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.
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