Singapore: Brightoil to apply for six-month moratorium order at High Court
Singapore bunker supplier Brightoil Petroleum (S'pore) Pte Ltd (Brightoil) will submit an application for approval of a six-month moratorium order at the Singapore High Court on 11 January 2019, announced its solicitors on Monday (24 December).
The moratorium order, to be applied under Section 211B of the Companies Act, seeks to protect the company against other forms of legal challenges while Brightoil undergoes restructuring.
According to the announcement, the moratorium states:
- No appointment shall be made of a receiver or manager over any property or undertaking of BOPS;
- No proceedings shall be commenced or continued against BOPS (other than proceedings under sections 210, 211B, 211D, 211G, 211H or 212 of the Companies Act), except with the leave of the Court and subject to such terms as the Court imposes;
- No execution, distress or other legal process, against any property of BOPS shall be commenced, continued or levied, except with the leave of the Court and subject to such terms as the Court imposes;
- No step to enforce any security over any property of BOPS, or to repossess any goods held by BOPS under any chattels leasing agreement, hire purchase agreement or retention of title agreement shall be taken or continued), except with the leave of the Court and subject to such terms as the Court imposes;
- No enforcement of any right of re-entry or forfeiture under any leave in respect of any premises occupied by BOPS shall be commenced or continued (including any enforcement pursuant to sections 18 or 18A of the Conveyancing and Law of Property Act (Cap. 61)), except with the leave of the Court and subject to such terms as the Court imposes.
A Pre Trial Conference (PTC) was later privately held between both parties on 19 December.
Petrolimex initiated a winding up application against Brightoil at the Singapore High Court on 23 November over more than USD $30 million owed by the latter.
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Petrolimex in winding up application against Brightoil at Singapore High Court
Other related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Other related: Singapore: Brightoil bunker creditor list growing with new firms
Other related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Other related: Qatar National Bank seeks USD $21.59 million debt from Brightoil
Other related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Other related: Media clarification: Brightoil has settled Sea Trader International’s debt
Photo credit: Manifold Times
Published: 24 December, 2018
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