Esprit Holdings receives statutory demand for almost 4 million dollars

Esprit Holdings Limited is facing a statutory demand for almost 4 million dollars. The Hong Kong-listed company announced on Thursday that it was served a so-called 'Statutory Demand' on September 16.

The demand is for 3.99 million US dollars and a further 41,656 Hong Kong dollars. According to Esprit, the claim is related to an arbitration award from proceedings before the ICC International Court of Arbitration.

The company has stated that it has three weeks to pay the amounts demanded, secure them or otherwise settle them to the satisfaction of the creditor. Should this not happen, the law firm in question could file a petition for the liquidation or winding-up of the company.

Esprit Holdings stated it is seeking legal advice on the matter. It is also considering all necessary or appropriate measures to protect the interests of the company, its shareholders and other stakeholders. Potential impacts on its business operations and financial position are also being assessed.

At the same time, Esprit has signalled its willingness to talk. The company is open to discussions with the law firm to reach an amicable settlement.