SINGAPORE – The operator of the now-shuttered Sentosa beach club Tipsy Unicorn has been wound up by the High Court, with liquidators moving in to assess debts owed to creditors.
On Jan 23, Justice Chionh Sze Chyi ordered privately held operator Tipsy Bird into compulsory liquidation after a winding-up application was filed by UOB. Two insolvency practitioners from BDO Advisory were subsequently appointed as joint and several liquidators.
Court documents seen by The Straits Times showed that UOB is seeking to recover more than $96,000 in debt plus interest from Tipsy Bird.
However, this may not be the extent of Tipsy Bird’s full liabilities, the liquidators said.
In response to queries from The Straits Times in February, they noted that without the Statement of Affairs, which sets out a company’s financial position at the point of collapse, they could not determine the total liabilities owed to creditors, or how many parties may be affected.
“The directors of the company have not come forward to apprise the liquidators of the affairs of the company,” they said, adding that this remained the position as at Feb 16.
According to the liquidators, Tipsy Bird operated Tipsy Unicorn Beach Club at 36 Siloso Beach Walk. Based on their preliminary investigations, the licences required to operate the outlet – including those for the sale of food and liquor and for aquatic facilities – were under Tipsy Bird’s name at the time the winding-up order was made.
They added that the landlord has since exercised its right to take back possession of the premises.
Sentosa Development Corporation (SDC), the landlord of Tipsy Unicorn’s premises, confirmed on Feb 19 that the club had ceased operations as of Jan 30.
“Sentosa Development Corporation remains committed to curating a diverse mix of beach and lifestyle concepts on Sentosa and is in discussions with potential operators to introduce refreshed experiences over time,” an SDC spokesperson said.
