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Singapore High Court concedes interim judicial management to Hin Leong Trading

The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought forward ahead of time at the request of creditors, reports Business Times

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Financially troubled Singapore oil company Hin Leong Trading Pte Ltd on Monday (27 April) was reportedly granted interim judicial management by Singapore High Court in view of its crushing USD 3.85 billion debt and legal investigations.

The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought forward ahead of time at the request of creditors, according to the Business Times.

It has been previously reported that accounting firm PricewaterhouseCoopers (PwC) was appointed by HLT to manage the firm in the iterim, and now Goh Thien Phong and Chan Kheng Tek of PwC are purported to assume the role of  judicial managers. 

PwC now has eight weeks to file a preliminary report assessing whether HLT can be salvaged through restructuring or rehabilitation. 

Related: Report: Hin Leong Trading appoints PwC as interim judicial manager
Related: Singapore’s Police Force commence investigations into Hin Leong Trading
Related: Sembcorp Cogen aborts gasoil supply and storage contract with Hin Leong Trading
Related: Winson Group and ZenRock Commodities reassure fiscal stability despite Hin Leong fiasco
Related: Report: Sinopec expresses interest in Hin Leong Trading stake of Universal Terminal
Related: Report: Hin Leong Trading founder gave instructions to hide USD 800 million losses
Related: Singapore: Ocean Bunkering Services to discontinue marine fuel deliveries
Related: Hin Leong in debt restructuring exercise; Ocean Tankers a separate entity, says CEO
Related: Report: Hin Leong Trading finances under scrutiny, amid credit pull from two banks


Photo credit:
Manifold Times
Published: 28 April, 2020

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Legal

Singapore: Bunker Partner seeks proprietary injunction against FOMO Pay in USD 20 million account

Application is made on behalf of First Digital Trust Limited with DBS Bank Ltd Singapore, according to to court documents obtained by Manifold Times.

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Singapore High Court

A hearing between Bunker Partner DMCC (United Arab Emirates Registration No. DMCC193291) and FOMO Pay Pte Ltd (Singapore UEN No. 201543956D) took place at the High Court of the Republic of Singapore on Tuesday (4 February), learned Manifold Times.

Bunker Partner was applying for the court to grant them a proprietary injunction against FOMO Pay over the sum of USD 20 million (exact: USD 20,353,260.86) in its account, according to court documents obtained by the bunkering publication.

It is seeking to restrain FOMO Pay from disposing of, dissipating or otherwise dealing with the funds.

The application is made on behalf of First Digital Trust Limited with DBS Bank Ltd Singapore.

FOMO Pay is a major payment institution headquartered in Singapore and licensed by the Monetary Authority of Singapore to conduct Cross-border Money Transfer Service, Domestic Money Transfer Service, Digital Payment Token Service and Merchant Acquisition Service.

 

Photo credit: Manifold Times
Published: 11 February 2025

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Winding up

Singapore: Liquidator schedules final meeting for Vanda Marine Services

Final meeting of the company and creditors for Vanda Marine Services Pte Ltd, has been set to take place at 11am on 7 March at 8 Burn Road, Trivex #16-12, Singapore 369977.

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RESIZED Jo_Johnston from Pixabay

The final meeting of the company and creditors for Vanda Marine Services Pte Ltd, has been scheduled to take place on 7 March, according to the company’s liquidator on a notice posted on Friday (7 February) on the Government Gazette.

The meeting will be held at 8 Burn Road, Trivex #16-12, Singapore 369977 at 11am. It is being held for the purpose of having an account laid before the meeting showing the manner in which the winding-up has been conducted and the property of the company has been disposed of and hearing any explanation that may be given by the liquidator.

The details of the liquidator are as follows:

Seah Chee Wei
Liquidator
c/o 8 Burn Road
Trivex #16-12
Singapore 369977

Notes:

1) A member/creditor entitled to attend the above meeting may appoint a proxy to attend in his stead. A proxy need not be a member of the Company. The instrument appointing a proxy must be lodged with the liquidator in the following manner:

  • By email to the Liquidator’s office at [email protected]; and
  • By post to the Liquidator’s office at 8 Burn Road, Trivex #16-12, Singapore 369977 not later than 12.00 p.m. on 6 March 2025 or adjourned meeting at which it is to be used.

2) A corporation which is a member of the Company may, by resolution of its directors, authorise any person to act as its representative at any meeting of the Company, and such representative shall be entitled to exercise the same powers on behalf of the Corporation which he represents as if he had been an individual member of the Company.

 

Photo credit: Jo_Johnston from Pixabay
Published: 10 February, 2025

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Winding up

Singapore: Final meetings scheduled for Apoda Shipping and related companies

Singapore: Final meeting scheduled for Apoda Shipping and related companies

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steve pb from Pixabay

The final meetings of members of Apoda Shipping Pte Ltd and related companies, has been scheduled to take place on 10 March, according to the company’s liquidators on a notice posted on Friday (7 February) on the Government Gazette.

The meetings will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 a the following times:

  • Apoda Shipping Pte Ltd (Company Registration No. 202037297W): 9am
  • Cekap Shipping Pte Ltd (Company Registration No. 201726677R): 9.30am 
  • Cergas Shipping Pte Ltd (Company Registration No. 201726683E): 10am
  • Plover Shipping Pte Ltd  (Company Registration No. 201726691R): 10.30am
  • Raggiana Shipping Pte Ltd (Company Registration No. 202037302D) 11am
  • Splendour Shipping (2017) Pte Ltd (Company Registration No. 201725911C) 11.30am

The meetings are being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation that may be given by the liquidators.

The details of the liquidators are as follows:

Victor Goh
Khor Boon Hong
Marie Lee
Joint Liquidators
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778

Note: Pursuant to Section 181 of the Companies Act 1967, a member entitled to attend and vote at this meeting is entitled to appoint another person or persons as his/her proxy to attend and vote in his/her stead. Proxies to be used at the meeting must be lodged at the Office of the liquidators not later than 48 hours before the meeting.

 

Photo credit: steve pb from Pixabay
Published: 10 February, 2025

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