Latest news with #liquidation
Finextra
a day ago
- Business
- Finextra
My Nest Egg enters liquidation
On 4 June 2025, My Nest Egg Limited (MNEL) entered into Creditors' Voluntary Liquidation. Simon Farr and Tom Bowes of FRP Advisory Trading Limited were appointed as joint liquidators. 0 MNEL is authorised and regulated by the Financial Conduct Authority (FCA). It operated a digital platform through which customers managed their pensions and Individual Savings Accounts (ISAs). As MNEL remains authorised, it continues to be subject to the FCA's rules and supervisory oversight. The joint liquidators are officers of the Court and must comply with all relevant insolvency laws. They are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England and Wales (ICAEW) and the Insolvency Practitioners Association (IPA). We are working closely with the joint liquidators.
South China Morning Post
4 days ago
- Business
- South China Morning Post
Singapore's 1880 club shuts down, 2 weeks after demise of Hong Kong branch
Private club 1880 in Singapore has abruptly closed down, two weeks after its cash-strapped Hong Kong branch folded, with its founder citing falling attendance and decreased spending by members for its demise, the Post has learned. In a letter sent to members on Monday at midnight and seen by the Post, founder Marc Nicolson said its local premises, located in InterContinental Singapore Robertson Quay, would be shutting down with immediate effect. He also revealed the club's holding company 38 Degrees and operating company 1880 Pte Ltd had been placed into provisional liquidation. Nicolson said in the letter that building 1880 had been a 'dream come true', but 'spending and frequency per visit of our members has been trending down'. He added that he was grateful and sorry to the club's board, staff and members, and told members not to visit the club's premises as 'the doors will be locked'. Nicolson said he had received three offers to invest in or acquire the club, and 'any one of these would have restored us to health and given a runway to building a global brand'. But he had ultimately been 'unsuccessful in getting those offers over the line' and was left without further funds to pay staff and suppliers.
Yahoo
4 days ago
- Business
- Yahoo
Private club 1880 Singapore suddenly closes, no funds to pay staff and suppliers; Singapore civil servants mid-year bonus will be 0.4 months: Singapore live news
Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. The Singapore civil servant mid-year bonus 2025 will be 0.4 months, with junior-grade officers receiving an additional one-time payment of up to $400, said the Public Service Division (PSD). According to a statement on 16 June by the PSD, the mid-year bonus takes into account Singapore's economic performance in the first quarter of 2025, and the 'subdued economic outlook' for this year. Read more in our live blog below, including the latest local and international news and updates. Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. Singaporean entrepreneur, Chris J Reed, shared a screenshot of the email on his LinkedIn account on Tuesday. However, aside from the closure announcement, the screenshot only said that details about the liquidation process and creditors meeting will be "forthcoming". According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. "We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close." CNA reported that the email alluded to expansion as a reason for the failure. "We created a brand that earned a reputation that brought opportunities for expansion that I could not resist," the email stated. The club is located in Robertson Quay, and was founded by Marc Nicholson. It opened in late 2017. As of Monday, the club was still open to members and actively promoting on its social media account. View this post on Instagram A post shared by 1880 Singapore (@1880singapore) For more on the Singapore private club 1880 closing, read here. New private home sales in Singapore have dropped to a five-month low in May amid global tariff tensions. According to data released by the Urban Redevelopment Authority on Monday (16 June), developer sales dropped for a third consecutive month and there were only 312 units bought last month. Developers have grown more cautious amid Trump's tariffs and the slowed economic outlook for Singapore in the first quarter of 2025. There were no major launches in May – a factor that affected sales figures as well. The market's sluggish performance is expected to continue into June, typically a slow month due to school holidays. One project in the east sold fewer than 10 per cent of its 107 freehold units during its launch weekend earlier this month. For more on the slowing private home sales in Singapore, read here. Second-generation actress Tay Ying got hitched on Sunday (15 June) night to celebrity chef Wu Sihan at Orchard Hotel. Incidentally, this was the same venue where her parents, celebrities Hong Huifang and Zheng Geping, married 32 years ago. And yes, the choice was intentional, according to Chinese daily Lianhe Zaobao. Tay Ying shared the news of her wedding on Instagram on 16 June, and