Latest news with #RestructuringandDissolutionAct
Straits Times
16-07-2025
- Business
- Straits Times
Cathay Cineplexes gets fresh demands to pay up $3.3m debt for Century Square, Causeway Point outlets
Find out what's new on ST website and app. Cathay Cineplexes has three weeks to pay the full amount, or to secure or compound the above sums to the reasonable satisfaction of the landlord. SINGAPORE – Embattled cinema chain Cathay Cineplexes has received more repayment demands – this time, a sum exceeding $3.3 million in rental arrears and for other items, owed to the landlords of its outlets at Century Square and Causeway Point. These include two statutory demands received on July 15 for the payment of $86,142.31 and $643,064.36 owed for the lease of its Century Square outlet. A third statutory demand was received the same day for the sum of $2.6 million, owed for the lease of its Causeway Point outlet, said its parent company, mm2 Asia, in a bourse filing on July 16. Cathay Cineplexes has three weeks – by Aug 5 – to pay the full amount or to secure or compound the above sums to the reasonable satisfaction of the landlord, Frasers Centrepoint Trust. If the cinema chain fails to comply, it shall be deemed to be unable to pay its debts under the provisions of the Singapore Insolvency, Restructuring and Dissolution Act, the company said. mm2 and the Cathay Cineplexes board said they are seeking legal advice, and intend to engage with Frasers to explore all available options. This announcement comes shortly after the company received a statutory demand for $7.6 million from Linkwasha Holdings on July 9. The amount owed was related to a loan Linkwasha extended to mm2, for the media company to partially finance its acquisition of the cinema chain from Cathay Organisation. Top stories Swipe. Select. Stay informed. Singapore Over 600 Telegram groups in Singapore selling, advertising vapes removed by HSA Singapore 2 weeks' jail for man caught smuggling over 1,800 vapes and pods into Singapore Singapore Jail for man who fatally hit his daughter, 2, while driving van without licence Singapore Primary 1 registration: 38 primary schools to conduct ballot in Phase 2A Singapore ComfortDelGro to introduce new taxi cancellation, waiting fee policy Singapore Here comes the sun: Less rain, more warm days in second half of July Singapore Instead of overcomplicating COE system, Govt has ensured affordable transport for all: SM Lee to Jamus Lim Singapore Baby died after mum took abortion pills and gave birth in toilet; coroner records an open verdict Linkwasha, a related entity of Cathay Organisation, extended a loan of $30 million to mm2, for the acquisition worth $230 million. As at the date of the statutory demand, mm2 said it had repaid most of the loan, and that the outstanding amount, including interest, was $7.6 million. On July 2, the cinema chain received a statutory demand from the landlords of its shuttered outlet in Jem shopping mall, asking that it pay up arrears of around $3.4 million by the end of the month.
Business Times
16-07-2025
- Business
- Business Times
Cathay Cineplexes gets fresh demands to pay up S$3.3 million debt for Century Square, Causeway Point outlets
[SINGAPORE] Embattled cinema chain Cathay Cineplexes has received more repayment demands – this time, a sum exceeding S$3.3 million in rental arrears and for other items, owed to the landlords of its outlets at Century Square and Causeway Point. These include two statutory demands received on Tuesday (Jul 15), for the payment of S$86,142.31 and S$643,064.36 owed for the lease of its Century Square outlet. A third statutory demand was received the same day for the sum of S$2.6 million, owed for the lease of its Causeway Point outlet, said its parent company mm2 Asia in a bourse filing on Wednesday. Cathay Cineplexes has three weeks – by Aug 5 – to pay the full amount, or to secure or compound the above sums to the reasonable satisfaction of the landlord, Frasers Centrepoint Trust. If the cinema chain fails to comply, it shall be deemed to be unable to pay its debts under the provisions of the Singapore Insolvency, Restructuring and Dissolution Act, the company said. mm2 and the Cathay Cineplexes board said they are seeking legal advice, and intend to engage with Frasers to explore all available options. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This announcement comes shortly after the company received a statutory demand for S$7.6 million from Linkwasha Holdings on Jul 9. The amount owed was related to a loan Linkwasha extended to mm2, for the media company to partially finance its acquisition of the cinema chain from Cathay Organisation. Linkwasha, a related entity of Cathay Organisation, extended a loan of S$30 million to mm2, for the acquisition worth S$230 million. As at the date of the statutory demand, mm2 said it had repaid most of the loan, and that the outstanding amount, including interest, was S$7.6 million. On Jul 2, the cinema chain received a statutory demand from the landlords of its shuttered outlet in Jem shopping mall, asking that it pay up arrears of around S$3.4 million by the end of the month.
