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Winding up

Singapore: Former auditors of Inter-Pacific Petroleum undergo private oral examination at court

At least 32 earlier Mercuria invoices dated between September to December 2017 amounting to USD 90 million remain unpaid.

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Photo 3 of High Court

Both former auditors* of defunct Singapore bunker supplier Inter-Pacific Petroleum (IPP) have been scheduled to appear for private oral examination at the High Court of the Republic of Singapore on 2 October and 13 October respectively, learned Singapore bunkering publication Manifold Times.

The auditors were under employment of One Assurance LLP, a public accounting firm providing accounting and auditing services to IPP for the financial years ending 31 December 2016 and 31 December 2017, according to court documents obtained.

IPP Judicial Managers (JMs) Deloitte Singapore obtained a court order to seek further information from IPP’s two former auditors on September 2022, who following submitted their affidavits to the institution on December 2022.

On May 2023, the former auditors of IPP further agreed to undergo examination by IPP JMs who were seeking for clarification regarding allegedly unpaid invoices issued to Mercuria dated between September 2017 to December 2017.

In short, the JMs wished to understand if the former IPP auditors:

  • Were reasonably assured financial statements prepared during IPP’s audit were free from misstatements even though receivables owed by Mercuria have been outstanding for more than the credit term of 60 days as at the time of the auditor’s issued report.
  • Confirm they were reasonably assured their assessment of the receivables owed by Mercuria Energy were not in any way doubtful.

The above development was due to a prior 11 January 2018 payment by Mercuria, where at least 32 earlier invoices dated between 9 September 2017 to 20 December 2017 amounting to USD 90 million (exact: USD 90,103,788.96) remained unpaid.

Background

IPP, a former Singapore bunker supplier and bunker craft operator, filed for judicial management at the High Court on August 2019.

A civil trial between IPP JMs and its former Singapore Director, namely Dr Goh Jin Hian, started on April 2023 at the High Court of the Republic of Singapore.

Judicial Managers Deloitte & Touche are suing Dr Goh for over USD 156 million over losses of IPP due to alleged breach of his director’s duties.

The Singapore branch of Maybank is looking to recover an amount of USD 88.3 million while Societe Generale (SocGen) is owed USD 81.3 million that they allege to be due to Dr Goh’s negligence as director.

Reportedly, Dr Goh has said that it is not the responsibility of the director to authenticate documents from management and he disputes against the banks’ own due diligence and credit risk assessment.

*Singapore bunkering publication Manifold Times has chosen to withhold the names of IPP’s former auditors.

A timeline organised list of events preceding the current development of Inter-Pacific Petroleum has been recorded by Manifold Times below:

RelatedSingapore: Civil trial between Inter-Pacific Petroleum and Dr Goh Jin Hian begins
Related: Former Singapore Director of Inter-Pacific Petroleum sued for USD 156 million
Related: Inter-Pacific Petroleum creditors authorised to fund lawsuit against former Director
RelatedNew Silkroutes under investigation over possible breach of Securities and Futures Act
Related: Judicial Managers considering to take former Singapore Director of Inter-Pacific Petroleum to court
Related: Singapore: Inter-Pacific Group receives winding up order from High Court
Related: Singapore: Inter-Pacific Group files for winding up application at High Court
Related: MPA revokes Inter-Pacific Petroleum Pte Ltd bunker supplier licence
Related: Co-heads of Trade and Commodities Finance for Asia-Pacific leave SocGen
Related: Inter-Pacific Group, Inter-Pacific Petroleum to hold creditors’ meet
Related: NewOcean detains Singapore-flagged bunker tanker “Pacific Energy 28”
Related: SocGen lawsuit against NewOcean Petroleum dropped, party to counterclaim
Related: MPA revokes Inter-Pacific Petroleum bunker craft operator licence
Related: Magnets on MFMs: Trial starts for former bunker clerk of “Consort Justice
Related: First suspect charged over MFM tampering in landmark case
Related: With nearly $180 million of debt, IPP proposes interim judicial management
Related: Inter-Pacific Group, Inter-Pacific Petroleum under judicial management
Related: Magnets on MFMs: “Consort Justice” crew pleads ‘not guilty’ to tampering charge
Related: IPP responds to temporary suspension of bunker craft operator licence
Related: MPA temporarily suspends IPP bunker craft operator licence
Related: Singapore: Bunker Cargo officer, crew face charges over alleged MFM tampering

Photo credit: Manifold Times
Published: 6 October, 2023

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Winding up

Singapore: Annual general meetings scheduled for Xihe Holdings subsidiary

Annual general meetings will be held on 26 April for Xin Bo Shipping to receive an update on firm’s liquidation, according to Government Gazette notice.

