Why did Hyflux apply for insolvency, and quite suddenly from what i heard? anybody can give a quick rundown of what happened?

Super summarised: Utilities companies, such as electricity and water, require high borrowing since it is capital intensive. One area that led to Hyflux's downfall was it's inadequate measures in risk management. Unsucessful high risk investments would cost the company enormously. This led to debt to pile on existing debt and eventually the debts were too much to handle.