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Singapore: Xihe Holdings subsidiaries undergo creditors’ voluntary liquidation

02 Jun 2022

Two notices were published in the Government Gazette on Wednesday (1 June) regarding two Xihe Holdings subsidiaries which are currently in creditors’ voluntary liquidation.

Notices of resolution were given on the following companies: 

  • Xin Chun Shipping Pte Ltd and 
  • Xin Dun Shipping Pte Ltd

The following are the resolutions that have been passed by written means on 23 May 2022:

1. SPECIAL RESOLUTION – WINDING-UP

That the Company be wound up pursuant to section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act (Act 40 of 2018). 

2. ORDINARY RESOLUTION – APPOINTMENT OF LIQUIDATORS 

That Paresh Tribhovan Jotangia and Ho May Kee of Grant Thornton Singapore Private Limited c/o 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960 be appointed as joint and several liquidators of the Company for the purpose of the winding-up. 

3. ORDINARY RESOLUTION – JUDICIAL MANAGERS’ REMUNERATION AND EXPENSES 

The remuneration and expenses of Seshadri Rajagopalan and Paresh Tribhovan Jotangia of Grant Thornton Singapore Private Limited c/o 8 Marina View, #40-04/05 Asia Square Tower 1, Singapore 018960 appointed as judicial managers on 21 December 2020 (including fees of professionals engaged by the judicial managers), before their cessation as judicial managers, be charged as an expense of the winding-up commenced pursuant to section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act (Act 40 of 2018) in accordance with the resolution passed on 25 April 2022.

Related: Singapore: Provisional liquidators appointed for Xin Chun Shipping, Xin Dun Shipping
Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021
Related: Liquidator: Da Shun Shipping Pte Ltd winding up application to be heard at High Court
Related: Singapore: High Court to hear Xihe Holdings winding up application on 24 March
Related: Xihe Holdings liquidators request scheme creditors to submit proof of debt
Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries
Related: Judicial Managers of Xihe Holdings and subsidiaries call for first creditors meeting
Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management
Related: Singapore court to consider judicial management of Xihe Holdings and subsidiaries
Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’
Related: Xihe replaces Directors, forms new management team to chart fresh course for Group
Related: Xihe creditors adjourn court proceedings in favour of consensual restructuring
Related: OCBC files for Xihe Holdings to be placed under judicial management

 

Photo credit: Drew Beamer
Published: 2 June, 2022

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