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Dear Customers of NOVU Aesthetics, 

NOTICE IS HEREBY GIVEN that pursuant to Section 166 of the Insolvency, Restructuring and Dissolution Act 2018, a meeting of the creditors of Novu Aesthetics Pte. Ltd. will be held via audio visual communication on the 20th day of April 2021 at 10.30 a.m. for the purposes of :

(a) receiving a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims;

(b) appointing Liquidator(s);

(c) appointing a committee of inspection of not more than 5 members, if thought fit; and

(d) any other business. 

Should you wish to participate in the meeting, please send an email to novu@aag-ca.com with the following details:

  1. Your registered full name as per NRIC / Passport.
  2. Last 3 digits and the last alphabet of your NRIC / Passport.
  3. Contact number Upon verification of the above, we will provide you with a meeting invite link. 

Please note that due to the video conferencing platform constraints we are unable to invite all creditors who wish to attend, and admission will be on a first come, first served basis. 

 

Thank you for your understanding

NOVU FASTHETICS PTE. LTD.
(“PROVISIONAL LIQUIDATORS APPOINTED”)

FREQUENTLY ASKED QUESTIONS FROM STAKEHOLDERS ON THE APPOINTMENT OF PROVISIONAL LIQUIDATORS OVER NOVU FASTHETICS PTE LTD

This FAQ is to address common concerns and questions raised by stakeholders in respect of the appointment of Provisional Liquidators over Novu Fasthetics Pte. Ltd. (the “Company”).

THE APPOINTMENT OF PROVISIONAL LIQUIDATORS

  1. What is the status of the Company?

The Company has been placed under Provisional Liquidation under the Insolvency, Restructuring and Dissolution Act 2018. The sole Director of the Company has declared that the Company is insolvent and not able to continue its business. A creditors’ meeting will be called for 20 April 2021 to confirm the appointment of liquidators.

  1. What is the role of the Provisional Liquidator?

A provisional liquidator is a licensed Insolvency practitioner whose main purpose is to ensure that the Company’s assets are preserved between the time the Company is placed under provisional liquidation and the time the company is actually wound up (after the creditors’ and shareholders’ meeting).

  1. Why did the Company fail?

The Company has been placed under provisional liquidation as it is insolvent. The causes of the insolvency for the Company are not known at this juncture.

  1. How long will the liquidation process take?

The Provisional Liquidators will be in place until 20 April 2021, when the creditors’ and shareholders’ meeting will be convened. It is too early to predict with certainty how long the liquidation process will eventually take to maximise the realization of assets for its stakeholders.

  1. Are there any incoming investors?

The Provisional Liquidators / Liquidators will work with the Director and management to identify potential investors who may be interested in the business / assets of the Company.

CUSTOMERS

  1. What will happen to my unused packages with the Company? Does the Company have sufficient cash to continue its operations to allow me to utilize my unused packages?

The Company is currently insolvent and is not able to fulfill its debt obligations to its creditors. It is also uncertain if the Company can continue its operations in the future. The Provisional Liquidators will update if there are any new developments on the Company’s website and / or Facebook page.

  1. Can I still use my unused packages?

The Company is currently insolvent and is not in a position to continue its operations. The Provisional Liquidators will provide further updates on this matter, if any, on the Company’s website and / or Facebook page.

  1. Can the Company refund me the balance value of my unused packages?

The Company is currently insolvent and not able to meet its debt obligations. The Company or the Provisional Liquidators will not be in a position to refund the customers the value of unused packages.

  1. I have received offers from other similar companies to take over the package. Shall I go with them? If I do, will it affect my claim against the Company?

You will have to consider the terms and conditions of the offers, and to evaluate for yourself if you should decide to let other similar companies take over the existing packages with the Company. Unless the other companies have agreed to assume all obligations and liabilities of the Company under your package, you will still be entitled to make a claim against the Company.

  1. I had purchased certain items and kept these at the clinic so that I can use these for future treatment. Can I get back these unused items?

As far as we are aware, the Company does not keep stockpiles of items belonging to each customer.  Such items are purchased on a regular basis to be used accordingly.

  1. I have an instalment plan for my package with the Company. Can I stop paying?

We are unable to advise you on this, and you may wish to seek independent legal advice .

  1. I have an instalment plan for my package with my credit card company. Can I stop paying the instalments?

We are unable to advise you on this, and you may wish to seek independent legal advice .

TRADE CREDITORS / SUPPLIERS / LANDLORDS

  1. Will the Company pay me back the overdue outstanding?

The Company is currently insolvent and is not in a position to continue its operations, or to meet its obligations to its creditors. Any distributions to creditors will be made by the liquidator, and the amounts to be distributed (if any) will be subject to the realization of the Company’s assets .

  1. Should I file a Proof Of Debt (POD)?

You may file the POD any time using Form VWU-11, which is available at the following link:

https://io.mlaw.gov.sg/files/Forms%20-%20IRD%20(Voluntary%20Winding%20Up)%20Reg%202020.pdf/

EMPLOYEES

  1. Will I get back my overdue salary?

Employees are classified as preferential creditors in a liquidation. If there are sufficient available funds, employees will have priority in payments of up to five months of salary or S$13,000, whichever is the lesser, for claims on overdue salaries.

  1. Will there be any retrenchment?

Given that the Company is insolvent and not in a position to continue its operations, the Provisional Liquidators will ascertain the need to retain the employees. It is inevitable that the employees will be retrenched over a period of time as the operations are wound down.

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