COMMUNICATIONS network specialist Ntegrator, formerly known as Watches.com, has received two originating applications from its former financial controller and ex-executive director, each seeking a winding-up order from the High Court.
In a bourse filing on Tuesday (Sep 3), the company said it has received an Aug 23 application from solicitors acting on behalf of Sw Chan Kit, the former financial controller of the company.
Sw is seeking a winding-up order against the company, and an order for representatives from Baker Tilly (Singapore) to be appointed as joint and several liquidators of Ntegrator, from the general division of Singapore’s High Court.
The application also asked for the costs of the proceedings to be assessed, if not fixed or agreed, and be paid to Sw out of the company’s assets.
Ntegrator also received a second application dated Aug 30 seeking the same orders from the High Court, from solicitors of Sw and Han Meng Siew, a former executive director of Ntegrator.
The second application asked for the costs of proceedings to be paid to Sw and Han.
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The hearing dates for the applications are Sep 13 and Sep 20.
Ntegrator is disputing the originating applications and seeks to claim and/or counterclaim any losses or damages suffered. It has sought legal advice and “intends to vigorously defend itself” against the applications.
It added that its current operations are not expected to be materially affected by the originating applications.
Statutory demands
These originating applications come after the company received statutory demands from Sw and Han in July.
On Jul 19, the group received a statutory demand from Sw. He demanded the repayment of S$106,859.66, together with interest accruing from Jul 4 to the date of full repayment.
The sum is the balance due to him in connection to an April 2023 loan agreement between him and Ntegrator.
On the same date, the company received a second statutory demand from Sw for a further S$231,936.87. It comprises his unpaid salary from January to July this year, his leave encashment entitlement, his unpaid bonus approved in June, as well as unpaid petty cash and expense claims reimbursement.
On Jul 26, the company received a third statutory demand from Han amounting to S$240,578.23. This comprises his unpaid salary from Jan 1 to Jun 30, and unpaid petty cash and expense claims reimbursement.
Han also stated that he is due to be paid his salary from Jul 1 to 26.
The three statutory demands had asked for the repayment of the sums within three weeks of the date of service of each demand.
In an Aug 6 bourse filing announcing the receipt of these demands, Ntegrator said it disputes the claims made.
It was in the process of investigating areas of concern arising from the conduct of Sw and Han in the course of their employment.
Trading in the shares of Ntegrator remains suspended.
