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OBS to wind up operations; creditor list alleges estimated USD 42 million debt

07 Dec 2020

Three notices were published in the Government Gazette on Friday (4 December) by the Directors of Ocean Bunkering Services Pte Ltd regarding the company being liquidated due to its liabilities.

In the first notice, the company’s directors Tan Thiam Hee and Tan Peter declared “the company cannot by reason of its liabilities continue its business”; the statutory declaration was dated on 30 November.

The notice also stated any of Ocean Bunkering Services’ meetings and meetings with creditors have been set on or before 30 December 2020 which is within a month of the statutory declaration.

The second notice was regarding the appointment of provisional liquidators for Ocean Bunkering Services following the abovementioned declaration.

The appointed provisional liquidators for Ocean Bunkering Services are:

Leow Quek Shiong
Gary Loh Weng Fatt
c/o BDO Advisory Pte Ltd
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778

The third notice was the announcement of a creditors’ meeting for Ocean Bunkering Services which will be held electronically by way of video conference via Zoom on Tuesday, 15 December 2020 at 3:00 p.m.

The purpose of the meeting is to discuss:

  • receiving a statement of the Company’s affairs together with a list of creditors and the estimated amounts of their claims;
  • appointing liquidator(s);
  • appointing a committee of inspection of not more than 5 members, if thought fit; and
  • any other business.

In compliance with the COVID-19 measures, creditors may only attend the above meeting by way of video conference via Zoom by submitting a General Proxy or Special Proxy form (together with the proof of debt form) and including the details of one attendee to the provisional liquidators by way of email to laibao@bdo.com.sg and peiyi@bdo.com.sg by 12.00pm on 14 December 2020.

Creditors may send any questions or other substantial and relevant matters which they wish to raise at the meeting by way of email to the above email addresses by Friday, 11 December 2020.

Alleged debt of approximately USD 42 million

A document circulated within Singapore’s tight knit bunkering sector, showing the alleged creditor list of Ocean Bunkering Services (OBS), was seen by Singapore bunkering publication Manifold Times on Monday.

A total of 27 companies were mentioned in the creditor list which suggested OBS’ total debt to be approximately USD 41.86 million.

According to the list, the top three creditors of OBS and their estimated amount are:

  • Hin Leong Trading (Pte) Ltd (Under judicial management) USD 40,358,410
  • Inter-Pacific Petroleum Pte Ltd (Under judicial management) USD 1,372,082
  • Jeil International Co Ltd USD 47,745

Related: MPA: Ocean Bunkering Services licenses suspended ‘until further notice’ and not revoked, it clarifies
Related: PwC publishes ‘investment opportunity’ for Singapore independent bunker fuel supplier
Related: Singapore: Ocean Bunkering Services bunker claims against ASL Marine & Offshore heads to arbitration
Related: Singapore: Ocean Bunkering Services license suspended until further notice
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries

Photo credit:
Manifold Times
Published: 7 December, 2020

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