Singapore: First creditors meeting scheduled for bunker firm Sea Hub Energy

Winding up

Published Mon, 25th March 2024
by Admin

Meeting of creditors for Sea Hub Energy, a company formerly in the business of chartering and trading of marine fuels at Singapore port, will be held at 11am on 5 April, according to Government Gazette notice.

The first meeting for creditors of troubled Sea Hub Energy Pte Ltd (Sea Hub), a company formerly in the business of chartering and trading of marine fuels at Singapore port, has been scheduled to take place on 5 April, according to a Government Gazette notice on Friday (22 March).

The meeting will be held at 11am on 5 April via video-conference and/or tele-conference.

The following is the agenda for the meeting:

To present a Statement on the company’s affairs showing the assets and its estimated realisable value, together with a list of creditors and the estimated amount of the claims;
To consider the nomination of Liquidators or to confirm the appointment of the Joint and Several Liquidators nominated by the company;
To appointment of a Committee of Inspection;
To propose giving the Liquidators the power to appoint solicitors;
To propose giving the Liquidators the power to compromise claims and debts; and
Any other resolutions.

To attend, creditors are required to nominate and vote thereat their Proof of Debt and form of proxy must be lodged with the Joint and Several Provisional Liquidators no later than 4pm on the 4 of April 2024.

A copy of the Proof of Debt form (prescribed Form VWU-11), form of proxy, a statement showing the names of all known creditors and the amount of their claims and a copy of this Notice have been dispatched to all known creditors of the company on 22 of March 2024.

Any other person claiming to be a creditor of the company as at this date may write to the Joint and Several Provisional Liquidators to request for copies thereof.

The details of the liquidator are as follows:

Tan Wei Cheong
Joint & Several Provisional Liquidator
c/o 6 Shenton Way
OUE Downtown 2 #33-00
Singapore 068809

Manifold Times previously reported directors of Sea Hub lodging a statutory declaration (SD) stating that the company cannot continue its business due to its liabilities.

In the SD lodged on 5 March, the directors, Lim Seet Huat and Ang Heng Lye, said the meetings of the company and its creditors have been summoned for 5 April 2024, being a date within one month of the date of the SD.

In June 2021, the State Courts of the Republic of Singapore issued Ang a 35-month imprisonment sentence, due to his role in a conspiracy to tamper with the mass flow metering (MFM) systems on board Singapore bunker tankers Southernpec 6 and Southernpec 7 between October 2018 to April 2019.

During the period of offence, Ang was employed as a consultant at Ocean Express Pte Ltd; around June 2018, Ang was acting as a consultant and partner of Success Energy Service Pte Ltd.

Lim, who founded Sea Hub in 2007, is a 70% shareholder of the company where he also works as its Shipping Director overseeing vessel management and chartering operations; the remaining 30% shareholding of the firm belongs to Trading Director Ang.

Photo credit: Manifold Times
Published: 25 March 2024

Singapore: First creditors meeting scheduled for bunker firm Sea Hub Energy

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