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Hong Kong High Court issues bankruptcy order against Brightoil Chairman

Dr Sit Kwong Lam undertook a personal guarantee of over US $30 million in favour of Petrolimex Singapore; however, Brightoil Singapore was unable to repay the debt.
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7 years ago

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The following article was published by Singapore bunker publication Manifold Times on 15 April 2330 hrs (Singapore time).

The Court of First Instance, the lower court of the High Court of Hong Kong, on Thursday (11 April) issued a bankruptcy order against Dr Sit Kwong Lam, Chairman of Hong Kong-listed Brightoil Petroleum Holdings, according to a legal document seen by Manifold Times.

Petrolimex Singapore presented a bankruptcy petition at the Hong Kong court against Dr Sit when he could not pay a debt totalling over US $30 million (exact: US $30,253,600) under a personal guarantee with a deadline of 30 August 2018.

“There was no application by the Debtor to set aside the statutory demand.  There is no issue raised as to service,” said the document.

Brightoil Singapore had difficulty paying goods from Petrolimex Singapore under two invoices dated 23 April 2018.

As such, Dr Sit undertook a personal guarantee in favour of Petrolimex Singapore by confirming payment of the two invoices by 10 July 2018.

Brightoil Singapore, however, failed to make payment of the invoices and on 12 July 2018 entered into an arrangement for payment to be broken down into four portions between 10 August 2018 and 9 November 2018.

“Other than the payment of US$100,000 to the Petitioner, Brightoil Singapore has failed to discharge its payment obligations under the Settlement Agreement,” notes the document.

Lawyers representing Dr Sit opposed the bankruptcy petition on three grounds:

  1. the Court should exercise its discretion to stay or dismiss the Petition due to the existence of an arbitration clause;
  2. there is a bona fide dispute of the Debt on substantial grounds;
  3. there is a reasonable prospect of the underlying debt being paid by Brightoil Singapore within a reasonable time.

Peter Ng, Judge of the Court of First Instance, High Court rejected all three grounds.

“There shall be a usual bankruptcy order against the Debtor Mr Sit Kwong Lam and an order nisi that costs of the Petition, including all costs reserved, if any, be to the Petitioner,” he concluded in the judgement.

The full legal judgement can be viewed in its entirety here.

A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:

Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
Related: Brightoil creditor claims amount to US $250 million, potential debt reorganisation
Related: Brightoil to defend against winding up petition at Hong Kong court
Related: Singapore: Brightoil to apply for six-month moratorium order at High Court
Related: Brightoil oilfield project secures USD $700 million CNOOC funding
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Shell to offload crude oil cargo from arrested “Brightoil Lion” tanker
Related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Brightoil bunker creditor list growing with new firms
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Related: Qatar National Bank seeks USD $21.59 million debt from Brightoil

Published: 15 April, 2019
 

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Winding up

Singapore: Final meeting scheduled for Tiger LNG Shipping Pte Ltd

Meeting will be held on 29 June at 190 Middle Road #17-05 Fortune Centre Singapore 188979 to hear any explanation that may be given by the liquidator, according to Government Gazette notice.
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Published

2 days ago

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June 2, 2026

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RESIZED Jo_Johnston from Pixabay

The final meeting for Tiger LNG Shipping Pte Ltd has been scheduled to take place on 29 June, according to the company’s liquidators on a notice posted on Friday (29 May) on the Government Gazette.

The meetings will be held at 10.30am at 190 Middle Road #17-05 Fortune Centre Singapore 188979. 

The meeting is being held for the purpose of having an account laid before the meeting showing the manner in which the winding up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the liquidator.

The following are the details of the liquidator:

LUM CHI LUP BENNY
c/o 190 Middle Road
#17-05 Fortune Centre
Singapore 188979

 

Photo credit: Jo_Johnston from Pixabay
Published: 2 June, 2026

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Winding up

Singapore: Annual general meetings scheduled for Xin Guang Shipping and An Xing Shipping

Annual general meeting of the company and creditors for An Xing Shipping and Xin Guang Shipping will be held by electronic means on 11 June and 12 June respectively.

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Published

1 week ago

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May 28, 2026

By

Resized benjamin child

Several notices were published on the Government Gazette on Tuesday (26 May) regarding the annual general meetings of the companies and creditors to be held electronically from 5 to 6 May for Xin Guang Shipping Pte Ltd and An Xing Shipping Pte Ltd. 

Annual general meeting for Xin Guang Shipping are to be held on 12 June at the following times:

  • Annual general meeting of the Company at 2pm
  • Annual general meeting of the creditors of the Company at 3pm

Annual general meeting for An Xing Shipping are to be held on 11 June at the following times:

  • Annual general meeting of the Company at 2pm
  • Annual general meeting of the creditors of the Company at 3pm

The agenda for all the meetings are:

  • To receive an update on the liquidation.
  • To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator: 

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

 

Photo credit: Benjamin Child
Published: 28 May, 2026

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Winding up

Singapore: Notice of intended dividend issued for Xihe Capital Pte Ltd

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.
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Published

1 week ago

on

May 25, 2026

By

RESIZED Drew Beamer

A notice to declare the intended dividend of Xihe Capital Pte Ltd to its creditors has been posted on the Government Gazette on Wednesday (15 April).

Xihe Capital Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

The following are the details of the notice of intended dividend:

Name of Company : XIHE CAPITAL (PTE.) LTD. (IN CREDITORS’ VOLUNTARY LIQUIDATION)

Unique Entity No. / Registration No. : 201727410K

Address of Registered Office : 10 ANSON ROAD, #10-10, INTERNATIONAL PLAZA SINGAPORE 079903

Last Day for Receiving Proofs : 5 June 2026

Name of Liquidator : TAM CHEE CHONG

Address : c/o 10 ANSON ROAD, #10-10, INTERNATIONAL PLAZA SINGAPORE 079903

 

Photo credit: Drew Beamer
Published: 25 May, 2026

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