The General Division of The High Court of the Republic of Singapore on 17 January issued a winding up order against Cattle Line Two Pte Ltd (CLT), a subsidiary of Quill Marine Pte Ltd (70%, which ultimate parent is Beng Kuang Marine Limited) and Number Eight Marine Pty Ltd (30%).
The development was initiated by Singapore-based KPI Oceanconnect Pte Ltd (KPI OC), a subsidiary of Bunker Holding, which submitted a creditor’s winding up application to the court on 1 November 2022, showed court documents obtained by Manifold Times.
KPI OC has been supplying bunkers to CLT’s livestock carrier Diamantina since late 2018 and was seeking to recover debt of USD 805,602.15 over five bunker deliveries, not including accrued interest of about USD 363,000 since 15 September.
Documents noted a bunker sale from KPI OC to CLT would usually start with a representative of CLT contacting staff of KPI OC though WhatsApp and/or a phone call to ask for a price quote for marine fuel.
After the price quote has been accepted, KPI OC would issue an order confirmation to CLT and arrange for the bunkers to be delivered. Following, KPI OC would issue an invoice to CLT.
Beng Kuang Marine Limited (BKM) on 29 September issued a letter to KPI OC which stated CLT did not order any bunkers from KPI OC; BKM claimed it did not find any evidence of payment from CLT to KPI OC for any supply of bunkers.
The above exchange, amongst others, led KPI OC to believe CLT to be insolvent – leading to the winding up application.
In addition of KPI OC, the creditors list of CLT includes BKM (SGD 19.4 million), United Overseas Bank (USD 1.48 million), Beng Kuang Group subsidiaries PT Nexelite CP Indonesia (SGD 588,000) and PT Nexus Engineering Indonesia (SGD 1.32 million).
BKM initially recommended the Singapore court to appoint RSM Corporate Advisory Pte Ltd as joint and several liquidators for CLT to avoid “a waste of time, costs and work already done”. However, the court decided to appoint KPI OC’s recommendation of Deloitte & Touche LLP as liquidators.
Photo credit: Manifold Times
Published: 3 February, 2022
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