SINGAPORE – Mary Chia Holdings, the beleaguered lifestyle, beauty, and wellness brand that has been in the news recently over money issues, will remain in operation after insolvency and bankruptcy applications against the company and its executives were paused on Sept 30.
The four suits filed by corporate lender Fullink Capital include two insolvency claims against Mary Chia Holdings and its subsidiary Organica International Holdings, and two bankruptcy applications against Ho Yow Ping and Su Jun Ming.
Ho is the chief executive officer and executive chairman of 38-year-old Mary Chia Holdings, while Su relinquished his roles as executive director and group chief financial officer on Sept 28.
This followed a dispute linked to a $350,000 loan Fullink had extended to Organica, which Mary Chia Holdings acted as guarantor for.
The Sept 30 High Court hearing was over before anything was said in court.
A few minutes before the hearing was due to start at 10am, lawyers for Mary Chia Holdings and Fullink adjourned for a private discussion in the chambers, but returned within the hour.
A Mary Chia representative told The Straits Times that the judge made a decision and gave the lawyers for both parties time to consult their respective clients and confirm their instructions.
In a media statement released later the same day, Mary Chia Holdings said it was directed to pay $651,498.97 into court within 14 days as security, with Fullink’s insolvency proceedings stayed pending this transfer.
The insolvency proceedings brought by Fullink will be dismissed, with no further orders, when the court receives the funds. Mary Chia was also ordered to pay Fullink $13,900 in legal costs, inclusive of disbursements.
The secured sum will remain in court as security until the final legal determination of Fullink’s remaining disputed claims.
Mary Chia said that placing the additional sum into court is “strictly as security” and does not mean it accepts or admits liability for Fullink’s disputed claims.
“The group and its related parties will continue to vigorously pursue their position through the ongoing legal process,” it said in the statement.
The dispute stems from Fullink’s statutory demand dated March 17 that sought $902,640 from Mary Chia following loan dispute repayments. This sum included late-payment interest and other fees under the loan and settlement agreements.
Mary Chia disputed the additional charges imposed on the debt, including late-payment fees, default interest and restructuring fees, which it argued may be excessive and legally unenforceable.
Days after a High Court order on July 17, Mary Chia said it paid $343,829 in undisputed debts owed to Fullink as well as $14,000 in costs ordered by court. However, it continued to dispute the remaining $558,811 claimed by Fullink.
Separately, a subsidiary Mary Chia Beauty & Slimming Specialist appeared in a state court on Sept 10 over 10 charges of failing to pay CPF contributions for 10 employees for September 2025.
The oustanding amount was $50,208, though a partial payment of $11,291 had been made the day before on Sept 9.
For the financial year ending March 31, Mary Chia reported revenues of $11.86 million, which were down 71 per cent from $40.8 million in the previous year. The company ended the year with a loss of $2.3 million, compared with a profit of $603,000 the year before.
In its statements, Mary Chia also revealed that its controlling shareholder on May 28 confirmed that it would continue to provide financial support to the company for at least 12 months and would not demand repayments of amounts owed by the group.
Shares of Mary Chia closed on Sept 30 at $0.013.