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RESIZED Jo_Johnston from Pixabay

A notice was published on the Government Gazette on Thursday (11 April) regarding the annual general meetings to be held on 26 April for Xihe Holdings subsidiary Xin Bo Shipping (Pte) Ltd.

Annual general meetings for Xin Bo Shipping are to be held at the following times:

For the company: 2pm
For the creditors: 3pm

The agenda for all the meetings are:

  1. To receive an update on the liquidation.
  2. To receive an account of the Liquidators’ acts and dealings, and of the conduct of the winding up.

The following are the details of the liquidator:

Ho May Kee
Liquidator
c/o 8 Marina View
#40-04/05 Asia Square Tower 1
Singapore 018960

Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading.

Related: Singapore: Xihe Holdings subsidiaries Xin Bo Shipping, An Guang Shipping to be wound up
Related: Singapore: Creditors to file debt claims for Xin Bo Shipping by 14 June
Related: Xihe Holdings subsidiary Xin Bo Shipping placed under judicial management
Related: JMs of An Guang Shipping and other Xihe subsidiaries call for creditors meeting

 

Photo credit: Jo_Johnston from Pixabay
Published: 12 April 2024

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Winding up

Singapore: White Flag Ventures XXXIII to undergo voluntary wind up

A liquidator was appointed for the company at an extraordinary general meeting held on 28 March, according to Government Government notice.

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RESIZED Drew Beamer

Several resolutions for White Flag Ventures XXXIII Pte Ltd were made during an extraordinary meeting held on 28 March, according to a post in the Government Gazette on Thursday (4 April).

The meeting was held at 10 Collyer Quay, #29-01/05 Ocean Financial Centre, Singapore 049315.

The duly passed resolutions were:

As Special Resolutions

  • That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018.That pursuant to Sections 177(1)(a) and 177(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018, the Liquidator be and is hereby authorised to exercise any or all of the powers given to a Liquidator by Sections 144(1)(b), (c), (d), (e), (f), (g) and 144(2) of the Insolvency, Restructuring and Dissolution Act 2018.
  • That the appointed Liquidator be and is hereby authorised to divide all or such part of the surplus assets of the Company as he shall think fit among the shareholders of the Company in specie or otherwise, in accordance with their existing rights and interests.

As Ordinary Resolutions

  • That Mr Ng Hoe Kiat Keith c/o 7500A Beach Road, #05-303/304 The Plaza, Singapore 199591 be and is hereby appointed as Liquidator for the purpose of winding-up.
  • That the remuneration of the Liquidator be based on his normal scale of professional fees plus disbursements and that the Liquidator’s fees be paid out of the assets of the Company.

 

Photo credit: Drew Beamer
Published: 9 April 2024

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Singapore: Notice to prove debt or claim issued for Ruchira Ships

Liquidators invited creditors to prove their debts or claims against the company by
submitting a proof of debt, together with all supporting documents, according to notice.

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calculator steve pb from Pixabay

A notice in the Government Gazette was published on Friday (4 December) by the Joint and Several Liquidators of Ruchira Ships Limited for creditors to prove any debts or claims against the company. 

The liquidators invited creditors to prove their debts or claims against the Company by submitting a proof of debt, together with all supporting documents, via the KPMG Singapore Creditors Central Portal at https://ccp.kpmg.com

The claims should be filed no later than 6 May 2024. 

Manifold Times previously reported the High Court of Singapore on 12 January issuing a winding up order to Ruchira Ships Limited, according to a 26 January notice on the Government Gazette.

The winding up order against Marshall Islands-registered Ruchira Ships Limited was filed by United Overseas Bank Limited (UOB) on 27 October.

Note: Should you require assistance, please contact the Liquidators of the Company at [email protected].

Related: Singapore: High Court issues winding up order to Ruchira Ships Limited
Related: Singapore: Ruchira Ships Limited winding up application to be heard on 12 January 

 

Photo credit: Scott Graham on Unsplash
Published: 8 April 2024

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