Connect with us

Legal

Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’

Other creditors support OCBC’s application as the bank views Xihe’s restructuring plan to be ‘little more than a controlled sale of vessels’, reports Business Times.
Admin

Published

6 years ago

on

Ocean QUEEN

Xihe Holdings, the 60% holding company for Singapore-based tanker ship owner Xihe Group of Companies, has been placed under interim judicial managers (IJMs) as creditors rally behind OCBC’s application for Xihe’s restructuring to be independent of the Lim family, reports Business Times.

This comes off the bat off Xihe’s announcement at the end of July that its creditors have adjourned court proceedings in favour of working together with the group towards a consensual restructuring.

It seems that OCBC and other creditors have since had a change of heart as the bank’s court filing states that Xihe’s restructuring plan “appears to amount to little more than a controlled sale of vessels, while seeking financing and charters to tide over the interim period”.

As part of its plan, Xihe claimed to be independent of Lim Oon Kuin and his children, and appointed a new board of directors which included Lim’s brother Kenny Lim Oon Cheng as interim CEO.

OCBC stated that these steps “give the veneer of independence and new management instead of the actual independence guaranteed by JM”.

Conversely, Xihe is probing into OCBC’s real motives for placing it under IJM as it feels the bank “can have no conceivable interest in what happens to these companies (Xihe) once it (OCBC) is paid”.

“[…] this is a backdoor attempt to obtain security over the Lim family’s assets for its claims against Hin Leong Trading and Ocean Tankers,” said Haridass Ho & Partners, legal counsel to Xihe. 

Related: Xihe Group appoints V.Group as technical manager for 16 of its tankers
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: Xihe Group
Published: 17 August, 2020

Related Topics:
Continue Reading

Winding up

Singapore: Nan Shan Maritime liquidator issues notice of intended dividend

Creditors will need to produce proofs of debt to liquidator of Nan Shan Maritime by 14 July, according to Government Gazette notice.
Admin

Published

1 day ago

on

July 1, 2026

By

steve pb from Pixabay

A notice to declare intended dividend of Nan Shan Maritime Pte Ltd to its creditors has been posted on the Government Gazette on Tuesday (30 June).

The following are the details of the notice of intended dividend:

Name of Company : Nan Shan Maritime (Pte.) Ltd. (In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Last Day for Receiving Proofs : 14 July 2026
Name of Liquidator : Tam Chee Chong
Address : c/o 10 Anson Road, #10-10, International Plaza, Singapore 079903

 

Photo credit: steve pb from Pixabay
Published: 1 July, 2026

Continue Reading

Winding up

Singapore: Kekal Shipping Pte Ltd to undergo voluntary wind up

A liquidator has been appointed at an extraordinary general meeting held on 18 June for the purpose of winding up the company’s affair, according to Government Gazette notice.
Admin

Published

2 days ago

on

June 30, 2026

By

RESIZED Jo_Johnston from Pixabay

A notice in the Government Gazette was published by the Director of Kekal Shipping Pte Ltd on Friday (26 June), regarding resolutions that were passed in relation to the winding up of the company.

The following resolutions were duly passed during an an Extraordinary General Meeting of the company, which was held at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore 098632 on 18 June at 10am:

SPECIAL RESOLUTION

RESOLVED that the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018.

ORDINARY RESOLUTION

RESOLVED that Ms Lee Yan Huei of Messrs Acclime Corporate Advisory Singapore Pte. Ltd. be appointed liquidator of the Company for the purpose of such winding up

 

Photo credit: Jo_Johnston from Pixabay
Published: 30 June, 2026

Continue Reading

Winding up

Singapore: Heng Tong Fuels & Shipping Pte Ltd to be wound up voluntarily

Nicholas James Gronow, director of the Singapore-based bunker tanker owner, filed a statutory declaration last year for the company, stating the firm cannot continue their businesses due to its liabilities.
Admin

Published

3 days ago

on

June 29, 2026

By

Resized benjamin child

Several written resolutions for Singapore-based bunker tanker owner Heng Tong Fuels & Shipping Pte Ltd (HTFS) were approved by the sole shareholder of the company on 19 June, according to a post in the Government Gazette on Friday (26 June).

Manifold Times previously reported a director of HTFS filing a statutory declaration (SD) with the Official Receiver’s office stating that the company cannot continue its business due to its liabilities.

The company was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd. 

The duly passed resolutions were:

SPECIAL RESOLUTIONS:

  • That the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018).
  • That the Liquidators be authorised to exercise any or all of the powers provided under Section 144(1)(b), (c), (d), (e), (f) and (g) and 144(2) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018).
  • That the Liquidators be and are hereby authorised to distribute in cash or in specie any or all of the assets of the Company remaining after satisfaction of all debts and liabilities.

ORDINARY RESOLUTIONS:

  • That Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte. Ltd., One Raffles Quay #27-10 South Tower Singapore 048583 be and are hereby appointed the joint and several Liquidators of the Company for the purpose of such winding up and that the Liquidators be indemnified by the Company against all costs, charges, losses, expenses and liabilities incurred or sustained by them in the execution and discharge of their duties in relation thereto.
  • That the remuneration of the Liquidators be based on their normal scale rates for carrying out the engagement plus disbursements and the prevailing goods-and-services tax and that the Liquidators’ remuneration be paid out of the assets of the Company.

In another notice, the liquidators of Heng Tong Fuels & Shipping said creditors for the company are required on or before the 27 July to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the liquidators. 

Liquidators may also require creditors to, “come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved.”

The liquidators can be contacted at the following address:

WONG PHENG CHEONG MARTIN
KOAY MAY YEE
JOINT AND SEVERAL LIQUIDATORS
of FTI Consulting (Singapore) Pte. Ltd.
One Raffles Quay
#27-10 South Tower
Singapore 048583

Related: Singapore: Director declares Heng Tong Fuels & Shipping’s inability to continue business
Related: Heng Tong Fuels & Shipping in court over DBS Bank bunker tanker loan
Related: Singapore: Bunker tanker “Coastal Neptune” arrested
Related: Heng Tong Fuels & Shipping, Coastal Logistics tankers enter S&P market

 

Photo credit: Benjamin child
Published: 29 June, 2026

Continue Reading

Trending