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Zenrock Commodities files for winding up order, hearing date set

14 Sep 2020

Oil trading firm Zenrock Commodities Trading on 25 August filed for a winding up application, according to a notice on the Government Gazette on Friday (11 September).

The winding up application is directed to be heard at the High Court of the Republic of Singapore at 10.00 am on Monday 28 September.

As earlier reported by Manifold Times, Zenrock has agreed to be placed under judicial management, after HSBC accused the company of fraud.

In HSBC’s court filing, the bank reportedly has an exposure of almost USS 49 million to Zenrock; the trading firm owes more than USD 166 million to six creditors as of April 17.

“[…] any creditor or contributory of the said Defendant desiring to support or oppose the making of an order on the said winding up application may appear at the time of hearing by himself or his Counsel for that purpose; and a copy of the winding up application will be furnished to any creditor or contributory of the said Defendant requiring the copy of the winding up application by the undersigned on payment of the regulated charge for the same,” read the notice published by the Government Gazette.

Any person who intends to appear on the hearing of the winding up application must serve on or send by post to the Plaintiff’s solicitors, Virtus Law LLP of One Raffles Place #18-61 Tower 2, Singapore 048616Withers KhattarWong LLP of 80 Raffles Place, #25-01 UOB Plaza 1, Singapore 048624, a 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 above named not later than 12 o’clock noon of Wednesday,23 September (at least 3 clear working days before the day appointed for the hearing of the winding up application).

Related: Singapore: High Court grant HSBC’s request to place Zenrock under judicial management
Related: Singapore: Troubled Zenrock Commodities rumoured to be winding down in August
Related: Zenrock assents to HSBC’s application for it to be placed under judicial management
Related: Update: Hearing date set for HSBC application to place Zenrock under judicial management
Related: HSBC accuses Zenrock of fraudulent dealings, files for legal action amid credit concerns


Photo credit: Manifold Times
Published: 14 September, 2020

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