SINGAPORE – A co-owner of distressed art investment firm Art Works,
which went into liquidation abruptly on Oct 30
, has pledged commitment to ensure a proper winding up for the company and that former employees’ salaries will be a priority.
Mr Chris Hallewell, who is also the firm’s chief operations officer, said that he remains in Singapore and is working with its administrator Forvis Mazars to prepare for the creditors’ meeting later in November.
“I want to be clear about my position and commitment… My priority is ensuring that all stakeholders receive the information and support they need during this difficult time and that the company state of affairs is completed on time in full,” he said in a statement issued on Nov 10.
The other co-founders are also helping, he added.
The sudden closure of Art Works, which operated a fine art advisory and gallery at One Holland Village, left artists and staff unpaid, and clients questioning the fate of their art pieces.
After the liquidation, a representative of the firm’s 15 employees who spoke to The Straits Times on Nov 5 said that two of the firm’s three directors, all of whom are foreign nationals, had left the country and changed their phone numbers. ST’s calls and messages to Mr Hallewell at the time were also not returned.
Regarding the police reports that have been filed against the company, Mr Hallewell said in the statement: “This response is entirely understandable given the initial uncertainty that such announcements naturally create.”
He added that he is cooperating with the police and is confident of a resolution.
Mr Hallewell said liquidators are going through the firm’s stock list and ownership documents to reconcile its assets with clients, artists and the firm.
He urged all parties with artwork held by the firm to submit the necessary documents and to answer the questionnaire from the liquidators, or send their questions to
artworks.sg@forvismazars.com
As for his former employees, Mr Hallewell said he would support them through references and industry contacts. He added that their salaries will be a priority for settlement from liquidation proceeds. He did not give details but said that he would advocate strongly for their interests.
He said in his note that he would be transparent and cooperate in the complete winding-up process of the firm.
“Throughout my career, I have always acted with integrity and will continue to do so during this challenging period,” he said.
Mr Hallewell is listed on the web as a British citizen with more than 20 years’ experience in global marketing and operations.
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