The judicial managers of Hontop Energy (Singapore) Pte Ltd on Friday (6 March) has given notice that they are applying to the High Court of Singapore for approval of a scheme of arrangement between the company and its scheme creditors. 

Hontop Energy was one of four Singapore-based trading companies to have collapsed in 2020, together with oil traders Hin Leong and Zenrock and coal trading firm Agritrade. Hontop, which went into receivership in February, is fully owned by Chinese private-sector firm Wanda whose group assets include the 100,000 b/d Tianhong independent refinery in Shandong province.

In 2024, an application for the winding up of Hontop Energy was filed by joint and several judicial managers of the company. 

Manifold Times previously reported Hontop Energy being placed under judicial management. The application was filed by CIMB Bank Singapore on 15 June, 2020 as the bank looked to recover USD 105 million from Hontop and accused the company of fraudulent conduct.

They are applying for the following orders:

• The Scheme of Arrangement dated 26 December 2025 (the “Scheme”) between the Company and the Scheme Creditors (as defined in the Scheme) be approved by the Court pursuant to Section 211I of the Companies Act (Cap. 50) (version in force prior to 30 July 2020) (the “Companies Act”) read with Section 227X of the Companies Act.
• Messrs Lin Yueh Hung and Goh Wee Teck, both care of RSM SG Corporate Advisory Pte. Ltd., 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095, be and are hereby appointed as the Scheme Managers of the Scheme with the powers and duties thereof as set out in the Scheme, with effect from the Effective Date (as defined in the Scheme) (and in such capacity, the “Scheme Managers”).
• The Scheme Managers be at liberty to apply for such further and/or other directions as may be necessary.
• The costs of and incidental to the application shall be deemed expenses incurred in the course of the judicial management and shall be paid out of the assets of the Company. 
• Such further and other relief, orders or directions as the Honourable Court deems fit.

The application has been fixed for hearing on 27 March 2026 at 10am. Any party who objects to the application is to file an affidavit by 13 March 2026, 4pm. All affidavits to be served by email followed by e-service.

Any creditor of the Company who wishes to receive a copy of the application and/or to attend the hearing should give notice in writing to the Judicial Managers and its solicitors, M/s Rajah & Tann Singapore LLP at [email protected] and [email protected] by no later than 18 March 2026, 4pm of their intention to do so.

The following are the details of the judicial managers:

LIN YUEH HUNG
OON SU SUN
Judicial Managers
c/o 8 Wilkie Road #03-08 Wilkie Edge
Singapore 228095

Related: Singapore: High Court to hear oil trader Hontop Energy winding up application
Related: Hontop Energy placed under judicial management over fraudulent conduct accusations
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP

Photo credit: Drew Beamer
Published: 9 March, 2026