Connect with us

Legal

Hong Kong High Court issues bankruptcy order against Brightoil Chairman

Dr Sit Kwong Lam undertook a personal guarantee of over US $30 million in favour of Petrolimex Singapore; however, Brightoil Singapore was unable to repay the debt.
Admin

Published

7 years ago

on

5cb4a59e77ab8 1555342750

The following article was published by Singapore bunker publication Manifold Times on 15 April 2330 hrs (Singapore time).

The Court of First Instance, the lower court of the High Court of Hong Kong, on Thursday (11 April) issued a bankruptcy order against Dr Sit Kwong Lam, Chairman of Hong Kong-listed Brightoil Petroleum Holdings, according to a legal document seen by Manifold Times.

Petrolimex Singapore presented a bankruptcy petition at the Hong Kong court against Dr Sit when he could not pay a debt totalling over US $30 million (exact: US $30,253,600) under a personal guarantee with a deadline of 30 August 2018.

“There was no application by the Debtor to set aside the statutory demand.  There is no issue raised as to service,” said the document.

Brightoil Singapore had difficulty paying goods from Petrolimex Singapore under two invoices dated 23 April 2018.

As such, Dr Sit undertook a personal guarantee in favour of Petrolimex Singapore by confirming payment of the two invoices by 10 July 2018.

Brightoil Singapore, however, failed to make payment of the invoices and on 12 July 2018 entered into an arrangement for payment to be broken down into four portions between 10 August 2018 and 9 November 2018.

“Other than the payment of US$100,000 to the Petitioner, Brightoil Singapore has failed to discharge its payment obligations under the Settlement Agreement,” notes the document.

Lawyers representing Dr Sit opposed the bankruptcy petition on three grounds:

  1. the Court should exercise its discretion to stay or dismiss the Petition due to the existence of an arbitration clause;
  2. there is a bona fide dispute of the Debt on substantial grounds;
  3. there is a reasonable prospect of the underlying debt being paid by Brightoil Singapore within a reasonable time.

Peter Ng, Judge of the Court of First Instance, High Court rejected all three grounds.

“There shall be a usual bankruptcy order against the Debtor Mr Sit Kwong Lam and an order nisi that costs of the Petition, including all costs reserved, if any, be to the Petitioner,” he concluded in the judgement.

The full legal judgement can be viewed in its entirety here.

A chronologically organised list of articles concerning Brightoil’s potential debt reorganization is below:

Related: Brightoil aggregate debt has reached approximately $1.9 billion, it updates
Related: Brightoil creditor claims amount to US $250 million, potential debt reorganisation
Related: Brightoil to defend against winding up petition at Hong Kong court
Related: Singapore: Brightoil to apply for six-month moratorium order at High Court
Related: Brightoil oilfield project secures USD $700 million CNOOC funding
Related: Brightoil: Plans to sell Zhoushan oil storage terminal, 15 vessels
Related: Shell to offload crude oil cargo from arrested “Brightoil Lion” tanker
Related: Brightoil VLCC and Aframax tanker arrested at Singapore port
Related: Singapore: Players to get fuel oil cargoes back from Brightoil bunker tankers
Related: Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
Related: Singapore: Brightoil bunker creditor list growing with new firms
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Brightoil signals return to the shipping sector, starts reorganisation of debt
Related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Related: Qatar National Bank seeks USD $21.59 million debt from Brightoil

Published: 15 April, 2019
 

Related Topics:
Continue Reading

Winding up

Singapore: High Court to hear Norvic Shipping Asia winding up application on 31 July

Application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to Government Gazette notice.
Admin

Published

4 hours ago

on

July 22, 2026

By

RESIZED singapore high court

An application for the winding up of Norvic Shipping Asia Pte Ltd was filed by Netherlands-registered Mur Shipping BV on 8 April, according to a Tuesday (21 July) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Judge sitting in the General Division of the High Court at 10am on 31 July.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the solicitors of the applicant’s, Oon & Bazul LLC, on payment of the regulated charge for the same.

The Applicant’s address is Hiridostraat 5, Gebouw Prismatrium, 1101CW Amsterdam, The Netherlands.

The Applicant’s solicitors are Oon & Bazul LLC of 103 Penang Rd, #04-04/05/06 Singapore 238467. 

Queries on the winding up application may be directed to the following email addresses: [email protected] and [email protected].

 

Photo credit: Manifold Times
Published: 22 July, 2026

Continue Reading

Legal

Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Admin

Published

1 day ago

on

July 21, 2026

By

RESIZED Sora Shimazaki on Pexels

Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July). 

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions. 

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Related: Singapore: Hin Leong Founder OK Lim gets jail term slashed to 13.5 years

 

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Continue Reading

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Admin

Published

1 day ago

on

July 21, 2026

By

RESIZED Drew Beamer

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

  • That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

  • that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
  • that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
  • that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Drew Beamer
Published: 21 July, 2026

Continue Reading

Trending