Mary Chia Holdings, the Catalist-listed beauty and wellness group, is facing insolvency proceedings initiated by its creditor, Fullink Capital, amid a period of declining revenue and internal financial instability.
The company announced on May 5, 2026, that Fullink Capital has commenced court proceedings against Mary Chia Holdings and its wholly owned subsidiary, Organica International Holdings. The legal action also names the group’s chief executive, Ho Yow Ping, and chief financial officer, Su Jun Ming.
Details of the Financial Dispute
The legal dispute centers on a claim by Fullink Capital for a total sum of $902,640. According to Singapore Exchange filings made on April 12, 2026, Fullink Capital had originally provided a loan of $350,000 to Organica International Holdings, which was guaranteed by Mary Chia Holdings.
Fullink Capital asserts that the full outstanding amount, including late payment interest and fees stipulated under the loan and settlement agreements, became immediately due following disputes over repayment.
Mary Chia Holdings attempted to resolve the matter by proposing a revised payment of approximately $354,379, a figure based on the company’s own calculations of applicable interest. Fullink Capital rejected this proposal on March 25, 2026.
Timeline of Legal Actions
The escalation to court proceedings followed a series of notifications in April and May 2026:
- On April 30, 2026, Fullink Capital notified Mary Chia Holdings of the insolvency proceedings.
- On May 4, 2026, court documents were formally delivered to the company’s legal representatives.
- On May 5, 2026, the group publicly disclosed the commencement of the proceedings.
Operational and Financial Pressures
The insolvency claims arrive as Mary Chia Holdings grapples with broader operational challenges. The group has reported a decrease in revenue stemming from its direct selling services, contributing to mounting financial pressure.
the company is dealing with unresolved audit issues. This situation was exacerbated by the departure of several members of the finance team, who took years of historical financial knowledge with them when they left the organization.
Company Response and Next Steps
In response to the claims, Mary Chia Holdings is seeking court declarations regarding the enforceability of the sums claimed by Fullink Capital. The group has also indicated plans to seek a stay of the insolvency cases while the dispute is adjudicated.