This article first appeared in The Edge Financial Daily on February 7, 2020 - February 13, 2020

KUALA LUMPUR: London Biscuits Bhd, which is currently in liquidation, said yesterday the liquidator in charge has set March 2, 2020 for parties interested in its assets and businesses to submit bids or proposals.

“The company will make necessary announcements as and when there are further developments,” it said in a filing with Bursa Malaysia yesterday.

It was reported that Lim San Peen of PricewaterhouseCoopers Advisory Services Sdn Bhd had been appointed the interim liquidator of London Biscuits.

On Jan 13, the High Court ordered that London Biscuits be wound up following a petition submitted on Sept 18, 2019 by Desa Potensi Sdn Bhd demanding an outstanding payment of RM16.41 million from the company.

The sum was based on unpaid invoices owed by London Biscuits from April 1 to June 30 last year.

The High Court also granted an order to disallow any ex parte application by London Biscuits pending the determination of the application by Desa Potensi, OCBC Al-Amin and Bangkok Bank Bhd to appoint an interim liquidator.

The problem with London Biscuits peaked in November 2019 when it impaired RM394.2 million largely on its ballooning receivables — an amount that was more than the confectioner’s latest full-year revenue of RM391.73 million.

The company’s shares have been suspended since Jan 21.