Dasin Retail Trust (SGX:CEDU) filed an application under Singapore's Insolvency, Restructuring, and Dissolution Act to propose a scheme of arrangement for creditors and restructure its liabilities, according to a Friday filing on the Singapore Exchange.

The filing aims to prevent winding-up proceedings initiated by Zhang Zhencheng, a director and major unitholder.

The trustee-manager, Dasin Retail Trust Management, said the court-approved protection would provide time to finalize a debt restructuring plan and seek creditor approval.

Without the application, Dasin Retail Trust Management warned of potential disruptions to restructuring efforts and challenges to the trust's ability to operate as a going concern.