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Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet

05 Nov 2019

Troubled oil trading and bunkering firms Inter-Pacific Group, and subsidiary Inter-Pacific Petroleum, will be holding its first creditors’ meeting on 14 November in Singapore, according to a notice posted on a Singapore paper on Friday (1 November).

The meeting for both companies will be held at 4pm in Shenton Way, OUE Downtown 2, #3-00 Singapore 068809.

Those voting at the meeting must submit their proof of claim by 5pm on 11 November, 2019.

The administrators of the meeting are Andrew Grimmett and Lim Loo Khoon of Deloitte & Touche LLP.

Inter-Pacific Group, with nearly $180 million of debt, on 16 August filed an application for interim judicial management at the High Court of the Republic of Singapore.

The bunker craft operator licence of Inter-Pacific Petroleum was revoked by the Maritime and Port Authority of Singapore (MPA) on 15 October.

Trials involving the former bunker clerk of a Singapore-registered bunker tanker (IMO 9199701) chartered by IPP are ongoing at the State Courts of Singapore; the ex-assistant boson of the same vessel was found guilty over mass flowmeter tampering in late August.

Manifold Times in October reported the Director of IPP facing a legal suit from the Singapore branch of Societe Generale at the High Court of the Hong Kong Special Administrative Region.

A timeline organised list of events preceding the current development have been recorded by Manifold Times below:

Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
RelatedMagnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
RelatedFirst suspect charged over MFM tampering in landmark case
RelatedWith nearly $180 million of debt, IPP proposes interim juridical management
RelatedInter-Pacific Group, Inter-Pacific Petroleum under judicial management
RelatedMagnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
RelatedIPP responds to temporary suspension of bunker craft operator licence
RelatedMPA temporarily suspends IPP bunker craft operator licence
RelatedSingapore: Bunker Cargo officer, crew face charges over alleged MFM tampering

Photo credit: Manifold Times
Published: 5 November, 2019

 

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