SINGAPORE – The holding companies of restaurant group Crystal Jade’s operations in Singapore and Hong Kong have been placed under receivership, with advisory firm Kroll reviewing the group’s financial and operational affairs.
Receivership generally involves an independent party being appointed to take control of some or all of a company’s assets, typically when it is unable to meet its financial obligations.
Kroll said on Sept 30 that its representatives have been appointed as receivers over Singapore-incorporated Crystal Jade Culinary Concepts Holding and Hong Kong-incorporated Crystal Jade Culinary Concepts Holding (Great China).
“The representatives are undertaking a review of the group’s financial and operational affairs, including assessing strategic options available for...
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