Singapore: Petrolimex v Brightoil case progresses to Pre Trial Conference
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by Admin
The winding up applicant initiated by Petrolimex Singapore Pte Ltd (Petrolimex) against Singapore bunker supplier Brightoil Petroleum (S'pore) Pte Ltd (Brightoil) has progressed to a Pre Trial Conference (PTC) held under Section 211B of the Companies Act, learns Manifold Times.
Legal representatives of both parties were agreeable to the decision approved at Friday’s (14 December) hearing at the Singapore High Court; the PTC will be held on Wednesday (19 December).
In short, Section 211B of the Companies Act allows a Court to restrain proceedings, etc., against a company.
PTCs are largely private affairs held between legal representatives of parties; with media attendance usually restricted.
“At PTCs, the Registrar will usually seek an update on the status of an action,” according to information from the Singapore Supreme Court website.
“Directions will then be given for the parties to progress the action in an expeditious and fair manner e.g the filing of interlocutory applications and the timelines therein.
“An action may go through several PTCs. Parties who reach a settlement at a PTC may record the settlement before the Registrar. Otherwise, trial dates will be given for matters that cannot be settled.”
Brightoil’s legal representative, it an earlier session, highlighted parent company Brightoil Petroleum Holdings Limited working with the People's Bank of China to formulate a package for financing and debt optimisation adjustment plans.
Related: Singapore: Petrolimex owed over USD $30 million by Brightoil
Related: Petrolimex in winding up application against Brightoil at Singapore High Court
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Other related: Qatar National Bank seeks USD $21.59 million debt from Brightoil
Other related: Singapore: Brightoil bunker tanker fleet placed under Sheriff’s arrest
Other related: Media clarification: Brightoil has settled Sea Trader International’s debt
Photo credit: Manifold Times
Published: 17 December, 2018
