Brightoil Petroleum publishes notice regarding winding-up application filed by creditor

Hong Kong-listed oil and bunkering firm Brightoil Petroleum Holdings on Friday (11 September) said it received a winding-up notice on 29 July 2020 regarding a petition filed by a creditor with the Court of First Instance of the High Court of the Hong Kong Special Administrative Region.

The application is in relation to an alleged unpaid amount of USD 268,095.42 (comprising the principal sum of USD 259,356 and default interest of USD 8,739.42), pursuant to a deed of guarantee allegedly signed by the company, it said. 

Brightoil added that it is in the course of seeking legal advice in relation to the application, and given the amount involved, it is confident that the claim could be “resolved and withdrawn shortly”. 

In its recently published audited financial results for the financial year (FY) ended 30 June 2017, where the company “recorded an increase in gross profit of HK$365 million or 18% increase as compared with the previous year”. 

Brightoil attributed the increased gross profit to its core business segment which is International Trading and Bunkering.

Trading of Brightoil’s shares on the Stock Exchange has been suspended since 3 October 2017.

A full copy of Brightoil’s 2017 Annual Report is available here.

Earlier developments of Brightoil (since late 2017 to date) can be found in the search results here. 

Related: Brightoil Petroleum Holdings publishes audited financial results for FY2017
Related: Brightoil release of outstanding financial results delayed by COVID-19
Related: Brightoil publishes unaudited financial results for FY 2017, 2018, 2019

Photo credit: Manifold Times
Published: 14 September, 2020