A virtual hearing between Victory Shipping Pte Ltd (UEN 201117370M) and Integr8 Fuels Pte Ltd (UEN 202042378N), organised by the High Court of the Republic of Singapore, is scheduled to take place on Tuesday (14 November), learned Manifold Times.
The event is to set aside a statutory demand served on 3 October 2025 by Integr8 Fuels lawyers under Section 125(2)(c) and Section 10 of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA) against Victory Shipping, according to court documents obtained by the bunkering publication.
Under Singapore Statutes Online, Section 125(2)(c) provides “a company is deemed unable to pay its debts if it is proved to the satisfaction of the Court that the company is unable to pay its debts; and in determining whether a company is unable to pay its debts the Court must take into account the contingent and prospective liabilities of the company,”
Section 10 of Singapore’s IRDA deals with the procedure to be followed when no specific procedure is provided for a matter. It states that where the IRDA does not specify a procedure, the court may adopt any procedure it considers appropriate. This is a general provision that grants courts the flexibility to manage proceedings that fall outside the specific rules laid out in the Act.
Victory Shipping, with representations in Malaysia, India and the U.A.E., operate dry bulk shipping contracts around the globe with voyages performed mainly in the Middle East and Southeast Asia.
Integr8 Fuels provides bunker trading and brokerage services to shipowners and operators that enables them to optimise fuel procurement.
Photo credit: Manifold Times
Published: 3 November 2025
