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Singapore: 11 subsidiaries of Grindrod Shipping to undergo voluntary wind up operation

04 Jul 2022

Extraordinary general meetings to pass several resolutions for subsidiaries of Singapore-based Grindrod Shipping Pte. Ltd were held on Monday (20 June), according to notices dated Thursday (30 June) posted on the Government Gazette. 

The companies involved are: 

  1. IVS Bulk 430 Pte. Ltd. (Registration No.: 201110834D)
  2. IVS Bulk 462 Pte. Ltd. (Registration No.: 201015020H)
  3. IVS Bulk Carriers Pte. Ltd. (Registration No.: 200902094C)
  4. IVS Bulk Owning Pte. Ltd. (Registration No.: 200901631D)
  5. Unicorn Caspian Pte. Ltd. (Registration No.: 201110907M)
  6. Unicorn Ionia Pte. Ltd. (Registration No.: 201015034E)
  7. Unicorn Malacca Pte. Ltd. (Registration No.: 201114304W)
  8. Unicorn Marmara Pte. Ltd. (Registration No.: 201110917E)
  9. Unicorn Ross Pte. Ltd. (Registration No.: 201015176M)
  10. Unicorn Scotia Pte. Ltd. (Registration No.: 201110918R)
  11. Unicorn Tanker Operations (434) Pte. Ltd. (Registration No.: 201014972H)

The following were the resolutions duly passed:  

AS SPECIAL RESOLUTIONS

  1. That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018).
  2. That the Liquidators be and are hereby authorised to exercise any of the powers provided by Sections 144(1)(b), (c), (d), (e), (f) and (g) of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018).
  3. That the Liquidators be and are hereby authorised to distribute to the members of the Company in cash or in specie the surplus assets of the Company as the Liquidators may determine.

AS ORDINARY RESOLUTIONS

  1. That Mr Juay Sze Sin and Ms Shirley Lim Guat Hua, of Complete Corporate Services Pte Ltd are hereby appointed as the joint and several liquidators of the Company for the purposes of such winding up.
  2. That the remuneration of the Liquidators be based on their normal scale rates in carrying out the winding up of the Company, and that the said remuneration and disbursements reasonably and properly incurred be paid out of the assets of the Company.

According to its website, Grindrod Shipping is an international shipping company that owns, charters-in and operates a fleet of drybulk carriers and owns one medium range tanker. 

The firm trades globally under two key brands – Island View Shipping (IVS) and Unicorn Shipping.

IVS is focused on shipping dry bulk cargo such as minerals, coal, ores and agricultural products whilst Unicorn Shipping is focused on moving liquid chemicals and clean petroleum products.

 

Photo credit: Scott Graham on Unsplash
Published: 20 June, 2022

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