Singapore: Vanguard Energy creditors to share SGD 400,000 in final dividend upon dissolution

A hearing regarding bill of costs to calculate fees, charges, expenses, and remuneration involved in the liquidation of former Singapore bunker supplier Vanguard Energy Pte Ltd (Vanguard) was held at the High Court of the Republic of Singapore on 9 January 2024.

Vanguard was a private company incorporated in Singapore on 24 August 2007; it was formerly known as Atlantis Petroleum Pte Ltd until a change of name on 3 May 2010.

On 21 October 2014, shareholders of the company unanimously passed a special resolution to place it in liquidation; the firm was wound up and placed under the care of liquidators Ernst & Young Solutions LLP on 2 May 2019.

According to court documents obtained by Singapore bunkering publication Manifold Times, a total of six bunkering firms were creditors seeking repayment of debts totalling approximately USD 8.82 million from Vanguard prior to its liquidation.

Bunkering firms issuing letters of demand to Vanguard were:

• Bomin Bunker Oil Pte Ltd seeking the sum of USD 1,067,950;
• Brightoil Petroleum (S’pore) Pte Ltd seeking the sum of USD 2,537,891.64;
• Integr8 Fuels Asia Pte Ltd seeking the sum of USD 847,670.06;
• Integr8 Fuels Inc seeking the sum of USD 284,142.88;
• JX Nippon Oil & Energy Asia Pte Ltd seeking the sum of USD 2,038,141.57; and
• Chimbusco International Petroleum (Singapore) Pte Ltd seeking the sum of USD 2,044,432.20

Further, Petro-Diamond Singapore (Pte) Ltd on 27 October 2014 started a bunker claim suit against Vanguard to seek approximately USD 1.5 million (exact: USD 1,539,340.91) as damages for breaching a bunker fuel sale contract.

To date, liquidators have set aside an estimated final dividend of SGD 400,000 to be distributed to Vanguard’s creditors.

Related: Notice: Creditor’s meeting scheduled for defunct Vanguard Energy

Photo credit: steve pb from Pixabay
Published: 26 January 2024