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Brightoil to defend against winding up petition at Hong Kong court

16 Jan 2019

A winding up petition has been scheduled against Hong Kong listed Brightoil Petroleum (Holdings) Limited at a Hong Kong court on 6 March 2019, reports the South China Morning Post.

The petition has been organised by a company called Broad Action; it is unclear how this firm is connected to Brightoil.

The winding up petition, if successful, could mean the liquidation of Brightoil’s assets in order to pay off debt.

Meanwhile, the latest Brightoil hearing of a winding up petition initiated by Petrolimex has been scheduled to take place at the High Court of the Republic of Singapore on Friday (18 January).

The upcoming session will likely focus on the approval of a moratorium order, to be applied under Section 211B of the Companies Act, that seeks to protect Brightoil Petroleum (S'pore) Pte Ltd against other forms of legal challenges while it undergoes restructuring.

RelatedSingapore: Brightoil to apply for six-month moratorium order at High Court
RelatedSingapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
RelatedSingapore: Petrolimex owed over USD $30 million by Brightoil
RelatedPetrolimex in winding up application against Brightoil at Singapore High Court
Other related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Other relatedBrightoil signals return to the shipping sector, starts reorganisation of debt
Other relatedBrightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Other relatedSingapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Other relatedSingapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Other relatedSingapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Other relatedQatar National Bank seeks USD $21.59 million debt from Brightoil

Published: 16 January, 2019

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