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Singapore: Director of Sinco Shipping declares inability to continue business

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Sharma Mohit Krishnabhagwan, director of Sinco Shipping, lodged a statutory declaration stating the company cannot by reason of its liabilities continue its business; liquidators have been appointed as well.
RESIZED Drew Beamer

A director of Sinco Shipping Pte Ltd filed a statutory declaration (SD) stating that the company cannot continue its business due to its liabilities, according to a 15 April (Tuesday) notice on the Government Gazette.

In the SD, the director, Sharma Mohit Krishnabhagwan, said meetings of the company and of its creditors have been summoned for 28 April. 

According to SGP Business website, a business platform for business and individuals, the company’s main business was in shipping including chartering of ships and boats with crew (freight) with renting. 

In another notice, it was stated that Mr Lau Chin Huat and Mr Yeo Boon Keong, Licensed Insolvency Practitioners, both of Technic Inter-Asia Pte Ltd, c/o 50 Havelock Road #02-767 Singapore 160050, have been appointed as joint and several provisional liquidators of the company on 11 April.

In a third notice on the Government Gazette, the liquidators said a meeting of creditors of the company will be held by way of video conference via Zoom (deemed venue : 50 Havelock Road, #02-767 Singapore 160050) on 28 April at 11:30am, for the following purposes:

  • To lay a full statement of the company’s affairs together with a list of creditors and the estimated amounts of their claims;
  • To nominate Liquidator(s) or confirm the nomination of Liquidator(s) by member(s);
  • To consider and if thought fit, appoint a Committee of Inspection consisting of not more than 5 persons, whether creditors or not, for the purpose of winding up the company; and
  • Any other business.

To attend, creditors have to nominate and vote thereat their Proof of Debt and a proxy form must be lodged with the liquidators no later than 4pm on 25 April 2025.

A copy of the Proof of Debt form, proxy form, a statement showing the names of all creditors and the amount of their claims . This notice has been dispatched to all known creditors of the company. 

Any other person claiming to be a creditor of the company as at this date may write to the liquidators to request for copies.

Creditors would need to register their attendance by email to [email protected] no later than 4pm on 25 April 2025 to receive instructions on how to join the video conference via Zoom.

 

Photo credit: Drew Beamer on Unsplash
Published: 16 April, 2025

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