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Sycamore Tree saga: trade creditor throws spanner in the works

Winding up application against Astoria also carries implications for buyers of Laurel Tree project

Angela Tan

Published Tue, Sep 10, 2019 · 09:50 PM

Singapore

A TRADE creditor has thrown a spanner in the works for the Sycamore Tree residential project, potentially dragging 180-odd jaded home buyers including those of a related project at Laurel Tree into a protracted nightmare delay just when progress is being made to complete the units.

On Aug 20, unsecured creditor, Jay Machinery Pte Ltd filed a winding up application in Singapore's High Court against Astoria Development, the developer of the 96 residential units and 17 shops in the Sycamore Tree project in Joo Chiat which went bust. Astoria owes Jay Machinery S$1.3 million. The court hearing is scheduled to be heard on Friday, Sept 13, 2019.

When a company is being liquidated, its assets are collected and sold off to pay debts by an independent liquidator whose powers and dutie…

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