Business Times
16-07-2025
- Business
- Business Times
Cathay Cineplexes gets fresh demands to pay up rent for Century Square, Causeway Point outlets
[SINGAPORE] Embattled cinema chain Cathay Cineplexes has received more repayment demands – this time, a sum exceeding S$3.3 million in rental arrears and for other items, owed to the landlords of its outlets at Century Square and Causeway Point. These include two statutory demands received on Tuesday (Jul 15), for the payment of S$86,142.31 and S$643,064.36 owed for the lease of its Century Square outlet. A third statutory demand was received the same day for the sum of S$2.6 million, owed for the lease of its Causeway Point outlet, said its parent company mm2 Asia in a bourse filing on Wednesday. Cathay Cineplexes has three weeks – by Aug 5 – to pay the full amount, or to secure or compound the above sums to the reasonable satisfaction of the landlord, Frasers Centrepoint Trust. If the cinema chain fails to comply, it shall be deemed to be unable to pay its debts under the provisions of the Singapore Insolvency, Restructuring and Dissolution Act, the company said. mm2 and the Cathay Cineplexes board said they are seeking legal advice, and intend to engage with Frasers to explore all available options. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This announcement comes shortly after the company received a statutory demand for S$7.6 million from Linkwasha Holdings on Jul 9. The amount owed was related to a loan Linkwasha extended to mm2, for the media company to partially finance its acquisition of the cinema chain from Cathay Organisation. Linkwasha, a related entity of Cathay Organisation, extended a loan of S$30 million to mm2, for the acquisition worth S$230 million. As at the date of the statutory demand, mm2 said it had repaid most of the loan, and that the outstanding amount, including interest, was S$7.6 million. On Jul 2, the cinema chain received a statutory demand from the landlords of its shuttered outlet in Jem shopping mall, asking that it pay up arrears of around S$3.4 million by the end of the month.
Business Times
16-07-2025
- Business
- Business Times
Cathay Cineplexes gets fresh payment demands of over S$3.3 million for Century Square, Causeway Point outlets
[SINGAPORE] Embattled cinema chain Cathay Cineplexes has received more repayment demands of over S$3.3 million in rent arrears and other amounts, owed to the landlords of its outlets at Century Square and Causeway Point. This includes two statutory demands received on Tuesday (Jul 15), for the payment of S$86,142.31 and S$643,064.36, respectively, owed for the lease of its Century Square outlet. It also received a statutory demand on the same day, for the sum of S$2.6 million, owed for the lease of its Causeway Point outlet, said its parent company mm2 Asia in a bourse filing on Wednesday. Cathay Cineplexes has three weeks – by Aug 5 – to pay the full amount, or secure or compound the above sums to the reasonable satisfaction of the landlord, Frasers Centrepoint Trust. If the cinema chain fails to comply, it shall be deemed to be unable to pay its debts under the provisions of the Singapore Insolvency, Restructuring and Dissolution Act, the company said. Media company mm2 and the Cathay Cineplexes board said they are seeking legal advice regarding the abovementioned matters, and intend to engage with Frasers to explore all available options. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This announcement comes shortly after the company received a statutory demand of S$7.6 million from Linkwasha Holdings on Jul 9. The amount owed was related to a loan that Linkwasha extended to mm2, to partially finance the latter's acquisition of the cinema chain from Cathay Organisation. Linkwasha, which was a related entity of Cathay Organisation, extended a loan of S$30 million to mm2, for the acquisition worth S$230 million. As at the date of the statutory demand, mm2 said it had repaid the majority of the loan, with a remaining outstanding amount of S$7.6 million including interests. On Jul 2, the cinema chain also received a statutory demand from the landlords of its shuttered outlet at Jem shopping mall, asking that it pay up arrears of around S$3.4 million before the end of the month.
