Tiong Aik Construction has been placed under provisional liquidation as it is unable to pay its debts.
Both Lin Yueh Hung and Ng Kian Kiat from RSM Corporate Advisory have been appointed as joint and several provisional liquidators, TA Corp said in a bourse filing on Monday.
Tiong Aik Construction is currently experiencing an “acute tightening” of cash flow arising from difficulties in collecting payments and retention monies, partly due to potential liquidated damages claims, the company said. These circumstances, coupled with a “slower-than-expected” take-up of available-for-sale properties developed by the group, have “limited the extent to which the group is able to continue supporting the cash flow requirements for Tiong Aik Construction and its ability to secure new projects in the light of its current financial condition”, it said.
In addition, the company has “exposure from parent guarantees and other forms of financial support for Tiong Aik Construction and projects undertaken by it in its ordinary course of business, and there is the possibility of cross-defaults being triggered by the provisional liquidation for loan facilities taken by the other members of the group”.
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