Century Sunshine Group Holdings Limited defaulted on the redemption of the SGD 101.75 million in principal amount of the Notes on their maturity on 3 July 2020, as the Company has not been successful in refinancing the Notes. The Company has received demands for repayment of borrowings from certain creditors. Based on the unaudited management accounts of the Group and the Company (as an individual entity) as at 31 March 2020, the Group and the Company had both total assets and current assets exceeding total liabilities and current liabilities respectively. However, the cash and cash equivalents of the Company amount to approximately HKD 33.33 million only as at that date. In order to facilitate a restructuring of its debts with the benefit of a statutory moratorium prohibiting the commencement or continuance of any proceedings against the Company without the leave of court, the Company has applied to the Supreme Court of the Cayman Islands for the appointment of "light touch" joint provisional liquidators. REMT, the Hong Kong listed subsidiary of the Company, has also made a similar application to the Supreme Court of Bermuda for the same purpose.