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Singapore: Liquidation of defunct bunkering firm Searights Maritime Services come to a close

01 Apr 2021

Legal representatives of United Overseas Bank Limited and Searights Maritime Services Pte Ltd met at the High Court of the Republic of Singapore on Tuesday (30 March) to seek approval for the discharge of liquidators, according to court documents obtained by Manifold Times.

The development* signals the completion of liquidation operations for defunct Singapore bunkering firm Searights Maritime Services.

Court documents shared with the Singapore bunkering publication indicated the total amount owed by Searights to UOB to be the sums of USD 94.3 million (exact: USD 94,290,478.88) and SGD 24.8 million) (exact: SGD 24,832,219.43) as at 31 October 2016.

Searights’ previous creditors include Monjasa Pte Ltd who was claiming a total of USD 1.8 million (exact: USD 1,795,128.05) on 4 July 2016 for three bunker deliveries; they are 4,996 mt of RMG to MT Giselle on 21 January 2016, 4,790 mt of RMG to MT Fair Deal on 28 January 2016, and 4,976 mt of RMG to MT Poseidon on 4 February 2016.

Vitol Asia Pte Ltd was seeking payment of USD 7.7 million (exact: USD 7,672,361.48) as of 26 August 2016, and Searights allegedly owed Gulf Petrochem Pte Ltd USD 386,627.90 as at 22 June 2016.

Searights took 12th position on the Maritime and Port Authority of Singapore (MPA) top bunker suppliers by volume list in 2015.

The company’s bunkering operations took a downturn after the death of its former CEO Cecil Cheong in November 2015.

*Upon the completion of the liquidation, the liquidator applies to the Court for the company to be dissolved and to be released as liquidator where it discharges the liquidator from all liability in respect of his conduct in the course of winding up. [Source: Ministry of Law – Insolvency Office]

 

Photo credit: Manifold Times
Published: 1 April, 2021

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