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Xihe Holdings liquidators request scheme creditors to submit proof of debt

09 Dec 2021

The deadline to submit a proof of debt (POD) for parties claiming to be creditors of Xihe Holdings (Pte) Ltd (Judicial Managers Appointed) is scheduled to take place on 31 December before 5:00 pm, according to a Wednesday (8 December) notice posted on the Government Gazette.

The copies of the Scheme Document have been sent:

  • by registered post as is appropriate to the scheme creditors for whom the company has an address, which address the Company understands to be the last known address of that scheme creditor; and/or 
  • by electronic mail to the scheme creditor for whom the company has an email address, which email address the company understands to be last known email address of that scheme creditor or any director, employee, agent or representative of that scheme creditor; save that, where there are potential restrictions on sending the scheme document to any overseas jurisdiction, the company shall not send the scheme document to the scheme creditors in such overseas jurisdiction.

The company is requesting scheme creditors to begin submitting their proofs of debt, together with all supporting documents (including but not limited to contracts, invoices, purchase orders, delivery notes etc.). In the circumstances, insofar as claims are made for interest or other such amounts, please submit the calculations and/or any supporting documents which were used to derive the amounts payable.

Additional copies of the scheme document may be obtained by the scheme creditors writing in to xihe.ijm@sg.gt.com before collection from the office of the company at 8 Marina View Asia Square Tower 1, #40-04/05 Singapore 018960 during normal business hours on any day (other than a Saturday, Sunday or public holiday) prior to the day appointed for the POD Deadline.

A Scheme Creditor in an overseas jurisdiction may also write to the company at Specified Email Address or Specified Address to request for the Scheme Document to be sent to an address by ordinary post, or via email specified by the Overseas Scheme Creditor, up to seven days prior to the POD Deadline at such Scheme Creditors’ own risk.

If creditors have already submitted their proof of debt, they do not need to do so again, unless they wish to revise it. For the avoidance of doubt, the revised Proof of Debt must be received by the Judicial Managers.

Subject to the adjudication of the claim(s), the Judicial Managers will use the Proof of Debt submitted for the purpose of participating and voting on the Scheme.

Any Scheme Creditor who fails to submit a duly completed Proof of Debt within the period prescribed in the notice will not be allowed to vote (whether in person or by proxy) on the scheme and will not be entitled to any distribution, payments or benefits under the scheme (unless so admitted at the discretion of the Chairman / Scheme Manager) but shall, nonetheless, be bound by the terms of the scheme in the event it becomes effective, and shall have its claim compromised or waived under the terms of the scheme.

Scheme creditors are requested to provide written irrevocable consent to the Scheme on 20 January 2022 at 5:00 pm.

The company will give notice of application for sanction of the Scheme (if the requisite majorities of Scheme Creditors approve the Scheme) and will provide further instructions regarding other information and documents required in connection with the scheme.

 

Photo credit: Drew Beamer
Published: 9 December, 2021

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