LONDON Biscuits Bhd ’s recent trigger of Practice Note 17 (PN17) does seem like a bad end to an already gloomy story that had been hovering over the confectionery manufacturer in recent times.

First, it was a qualified opinion issued by its external auditors in February this year.

Then, earlier this month, the company defaulted on a RM9.83mil loan owed to Bank of Nova Scotia Bhd.

Shortly after, London Biscuits was classified as a PN17 company due to its inability to repay its loan.

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