Esprit Gets Statutory Demand from Law Firm

MT Newswires Live09-17 20:43

Esprit (HKG:0330) received a statutory demand from solicitors acting on behalf of a law firm, demanding the payment of nearly $4 million and HK$41,656.36, a Thursday bourse filing showed.

The amounts were sought as outstanding sums under an arbitration award received from the ICC International Court of Arbitration, according to a July filing.

The law firm, engaged by the company in 2024, had initiated arbitration against the company after the latter disputed the amount of certain invoices charged by the law firm against services provided.

If the clothing retailer is unable to settle the claims in the designated period, it may face a winding-up petition, the filing said.

The company is currently seeking legal advice and remains open to discussions with the law firm as it determines the necessary actions to safeguard its interests.

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