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Singapore High Court gives the legal go-ahead to shut Two Oceans Film Company

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Two Oceans Film Company has legally wound up its business after its two decade run in the Singapore film industry.This follows recent reports which said that the production house had issues with outstanding payments and business to external vendors and parties. According to The Straits Times, the film company was allowed to wind up after the High Court overruled objections of creditors. The piece said that in judgment grounds released on Monday, the judge ruled that the claims made by opposing creditors were not substantiated that the company’s application was made in "bad faith" and “orchestrated”.In a statement to Marketing, managing director Koh Say Chong said that the decision to apply for the winding up of the company as a creditor was a decision that was not taken lightly, nor was it done without regard for the other creditors.“We have been in this business for more than two decades. In this time, Two Oceans Film Company has contributed a great deal to the industry – we were the ones who first challenged and debunked the long-held notion that local, home-grown television commercial film directors could never be on par with those from overseas. We produced work that were recognised by the industry in the Asia Pacific region,” he said.Chong added most of the established commercial film directors, producers and production house owners today were supported and developed by the agency and came through its ranks. He also added "quite a few of the creditors who grew their businesses over the past two decades did so on the back of the business [the agency created".“With much sadness and reluctance, we have had to face the reality of a business that had ceased to be viable. We have put in all the personal resources available to us, including sums borrowed from family and friends, in order to allow the company every possible chance to survive and fought desperately against this outcome until it was clearly no longer tenable to continue," he said.“Now that the judgment has been given to wind up the company we hope to have an opportunity to start again, rebuild a livelihood and aim over time to discharge our commitments."Two Oceans Film Company was started in 1998 by Koh and partner Geraldine Ng, working with notable clients such as CapitalLand (then known as Pidemco), Singtel, Singapore Airlines and banks such as DBS, POSB, OCBC, Citibank and HSBC in the past.

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