wrote, "We had the perfect wedding thanks to so many people. While we take our time to absorb everything that happened this weekend, here are some snippets of Day 2 of our wedding last night." View this post on Instagram A post shared by Tay Ying 郑颖 (@tayying_) The actress shared four photos from the night of the wedding, including a photo where she was accompanied by her father, and uncle and godfather, Hong Weiwen. The latter is the younger brother of her mother. The wedding was held at Orchard Hotel Singapore with 72 tables and about 700 guests. The guests included Christopher Lee and his wife Fann Wong, Yvonne Lim and her family, Florence Tan, Vincent Ng, Cassandra See, Chen Xiuhuan, Xiang Yun, Aileen Tan, Jin Yinji, Huang Biren, Tang Miaoling, Cherie Lim, Chen Tianwen, Chen Hanwei, Richard Low and Lin Ruping. Also on the guest list were younger artistes such as Elvin Ng, Romeo Tan, Rebecca Lim, Chantalle Ng, Desmond Tan, Hong Ling and her husband Nick Teo, as well as Denise Camillia Tan and Xixi Lim. For more on Tay Ying's wedding, read here. Acting Transport Minister Jeffrey Siow said there will be no major tweaks to the certificate of entitlement (COE) system in the short term. Instead, the focus now is on ensuring that all vehicles are equipped with on-board units (OBUs) for the next-generation Electronic Road Pricing (ERP) system. On 11 June, Siow explained to reporters, "The reality is there won't be space for every Singaporean to own a car in Singapore." Hence, the COE is the government's way of allocating this "scarce good". Siow also doesn't think that private-hire cars have driven up COE premiums. He said, "If we didn't have private-hire cars today, actually the reverse would be true, that a large number of these people will feel that they need to buy a car, and then... they will bid the price of the COE up." He also noted that the economics of a private-hire car are "much more efficient", pointing out that if a COE allocation would be better for a car that can be shared among a larger group of Singaporeans over a private car owner who drives his car twice a day only. Siow was also asked about private-hire driver hours. This was in light of the tragic death of 49-year-old driver Gavin Neo from a stroke, whom friends said often spent up to 15 hours behind the wheel to provide for his teenage son and daughter. The acting minister said the Land Transport Authority (LTA) does not regulate the number of hours that private-hire drivers should be on the road, and the unions have not called for such regulations either, as different drivers have different needs. The LTA will step in if accident rates for private-hire vehicles are much higher than private vehicles, but this has not been the case. Siow also said the question is whether ride-hailing platform Grab's incentive scheme should be tweaked, pointing out a very high-achieving incentive tier that few drivers are on. For more on Acting Transport Minister Jeffrey Siow's thoughts on transport challenges, read here. The Singapore civil servant mid-year bonus 2025 will be 0.4 months, with junior-grade officers receiving an additional one-time payment of up to $400, said the Public Service Division (PSD). According to a statement on 16 June by the PSD, the mid-year bonus takes into account Singapore's economic performance in the first quarter of 2025, and the 'subdued economic outlook' for this year. "Given the forecast of weaker gross domestic product (GDP) growth and the downside economic risks, the public sector unions and the Government will jointly monitor the economic performance for the rest of the year, and will calibrate the year-end payments accordingly," they wrote. Singapore's economy grew by 3.9 per cent on a year-on-year basis in the first quarter of 2025, said the PSD. Meanwhile, the Ministry of Trade and Industry maintained the GDP growth forecast of 0 per cent to 2 per cent for 2025. For more on the civil servant bonus 2025, read here. Singapore private club 1880 suddenly announced on Tuesday (17 June) that it would permanently close, with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. Singaporean entrepreneur, Chris J Reed, shared a screenshot of the email on his LinkedIn account on Tuesday. However, aside from the closure announcement, the screenshot only said that details about the liquidation process and creditors meeting will be "forthcoming". According to CNA, which has seen a copy of the email, there were some insights provided into the closure of the business. