H2G Green's (SGX:5AI) chief executive officer, Lim Shao-Lin, fulfilled his primary obligation under a settlement agreement pursuant to a bankruptcy filed against him by a former employee, according to a filing with the Singapore Exchange on Friday.

Both parties are now working towards the withdrawal of the application.

In an earlier filing, Lim Shao-Lin was facing a bankruptcy application from former employee Wei Hua.

Wei, a former chief investment officer at the company, filed the application due to an unpaid debt stemming from a settlement agreement reached in May 2023.

H2G Green said Lim did not receive the court papers concerning the default judgment, as they were sent to a previous address.