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NSL OilChem Waste Management application to wind up Prosper Marine approved

According to the notice, all Prosper Marine’s creditors should file their proof of debt with the appointed liquidators who will be administering all affairs of the company.

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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
Singapore 018960

Background summary

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.

Related: NSL OilChem Waste Management makes application to wind up Prosper Marine


Photo credit: Manifold Times 

Published: 30 December, 2020

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Winding up

Singapore: JITF Shipping and Logistics to undergo voluntary wind up

A liquidator has been appointed at an extraordinary general meeting held on 25 November for the purpose of winding up company’s affair, according to Government Gazette notice.

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RESIZED Drew Beamer

A notice in the Government Gazette was published by the Director of JITF Shipping and Logistics (Singapore) Pte Ltd on Monday (2 December), regarding a Special Resolution that was passed in relation to the winding up of the company.

The following resolution was duly passed during an an Extraordinary General Meeting of the company convened and held on 25 November 2024:

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 and that Ms Chan Li Shan c/o Agile 8 Solutions Pte. Ltd., 133 Cecil Street #14-01 Keck Seng Tower Singapore 069535 be and is hereby appointed liquidator for the purpose of winding up the affairs of the Company.

According to SGP Business website, JITF Shipping and Logistics’s principal activity is shipping, including chartering of ships and boats with crew. 

 

Photo credit: Drew Beamer
Published: 4 December, 2024

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Winding up

Singapore: Notices of dividend issued for Xihe Holdings’ subsidiaries

Dividend notices of to Hua An Shipping, Hua Sheng Shipping, Hua Xin Shipping and Nan Sia Maritime their creditors have been posted on the Government Gazette.

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RESIZED Jo_Johnston from Pixabay

Several notices were published in the Government Gazette on Friday (29 November), regarding the first interim dividend to creditors of Xihe Holdings’ subsidiaries – Hua An Shipping Pte Ltd, Hua Sheng Shipping Pte Ltd, Hua Xin Shipping Pte Ltd and Nan Sia Maritime Pte Ltd.

The following are details of the notice of dividend of Hua An Shipping:

Name of Company : Hua An Shipping Pte. Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / : 200610919Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 100.00 cents to a dollar of admitted preferential claims
31.90 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : 29 November 2024
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

The following are details of the notice of dividend of Hua Sheng Shipping:

Name of Company : Hua Sheng Shipping Pte. Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200611200D
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 100.00 cents to a dollar of admitted preferential claims
18.80 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : 29 November 2024
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

The following are details of the notice of dividend of Hua Xin Shipping:

Name of Company : Hua Xin Shipping Pte. Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No.: 200611204G
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 100.00 cents to a dollar of admitted preferential claims
19.40 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : 29 November 2024
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

The following are details of the notice of dividend of Nan Sia Maritime:

Name of Company : Nan Sia Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 200814320Z
Address of Registered Office : c/o Grant Thornton Singapore Private Limited, 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960
Amount per centum (US$) : 100.00 cents to a dollar of admitted preferential claims
16.50 cents to a dollar of admitted unsecured claims
First and Final or otherwise : First Interim Dividend
When payable : 29 November 2024
Where payable : Entitlements will be made either by way of telegraphic transfer or by cheque, to be collected from the Company’s registered address as above.

 

Photo credit: Jo_Johnston from Pixabay
Published: 3 December, 2024

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Winding up

Singapore: High Court to hear oil trader Hontop Energy winding up application

Application for the winding up of Hontop Energy (Singapore) Pte Ltd was filed by joint and several judicial managers of the company on 30 October, according to Government Gazette notice.

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An application for the winding up of Hontop Energy (Singapore) Pte Ltd was filed by joint and several judicial managers of the company on 30 October, according to Friday (29 November) 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 21 January. 

Hontop Energy was one of four Singapore-based trading companies to have collapsed in 2020, together with oil traders Hin Leong and Zenrock and coal trading firm Agritrade. Hontop, which went into receivership in February, is fully owned by Chinese private-sector firm Wanda whose group assets include the 100,000 b/d Tianhong independent refinery in Shandong province.

It was previously reported that the High Court of Singapore approved Malaysian bank CIMB’s application for Hontop Energy, the trading arm of Chinese independent refiner China Wanda Holding Group Co Ltd, to be placed under judicial management. 

According to the filing at the time, CIMB is looking to recover USD 105 million that it has lent to the company and Hontop owes approximately USD 470 million to seven creditors. 

Lin Yueh Hung and Oon Su Sun of RSM Corporate Advisory Pte Ltd were nominated to act as the judicial managers.

According to the Government Gazette notice, 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 undersigned on payment of the regulated charge for the same.

The Applicant's address is 8 Wilkie Road #03-08 Wilkie Edge, Singapore 228095.

The Applicant's solicitors are Rajah & Tann Singapore LLP of 9 Straits View #06-07 Marina One West Tower, Singapore 018937.

Note: Any person who intends to appear on the hearing of the winding up application must serve on or send by post to the abovenamed RAJAH & TANN SINGAPORE LLP, the Claimant’s Solicitors, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any). Unless otherwise directed by the Court, the notice must be served and, if sent by post, must be posted in such sufficient time as in the ordinary course of post to reach the abovenamed at least 3 clear working days before 20 January 2025 (the day before the day appointed for the hearing of the application).

Related: Hontop Energy placed under judicial management over fraudulent conduct accusations
Related: Hearing date set for Hontop Energy to be placed under judicial management
Related: CIMB requests for Hontop Energy restructuring amid suspicious transactions with BP
Related: Argus Media: Hontop Energy fraud allegations add to Singapore trading woes
Related: BP Singapore oil traders on leave over being named in Hontop Energy fraud allegations

 

Photo credit: Manifold Times
Published: 2 December, 2024

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