Online Citizen
15-06-2025
- Business
- Online Citizen
Authorities to criminalise firms soliciting bankruptcy filings to exploit debt relief scheme
SINGAPORE: The Ministry of Law (MinLaw) has proposed legal amendments to prevent abuse of the Debt Repayment Scheme (DRS), a bankruptcy alternative for individuals with smaller debts. The move targets consultancy firms that allegedly encourage debtors to borrow money and self-petition for bankruptcy solely to qualify for the DRS. On 9 June 2025, MinLaw announced plans to introduce a new offence under the Insolvency, Restructuring and Dissolution Act (IRDA). This offence will criminalise the solicitation of bankruptcy applications by businesses. The proposed punishment includes a fine of up to S$10,000, imprisonment for up to three years, or both. Regulated professionals such as lawyers, accountants, and financial advisers—as well as recognised charitable entities—will be exempted from the law. The DRS was introduced in 2009 in response to financial challenges faced during the Great Recession. It offers wage-earning debtors with unsecured debts not exceeding S$150,000 a way to repay creditors under a structured plan lasting no more than five years. According to MinLaw, an increasing number of debtors are engaging consultancy firms that charge substantial fees and encourage clients to incur additional debt to fund these services. These practices have led to a rise in debtor-initiated bankruptcy filings. The Straits Times reported in March that in 2024, 2,928 out of all bankruptcy applications—or 59 percent—were filed by debtors themselves. MinLaw has expressed concern that many such filings are motivated not by genuine financial distress but by attempts to obtain a partial discharge of debts under the DRS. Under current law, debtors must file for bankruptcy to be considered for the scheme. However, the ministry emphasised that the scheme was never intended for abuse. In addition to the new criminal offence, MinLaw is proposing two further grounds under which debtors may be deemed unsuitable for the DRS. The first is the failure to pay the preliminary fees totalling S$600, which are required to cover administrative costs borne by the Official Assignee (OA), the officer overseeing the scheme. The second is where a debtor incurs debt with no reasonable expectation of repayment—particularly within 12 months prior to a bankruptcy application. This aims to address cases where individuals take on new loans shortly before applying for the DRS, effectively using the scheme to bypass full repayment. MinLaw is also proposing to designate this same behaviour—incurring debt without a reasonable expectation of repayment—as a ground for failure of the DRS, even after a debtor has been accepted into the scheme. This would empower the OA to terminate repayment plans and issue a Certificate of Failure, allowing creditors to commence bankruptcy proceedings. To enhance administrative efficiency, a new statutory four-week deadline for creditors to file proofs of debt is also proposed. At present, delays in creditor submissions can disrupt the planning and implementation of repayment arrangements, particularly if new claims exceed the S$150,000 threshold. Under the changes, creditors who miss the deadline may still request an extension, but must provide a valid reason. Those who fail to file on time without justification will forfeit claims after a debtor successfully completes the plan. These proposed legislative amendments follow a previous review of the DRS in 2016, which raised the debt threshold from S$100,000 to S$150,000. Other minor procedural updates are also proposed, including changes to appeal procedures and timelines, and clarification of existing statutory provisions. MinLaw is inviting public feedback on the proposals through an online consultation portal. Submissions are open until 27 June 2025. The ministry said the proposed changes are aimed at preserving the integrity of the DRS while ensuring that both debtor rehabilitation and creditor interests remain balanced and protected.
