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NewOcean joint provisional liquidators schedule first meeting of contributories

04 Oct 2022

The first meeting of contributories of Hong Kong-listed NewOcean Energy Holdings Limited, which is currently undergoing liquidation, has been organised by its joint provisional liquidators, according to a recent filing.

The meeting will be held at Level 35, Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong on Wednesday, 12 October 2022 at 3:00 p.m. (Hong Kong time).

The purpose of the meeting will be as follows:

  1. An application be made to the Supreme Court of Bermuda (the Bermudian Court) to appoint the Joint Provisional Liquidators, namely Mr Roderick John SUTTON and Mr Kenneth FUNG, both of FTI Consulting (Hong Kong) Limited, and Mr Edward Alexander Niles Whittaker of R&H Services Limited, or any alternative nominees, as the Joint Liquidators.
  2. An application be made to the Bermudian Court for the appointment of a committee of inspection to act with the liquidator(s) of the Company in the winding-up of the business of the Company.
  3. The committee of inspection be composed of no less than two and no more than five persons and in the event that more than five persons are being nominated to the committee of inspection, the five persons receiving the greatest proportion in value voting in favour of their nomination shall be appointed to the committee of inspection.

NewOcean’s business segments include the sales and distribution of LPG, sales of electronic products, and its oil products business. The company was also involved in bunkering operations at Hong Kong and Singapore ports.

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Related: NewOcean records USD 304.3 million loss, portion of SG bunkering business to remain
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Related: NewOcean creditors meeting application granted by Supreme Court of Bermuda
Related: NewOcean planning creditors meeting, foundation of debt restructuring plan laid out
Related: NewOcean records USD 174 million 1H 2020 loss; Singapore bunkering business remains
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Photo credit: NewOcean Energy Holdings Limited
Published: 4 October, 2022

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