UniVision Engineering Faces Petition

UniVision Engineering, a Hong Kong-based supplier of closed-circuit television and surveillance systems, has received a petition from one of its suppliers to wind up the company. The petition is in relation to outstanding debts totaling approximately 1.2 million pounds ($1.5 million).

Debt Arises from Settlement with Synnex Technology International

According to UniVision Engineering, the debt pertains to payments under a deed of settlement that the company entered into with Synnex Technology International back in January. Despite this, UniVision Engineering is currently engaged in negotiations with Synnex to resolve the issue. The company intends to defend and oppose the petition, and a court hearing is scheduled for October 10 in the High Court of Hong Kong.

Ongoing Negotiations with Potential Investors

Despite the financial challenges it faces, UniVision Engineering remains optimistic about its future. The board is currently in talks with potential investors who are eager to make a substantial investment in the company. UniVision Engineering is confident that it will be able to address the petition if necessary.

At present, shares for UniVision Engineering are flat at 0.30 pence as of 0940 GMT.