SINGAPORE (Sept 20): A Singapore court has granted applications to wind up The Stratech Group and its subsidiary, Stratech Systems, after the group failed to receive the necessary support for proposed schemes of arrangement.

(See: Stratech to receive funds from controlling shareholders, plans to propose scheme of arrangement)

(See also: Stratech to call for rights issue as founders pump in more funds)

(See also: Auditors flag Stratech's ability as going concern)

One of Stratech’s three secured creditors, who held more than 50% of the company’s S$6 million in secured debt, did not agree to its proposed scheme.

The court decided it was bound by case law not to grant an application to call for a creditors’ meeting as there was no reasonable prospect for success. As the proposed scheme would have to gain approval from all classes of creditors, the court... (Click here to read the full story)