Sentosa club Tipsy Unicorn closes due to court-ordered compulsory liquidation

The abrupt closure of Sentosa's Tipsy Unicorn club came after its operator was ordered into compulsory liquidation by the High Court.

A judge gave the order to operator Tipsy Bird on Jan. 23, following a winding-up application filed by United Overseas Bank (UOB), The Straits Times reported.

UOB sought to recover more than S$96,000 in debt plus interest from Tipsy Bird.

Liquidators subsequently acted to assess debts owed to creditors.

In response to Mothership's queries, Tipsy Unicorn's landlord, Sentosa Development Corporation (SDC), said the beach club ceased operations as at Jan. 30.

As of Feb. 20, the bio on the club's Instagram page continues to say that the closure is temporary.

Possibly more liabilities

The liquidators told ST that they have not been able to determine the total liabilities Tipsy Bird owed to creditors, or how many parties may be affected.

Tipsy Bird has not released a Statement of Affairs to detail the company's financial position at the time of insolvency.

As of Feb. 16, its directors had also not come forward to inform the liquidators of the company's affairs, the liquidators said.

They added that at the time the winding-up order was made, Tipsy Bird held the licences required to operate Tipsy Unicorn, ST reported.

These licences include those for the sale of food and liquor, and for aquatic facilities.

Financial mismanagement allegations

Tipsy Unicorn has encountered other controversies since its founding in 2023, involving the sole shareholder of Tipsy Bird, Tipsy Collective.

In 2024, investors and shareholders of Tipsy Collective sued the hospitality group, alleging financial mismanagement.

They said that the cost of developing Tipsy Unicorn overran its budget in 2023 despite warnings, doubling from S$3 million to S$6 million.

Additionally, they claimed that Tipsy Collective company owed about S$5.2 million in debt to suppliers, contractors, and creditors.

Mothership has reached out to Tipsy Unicorn and Tipsy Collective for comment.

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