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. "We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close." CNA reported that the email alluded to expansion as a reason for the failure. "We created a brand that earned a reputation that brought opportunities for expansion that I could not resist," the email stated. The club is located in Robertson Quay, and was founded by Marc Nicholson. It opened in late 2017. As of Monday, the club was still open to members and actively promoting on its social media account. View this post on Instagram A post shared by 1880 Singapore (@1880singapore) For more on the Singapore private club 1880 closing, read here. New private home sales in Singapore have dropped to a five-month low in May amid global tariff tensions. According to data released by the Urban Redevelopment Authority on Monday (16 June), developer sales dropped for a third consecutive month and there were only 312 units bought last month. Developers have grown more cautious amid Trump's tariffs and the slowed economic outlook for Singapore in the first quarter of 2025. There were no major launches in May – a factor that affected sales figures as well. The market's sluggish performance is expected to continue into June, typically a slow month due to school holidays. One project in the east sold fewer than 10 per cent of its 107 freehold units during its launch weekend earlier this month. For more on the slowing private home sales in Singapore, read here. Second-generation actress Tay Ying got hitched on Sunday (15 June) night to celebrity chef Wu Sihan at Orchard Hotel. Incidentally, this was the same venue where her parents, celebrities Hong Huifang and Zheng Geping, married 32 years ago. And yes, the choice was intentional, according to Chinese daily Lianhe Zaobao. Tay Ying shared the news of her wedding on Instagram on 16 June, and wrote, "We had the perfect wedding thanks to so many people. While we take our time to absorb everything that happened this weekend, here are some snippets of Day 2 of our wedding last night." View this post on Instagram A post shared by Tay Ying 郑颖 (@tayying_) The actress shared four photos from the night of the wedding, including a photo where she was accompanied by her father, and uncle and godfather, Hong Weiwen. The latter is the younger brother of her mother. The wedding was held at Orchard Hotel Singapore with 72 tables and about 700 guests. The guests included Christopher Lee and his wife Fann Wong, Yvonne Lim and her family, Florence Tan, Vincent Ng, Cassandra See, Chen Xiuhuan, Xiang Yun, Aileen Tan, Jin Yinji, Huang Biren, Tang Miaoling, Cherie Lim, Chen Tianwen, Chen Hanwei, Richard Low and Lin Ruping. Also on the guest list were younger artistes such as Elvin Ng, Romeo Tan, Rebecca Lim, Chantalle Ng, Desmond Tan, Hong Ling and her husband Nick Teo, as well as Denise Camillia Tan and Xixi Lim. For more on Tay Ying's wedding, read here. Acting Transport Minister Jeffrey Siow said there will be no major tweaks to the certificate of entitlement (COE) system in the short term. Instead, the focus now is on ensuring that all vehicles are equipped with on-board units (OBUs) for the next-generation Electronic Road Pricing (ERP) system. On 11 June, Siow explained to reporters, "The reality is there won't be space for every Singaporean to own a car in Singapore." Hence, the COE is the government's way of allocating this "scarce good". Siow also doesn't think that private-hire cars have driven up COE premiums. He said, "If we didn't have private-hire cars today, actually the reverse would be true, that a large number of these people will feel that they need to buy a car, and then... they will bid the price of the COE up." He also noted that the economics of a private-hire car are "much more efficient", pointing out that if a COE allocation would be better for a car that can be shared among a larger group of Singaporeans over a private car owner who drives his car twice a day only. Siow was also asked about private-hire driver hours. This was in light of the tragic death of 49-year-old driver Gavin Neo from a stroke, whom friends said often spent up to 15 hours behind the wheel to provide for his teenage son and daughter. The acting minister said the Land Transport Authority (LTA) does not regulate the number of hours that private-hire drivers should be on the road, and the unions have not called for such regulations either, as different drivers have different needs. The LTA will step in if accident rates for private-hire vehicles are much higher than private vehicles, but this has not been the case. Siow also said the question is whether ride-hailing platform Grab's incentive scheme should be tweaked, pointing out a very high-achieving incentive tier that few drivers are on. For more on Acting Transport Minister Jeffrey Siow's thoughts on transport challenges, read here. The Singapore civil servant mid-year bonus 2025 will be 0.4 months, with junior-grade officers receiving an additional one-time payment of up to $400, said the Public Service Division (PSD). According to a statement on 16 June by the PSD, the mid-year bonus takes into account Singapore's economic performance in the first quarter of 2025, and the 'subdued economic outlook' for this year. "Given the forecast of weaker gross domestic product (GDP) growth and the downside economic risks, the public sector unions and the Government will jointly monitor the economic performance for the rest of the year, and will calibrate the year-end payments accordingly," they wrote. Singapore's economy grew by 3.9 per cent on a year-on-year basis in the first quarter of 2025, said the PSD. Meanwhile, the Ministry of Trade and Industry maintained the GDP growth forecast of 0 per cent to 2 per cent for 2025. For more on the civil servant bonus 2025, read here.
