A notice was published in the Government Gazette on Tuesday (29 December) regarding the winding up application filed by NSL OilChem Waste Management Pte Ltd (NOWM), the environmental services arm of SGX-listed NSL Ltd, against local marine slop collection and disposal company Prosper Marine Pte Ltd on 24 November.
According to the notice, the application has been approved and all Prosper Marine’s creditors should file their proof of debt with the appointed liquidators who will be administering all affairs of the company.
Name and address of joint and several liquidators:
Seshadri Rajagopalan and Paresh Tribhovan Jotangia
c/o Grant Thornton Singapore Pte Ltd
8 Marina View
#40-04/05 Asia Square Tower 1
NOWM’s move to windup Prosper Marine came after a High Court Judge decision on 29 September where it won claims in three suits (Suit 1062, Suit 853 and Suit 1048) against the defendant.
Suit 1062 relates to invoices issued by NOWM to Prosper Marine between June 2015 and October 2016 under the 2014 Contracts worth $6,429,105.74 before interest and $7,629,613.70 with interest (calculated up to 23 February 2017).
Suit 853 revolves around the sole issue whether the Prosper Directors are liable in their personal capacity for NOWM’s outstanding invoices. The Judge found the Prosper Directors jointly and severally liable for NOWM’s unpaid invoices, including 18% late payment interest.
Suit 1048 concerns NOWM’s claim of $261,290.32 for its outstanding charter hire for the period between 27 May and 16 September 2016 as well as damages in respect of Prosper Marine’s breaches of the Charterparty with interest.
The full 118-page High Court Judge decision can be viewed here.
Photo credit: Manifold Times
Published: 30 December, 2020
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
NBF mulls use of blockchain-based registry of trade finance transactions as secure central database for the banking industry to streamline documentation processes and resolve transparency issues.