Singapore: High Court issues winding up order to Ruchira Ships Limited
- Published
by Admin
The High Court of Singapore on Friday (12 January) issued 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.
The winding up order also included the following names and addresses of the liquidators:
Ms Toh Ai Ling, Mr Chan Kwong Shing,
Adrian and Ms Tan Yen Chiaw
c/o KPMG Services Pte. Ltd.
12 Marina View,
#15-01 Asia Square Tower 2,
Singapore 018961
All creditors of the abovenamed company should file their proof of debt with the liquidator who will be administering all affairs of the company.
According to Australian publication Countryman in August last year, a nine-year bareboat charter of the MV Ocean Drover could be the last clear run Wellard Limited has with the vessel after repurchasing attempts from Singapore-based Ruchira Ships proved to be unsuccessful.
Ruchira has reportedly been unable to pay back its loans to its bank, UOB, which holds the vessel title and won’t release it to Wellard, which has paid for the Drover in full with “no further expenses” anticipated.
Wellard executive chairman John Klepec reportedly said Ruchira must deliver unencumbered title to the vessel, “but has been unable to make appropriate arrangements with its bank, UOB, to provide the required discharges of mortgages registered against the Drover”.
On 14 January this year, Wellard, in a Australian Securities Exchange announcement, said it received confirmation that UOB has formally appointed KPMG Services Pte Ltd (KPMG) as liquidators to Ruchira Ships Limited in Singapore on Friday, 12 January 2024.
Ruchira is the financier of the M/V Ocean Drover, and is currently its registered owner.
“Wellard will continue to vigorously assert its legal rights to receive the unencumbered redelivery of title to the Ocean Drover, and will now deal with the liquidators and any other relevant party to resolve the matter,” the firm said.
“The vessel continues to be operated by Wellard and offered for charter to Wellard’s customers.”
Related: Singapore: Ruchira Ships Limited winding up application to be heard on 12 January
Photo credit: Sora Shimazaki on Pexels
Published: 29 January, 2024
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