Silver Bird obtains restraining order for subsidiary

KUALA LUMPUR: Silver Bird Group Bhd has obtained a restraining order from the High Court to prevent its wholly-owned subsidiary, Stanson Marketing Sdn Bhd, from any winding-up, execution, arbitration proceedings, repossession, appointment of receivers and managers or liquidators by any creditors or persons for 90 days from April 12.

The restraining order will ensure that none of Stanson’s creditors are preferred over the others, pending completion of the investigation and the formalisation of the proposed schemes of arrangement for its creditors.

The bakery and confectionery manufacturer said the forensic investigations into the affairs of the group, are ongoing.

“The restraining order will allow Stanson to focus... on completing the current forensic investigations, while operating the business of Stanson so as to preserve its value as a going concern,” said the company.