SINGAPORE – The liquidators for True Yoga and True Fitness have received claims from around 3,300 creditors, following the decision to place the fitness chains into creditors’ voluntary liquidation.
The move comes after special resolutions were passed at extraordinary general meetings for both companies on Oct 7, according to a media statement by appointed liquidators RSM Singapore issued on Oct 8.
During meetings held on Oct 7, creditors confirmed the appointment of the liquidators and voted to form a Committee of Inspection (COI) comprising up to five members to represent stakeholder interests.
The liquidators will now focus on the “orderly administration of the companies’ affairs” and the recovery of assets. They will also…