UPDATE ON STEAM MOPS – AUCTION
Please be informed that the joint auction of steam mops with the clearing agent M&P International Freights Pte Ltd, was conducted on 12 October 2012. The base price set by the liquidator was S$ 20 per piece in order to cover the charges claimed by the clearing agent and also the auction expenses. Only six prospective buyers turned up for the auction including the clearing agent. The directors, shareholders or the creditors including COI members of the Company did not attend the auction. During the auction no offer was made from the prospective buyers to purchase the mops except the clearing agent who was representing a group of buyers to purchase about 150 pieces only.
As a result, as advised by liquidator’s lawyers M/s Rodyk & Davidson LLP, who rendered their advice on urgent basis, the auction was called off as agreed upon with the clearing agent. Lawyers had advised that in the event the proceeds from the auction is not even sufficient to cover the costs of the clearing agent they reserve the right to call off the auction and take the goods in their possession thereby also releasing the Company from all claims.
Accordingly, the goods were left at the disposal of the clearing agent in full & final settlement of all their claims against the Company which amounted to approximately S$ 14,000 as of 12 Oct 2012.
Please be informed that the joint auction of steam mops with the clearing agent M&P International Freights Pte Ltd, was conducted on 12 October 2012. The base price set by the liquidator was S$ 20 per piece in order to cover the charges claimed by the clearing agent and also the auction expenses. Only six prospective buyers turned up for the auction including the clearing agent. The directors, shareholders or the creditors including COI members of the Company did not attend the auction. During the auction no offer was made from the prospective buyers to purchase the mops except the clearing agent who was representing a group of buyers to purchase about 150 pieces only.
As a result, as advised by liquidator’s lawyers M/s Rodyk & Davidson LLP, who rendered their advice on urgent basis, the auction was called off as agreed upon with the clearing agent. Lawyers had advised that in the event the proceeds from the auction is not even sufficient to cover the costs of the clearing agent they reserve the right to call off the auction and take the goods in their possession thereby also releasing the Company from all claims.
Accordingly, the goods were left at the disposal of the clearing agent in full & final settlement of all their claims against the Company which amounted to approximately S$ 14,000 as of 12 Oct 2012.