An application for the winding up of Marshall Islands-registered Ruchira Ships Limited was filed by United Overseas Bank Limited (UOB) on 27 October, according to a Friday (15 December) notice on the Government Gazette.

It noted the winding up application is directed to be heard before the Court sitting at the High Court at 2.30pm  on 12 January 2024.

Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose.

A copy of the winding up application will be furnished to any creditor or contributory of the company requiring the copy of the winding up application by the undersigned on payment of the regulated charge for the same.

The Applicant's address is 80 Raffles Place, UOB Plaza, Singapore 048624.

The Applicant's solicitors are Allen & Gledhill LLP of 1 Marina Boulevard, #28-00, One Marina Boulevard, Singapore 018989.

Note: Any person who intends to appear on the hearing of the winding up application must serve on or send by post to the abovenamed Allen & Gledhill LLP, Solicitors for the Claimant, notice in writing of his intention to do so. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person, firm, or his or their solicitor (if any) and must be served, or, if posted, must be sent by post in sufficient time to reach the abovenamed not later than the 8th day of January 2024 (3 clear working days before the day appointed for the hearing of the winding up application).

According to Australian publication Countryman in August, 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 5 November, Wellard, in a Australian Securities Exchange announcement, said it received a notification that UOB commenced winding up proceedings in Singapore against ship financiers, Ruchira Ships Limited.

The notification was received from Ruchira’s lawyers, who stated that they do not have any further information regarding the status of UOB’s winding up application.

As previously announced, Wellard has a long-term bareboat charter in place and the Company’s position is that the bareboat charter grants Wellard the right to continue to operate the Ocean Drover until 2032.

“Wellard will vigorously assert its legal rights in respect of the Drover. In the meantime, the vessel will continue to be operated by Wellard and offered for charter to Wellard’s customers,” the firm said. 

Photo credit: Ekaterina Bolovtsova
Published: 18 December, 2023