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NSL OilChem Waste Management makes application to wind up Prosper Marine

07 Dec 2020

Singapore-based oil-and-chemical waste management player NSL OilChem Waste Management Pte Ltd (NOWM), the environmental services arm of SGX-listed NSL Ltd, has filed for a winding up application against local marine slop collection and disposal company Prosper Marine Pte Ltd on 24 November.

The notice of the winding up application was published on the Singapore Gazette on Friday (4 December).

The winding up application is directed to be heard at the High Court of the Republic of Singapore on 10 a.m. of 18 December.

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

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.


Photo credit:
Manifold Times
Published: 7 December, 2020

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