Winding up

Singapore: Ruchira Ships Limited winding up application to be heard on 12 January

Application for the winding up of Marshall Islands-registered Ruchira Ships Limited was filed by United Overseas Bank Limited (UOB) on 27 October, 2023, according to notice on Government Gazette.

Published

1 year ago

December 18, 2023

Admin

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

Business

Vitol and Grindrod announces winding down of bunkering firm Cockett

‘The shareholders would also like to thank all of Cockett’s suppliers and customers for their support over the last 45 years of trading,’ said a joint statement.

Published

3 days ago

May 13, 2025

Admin

Vitol and Grindrod, joint shareholders of bunkering firm Cockett, on Tuesday (13 May) made the strategic decision to conduct an orderly wind-down of Cockett.

“This difficult decision was reached after long consideration and in light of the non-core nature of Cockett’s business to both shareholders,” said a joint statement.

“Cockett is in a sound financial position. It will continue to perform all of its existing contractual obligations, in a timely manner, to both suppliers and customers. As of today however, it will not enter into any new business.

“The shareholders are keen to ensure that the wind-down proceeds on a solvent basis. Cockett anticipates that all relevant suppliers will be paid in full within the next 60 days, in each case in accordance with the terms of their supply contracts. It also anticipates payment of relevant receivables due from customers within a similar timeframe.”

According to the statement, the wind-down process will be led by Cockett’s current management team, Cem Saral and Arnaud Payot, Cockett’s long standing CEO and CFO. They will be supported by Vitol on behalf of the shareholders who, as a leading global energy supplier, holds existing relationships with many of Cockett’s suppliers and customers. A core team will remain in place to ensure the orderly settlement of payables and receivables.

“The shareholders would like to thank the Cockett employees for their professionalism, hard work and dedication to the company over many years. All employees will receive considered and responsible compensation,” it noted.

“The shareholders would also like to thank all of Cockett’s suppliers and customers for their support over the last 45 years of trading.”

Photo credit: Cockett
Published: 13 May 2025

Winding up

Singapore: Liquidator schedules final meeting for President Marine

Meeting will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 at 9am on 9 June to hear any explanation that may be given by the liquidator, says Government Gazette notice.

Published

3 days ago

May 13, 2025

Admin

The final meeting of members for President Marine Pte Ltd, has been scheduled to take place on 9 June, according to the company’s liquidator on a notice posted on Friday (9 May) on the Government Gazette.

The meeting will be held at 600 North Bridge Road, #05-01 Parkview Square, Singapore 188778 at 9am.

The meeting is being held for the purpose of having an account laid before the members showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanation that may be given by the liquidators

The details of the liquidator are as follows:

Victor Goh
Khor Boon Hong
Marie Lee
Joint Liquidators
C/o Baker Tilly
600 North Bridge Road
#05-01 Parkview Square
Singapore 188778

According to Singapore-based The Grid, a B2B Sales Intelligence platform, the company’s business was in building and repairing tankers and other ocean-going vessels.

Photo credit: Jo_Johnston from Pixabay
Published: 13 May, 2025

Winding up

Singapore: Virgo Shipholding and Virgo Holdings to be wound up voluntarily

A liquidator was also appointed for both companies at an extraordinary general meeting held on 30 April, according to Government Gazette notice.

Published

3 days ago

May 13, 2025

Admin

Several resolutions for Virgo Shipholding Pte Ltd and Virgo Holdings Pte Ltd were made during extraordinary general meetings held on 30 April, according to a notice in the Government Gazette on Friday (9 May).

The following resolutions were resolved during the meetings:

SPECIAL RESOLUTIONS

That the Company be wound up voluntarily.
That the Liquidator(s) be and is hereby authorised to exercise any or all of the powers given by Section 144 (1)(b), (c), (d), (e), (f) and (g) and 144 (2) of the Insolvency, Restructuring and Dissolution Act 2018.
That the Liquidator(s) be authorised to distribute either in cash or in specie any part or all of the surplus assets of the Company to the contributories.

ORDINARY RESOLUTIONS

That Messrs. Chian Yeow Hang and Cheong Beng Sheng, Dean of c/o Guardian Advisory Pte Ltd 531A Upper Cross Street #03-118 Singapore 051531 be and hereby appointed as liquidator for the purpose of winding up the affairs of the Company.

Photo credit: Drew Beamer
Published: 13 May, 2025