Singapore court places Technics Oil & Gas under judicial management
- Business & Finance
Technics Oil & Gas and its subsidiary Technics Offshire Engineering have been placed under judicial management.
Technics Oil & Gas, a solution provider for the oil and gas industry, applied to the High Court of Singapore for an order to place the company and the subsidiary under judicial management at the end of May 2016.
Technics said in a statement on Monday that the High Court has appointed Tam Chee Chong and Andrew Grimmett of Messrs Deloitte & Touche LLP as the Judicial Managers both of the company and its subsidiary.
The Judicial Managers will be managing the affairs, business and property of the company and the subsidiary in place of the Boards of Directors of the companies for the purpose of achieving the survival of the company and the subsidiary, or the whole or part of their undertaking as a going concern; the approval under Section 210 of the Companies Act (Cap 50) of a compromise or arrangement between the company and the subsidiary; and a more advantageous realization of the company’s and the subsidiary’s assets than would be effected on a winding up.