrophotovoltaic thin film and solar tube plant(s) in Singapore and in the Asia Pacific region.

Trading of AusGroup’s shares were suspended in November 2022.

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