The winding up applicant initiated by Petrolimex Singapore Pte Ltd (Petrolimex) against Singapore bunker supplier Brightoil Petroleum (S'pore) Pte Ltd (Brightoil) has progressed to a Pre Trial Conference (PTC) held under Section 211B of the Companies Act, learns Manifold Times.
Legal representatives of both parties were agreeable to the decision approved at Friday’s (14 December) hearing at the Singapore High Court; the PTC will be held on Wednesday (19 December).
In short, Section 211B of the Companies Act allows a Court to restrain proceedings, etc., against a company.
PTCs are largely private affairs held between legal representatives of parties; with media attendance usually restricted.
“At PTCs, the Registrar will usually seek an update on the status of an action,” according to information from the Singapore Supreme Court website.
“Directions will then be given for the parties to progress the action in an expeditious and fair manner e.g the filing of interlocutory applications and the timelines therein.
“An action may go through several PTCs. Parties who reach a settlement at a PTC may record the settlement before the Registrar. Otherwise, trial dates will be given for matters that cannot be settled.”
Brightoil’s legal representative, it an earlier session, highlighted parent company Brightoil Petroleum Holdings Limited working with the People's Bank of China to formulate a package for financing and debt optimisation adjustment plans.
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Petrolimex in winding up application against Brightoil at Singapore High Court
Other related: Singapore: Brightoil bunker creditor list growing with new firms
Other related: Singapore: Toyota Tsusho Corporation seeking $21 million from Brightoil
Other related: Qatar National Bank seeks USD $21.59 million debt from Brightoil
Other related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Other related: Media clarification: Brightoil has settled Sea Trader International’s debt
Photo credit: Manifold Times
Published: 17 December, 2018
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
‘We [Consort Bunkers] have the opinion that the bunker business in Singapore is not related to the widely reported earlier cargo commodity trading mishaps,’ company source tells Manifold Times.