CNA
4 days ago
- Business
- CNA
Private club 1880 Singapore closes down, says it has no funds to pay staff and suppliers
SINGAPORE: Private members' club 1880 Singapore has informed members it will close permanently on Tuesday (Jun 17) and enter liquidation. The club, located in Robertson Quay, was founded by Marc Nicholson and opened in late 2017. On Monday, its social media accounts were still promoting upcoming events. The abrupt closure comes after 1880's Hong Kong branch shuttered on May 30, less than a year after opening. In an email seen by CNA, which was sent to members late on Monday night, 1880 Singapore provided brief reasons for the closure. "Spend and frequency per visit of our members has been trending down. The company needed an injection and some efficiency optimisation," the email read. "We had three offers to invest in or acquire 1880. Anyone of these would have restored us to health and given a runway to building a global brand. "We were however, unsuccessful in getting those offers over the line. With no further funds to pay our staff or suppliers, we have no alternative but to close." The email also stated that the club's holding company 38 Degrees and operating company 1880 have been placed into provisional liquidation, with details about the liquidation process and creditors' meeting to come. When CNA visited 1880 Singapore on Tuesday morning, the entrance was blocked. A sign on the third level, where the club is located, indicated it was "permanently closed". CNA has contacted 1880 for more information. 1880 Singapore offered social events and spaces, including a restaurant, bar, spa and co-working space. Past speakers it has hosted include foreign minister George Yeo, veteran diplomats Kishore Mahbubani and Bilahari Kausikan, and the host of Netflix series Mind Your Manners, Sara Jane Ho. South China Morning Post previously reported that 1880 Hong Kong was entering liquidation with debts of about HK$20 million (US$2.5 million).
RNZ News
4 days ago
- Business
- RNZ News
'I feel so helpless': Woman left $2000 out of pocket as appliance store shuts
The first home buyer lost $2088 when the business she was buying whiteware from went into liquidation. File photo. Photo: RNZ A customer who has been left $2000 out of pocket due to the failure of an appliance retailer says there need to be better protections for unsecured creditors. The woman - who did not want to be identified - said she ordered a washing machine and fridge from Davies Appliances in Auckland's Silverdale in April. She was told the fridge would be ordered from the supplier in a week and that the washing machine was in stock. But in early June she was told neither was in stock and she would get a refund. On 12 June, she was told that the business was going into liquidation and she would be an unsecured creditor. "I started to find people from Google reviews, Reddit and Facebook community pages sharing similar experiences. We are all owed at least $1000 each. Mine is $2088 - $2088 is almost one month's repayment of my mortgage. As a first-home buyer who recently got my own place and have been super broke since April, I feel so helpless and frustrated now." She said it did not seem worth investing money in a lawyer when it was unlikely she would get anything back. Unsecured creditors rank below secured creditors, such as banks and other lenders, staff who are owed money, and Inland Revenue. It is only if the liquidator can realise enough money to pay all the other debts that unsecured creditors would get back any of what they are owed. Derek Ah Sam, a consultant at Rodgers Reidy, has been appointed liquidator for Davies Appliances and said there were about 10 customers affected. Davies Appliances has been approached for comment. The purchaser said she thought there should be a way to give more protection to unsecured creditors. "Registering a business only costs $200 - there's no restriction about it, even the directors can start a new business. Even I can do that, it's so unfair. Now I think I won't go to any of those small businesses… as a customer I won't trust them any more." Steven Moe, partner at ParryField Lawyers, said he saw many people who were not aware they did not have automatic protection if a business went under. "It can be upsetting for them, particularly if they are unsecured and don't have protection that might have been possible to obtain." He said in some cases, people dealing with a business could register a security interest with the Personal Property Securities Register. This would usually work best in situations where a unique item could be identified - such as a serial number on a swimming pool or a specific appliance. "The key is education and if there is a perception that a company can fail but a person will still receive the goods or services they paid for, then that needs to be corrected. "While there are usually disclaimers in contracts it is perhaps something that needs to be put up front so that people can know what they are getting in to. In other contexts it might be important to negotiate stages so that you only pay on delivery rather than paying everything up front and running the risk that the company goes under." Keaton Pronk, a licensed insolvency practitioner at McDonald Vague said the safest option when purchasing goods was to collect them immediately upon making payment. He said that was particularly the case when a shop was advertising a closing down sale. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
