Mary Chia Holdings, a Singapore-based lifestyle, beauty, and wellness company, will continue operations following the stay of insolvency and bankruptcy proceedings filed against it and its executives. The High Court granted the stay on Sept. 30, halting four applications initiated by corporate lender Fullink Capital.
Fullink’s legal actions included two insolvency claims—one against Mary Chia Holdings and another against its subsidiary Organica International Holdings—as well as two bankruptcy applications targeting the company’s CEO and executive chairman, Ho Yow Ping, and executive director and group chief financial officer, Su Jun Ming. The proceedings stemmed from a $350,000 loan Fullink extended to Organica, with Mary Chia Holdings having acted as guarantor.
A hearing scheduled for 10 a.m. on Sept. 30 was adjourned shortly before commencement to allow private discussions between the parties’ lawyers. After returning to court within the hour, the judge instructed both sides to consult their clients before confirming further actions.
Later the same day, Mary Chia Holdings announced it had been ordered to deposit approximately $651,500 into court as security within 14 days. This amount, already in the hands of the company’s solicitors, effectively stalled the insolvency proceedings. According to the company, once the security deposit is lodged, Fullink’s insolvency claims will be dismissed without further orders. Mary Chia was also directed to pay $13,900 in legal costs to Fullink.
The funds held in court will remain as security pending the final resolution of Fullink’s remaining disputed claims. Mary Chia emphasized that placing the sum into court is a precautionary measure and does not constitute an admission of liability. The company stated it intends to vigorously contest Fullink’s claims through ongoing legal channels.
The dispute arose after Fullink issued a statutory demand on March 17 seeking $902,640 in outstanding payments. This figure included late-payment interest and other fees linked to loan and settlement agreements. Mary Chia challenged the additional charges, particularly fees related to late payments, default interest, and restructuring.
Following a July 17 High Court order, Mary Chia paid $343,829 toward undisputed debt and $14,000 in court-ordered costs but maintained its opposition to the remaining $558,811 claimed by Fullink.
In a separate legal matter, Mary Chia’s subsidiary, Mary Chia Beauty & Slimming Specialist, faced charges in the State Courts on Sept. 10 for failing to pay Central Provident Fund (CPF) contributions for 10 employees for the month of September 2025. The outstanding amount was $50,208, with a partial payment of $11,291 made earlier on Sept. 9.
Financially, Mary Chia reported a revenue decline to $11.86 million for the fiscal year ending March 31, 2026, down 71% from $40.8 million the previous year. The company recorded a loss of $2.3 million compared to a $603,000 profit the year prior.
Mary Chia also disclosed that its controlling shareholder reaffirmed on May 28 a commitment to provide financial support for at least 12 months and would not seek repayment of outstanding amounts owed by the group. The company’s shares closed at 1.3 cents on Sept. 30.