Ocean Tankers, founded in 1978, manages and operates a. Hearing to bring Xihe Holdings under judicial management put on hold. The judicial managers of Xihe Holdings in the restructuring of the Xihe Holdings group of companies. The address of the Company’s registered office and the Liquidator is One Raffles Quay, #27-10, Singapore 048583. The companies included in the published notices are: An Ding Shipping Pte Ltd. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. of the bankrupt crypto hedge fund 3 Arrows Capital on its multi-billion dollar debt default and advising the judicial managers of Xihe Holdings in its US$1 billion restructuring. Related: Provisional liquidators appointed for Xihe subsidiaries, call for creditor’s meeting Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021 Related: Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial management Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsSingapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. , a ship owner linked to troubled Singapore oil trader Hin Leong and its founder’s family, has been placed under interim judicial. SINGAPORE, July 22 (Reuters) - Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. (Hin Leong Trading), its related vessel ownership group (Xihe Holdings) and its related bareboat charterer (Ocean Tankers), with an exposure of well over US$500 million. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. com. Read more at. In the period before their appointment (ie, when the management of Xihe Holdings and its vessel-owning subsidiaries were in place), the main contention was whether the OTPL JMs’ conduct showed that they wanted to redeliver the vessels. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsOcean Tankers, Hin Leong, Xihe Holdings and four special purpose vehicles all owned by oil tycoon Oon Kuin Lim and his son and daughter have been placed by the Singapore High Court under judicial. OCBC applied for Xihe and the four SPV's to be placed under court. Ocean Tankers, Hin Leong, Xihe Holdings and four special purpose vehicles all owned by oil tycoon Oon Kuin Lim and his son and daughter have been placed by the Singapore High Court under judicial. Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial management. Representing bank creditors in successfully placing Xihe Holdings, a US$1 billion entity, into interim and final judicial management. . Singapore-based tanker shipowner the Xihe Group of Companies (Xihe) on Thursday (30 July) said a new management team has been put in place to chart a fresh course for the group. Xihe Holdings launches sales of seven Ocean Tankers-linked ships. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Yelp is a fun and easy way to find, recommend and talk about what’s great and not so great in Victoria and beyond. It is also active in the purchase and divestment of assets by private equity houses and is at the forefront of headline restructurings in the sector; it continues to advise multiple major bank and non-bank creditors in relation to the judicial management and the liquidation of Hin Leong Trading, Ocean Tankers and Xihe Holdings. 5billion; receiver appointed for 3 Xihe ships Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’ Photo credit: Manifold Times Published: 13 October, 2020 Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Lawyer Profiles. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. Two notices were published in the Government Gazette on Tuesday (22 December) regarding the first meeting between the judicial managers of Xihe Holdings (Pte Ltd), its subsidiaries and its creditors, as well as the procedures to submit proof of debt to entitle creditors to a vote during the said meeting. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. The High Court of Singapore. Related: Provisional liquidators appointed for Xihe subsidiaries, call for creditor’s meeting Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021 Related: Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial managementSingapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. Court hearing on OCBC's judicial management application for Xihe Holdings adjourned to Aug 13SINGAPORE-A High Court hearing for OCBC Bank's application to bring the Lim family-run Xihe Holdings and four of its vessel-owning units under judicial management has been adjourned to Aug 13. The judicial managers have allowed a handful of Xihe's tankers to be arrested in Singapore and sold at auction. The affidavit was filed by Oversea-Chinese Banking Corp (OCBC) following incidents of fraud uncovered at Hin Leong Trading (HLT). 24 Aug 2020; News; Xihe Holdings is linked to most of the vessel-owning vehicles behind a 136-strong tanker fleet . Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC Bank, which "strongly distrusts (their). 10 On 7 August 2020, the Judge allowed OS 417 and placed HLT under judicial management, appointing the IJMs as judicial managers (“JMs”). Name and address of liquidators: Seshadri Rajagopalan, Paresh Tribhovan Jotangia and Ho May Kee care of 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960. Lim Oon Kuin, also known as O. Xihe Capital (Pte. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. (Repeats with no changes to text) * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships' values. L alleged "highly dishonest transactions" at. ) Ltd. The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed. Xihe Capital (Pte. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under “urgent” judicial management by creditor OCBC Bank, which “strongly distrusts (their) current management” after US$208. According to the notice by Gavin Mark McIntyre, the Director of the. Xihe Holdings, which. It owed $1. 13, 2020, the judicial managers (JMs) - Seshadri. To be entitled to vote at the meeting, creditors’ proxy and proof must be lodged with the Judicial Managers not later than 4. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsOversea Chinese Banking Corp (OCBC) applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O. Director of the above named companies, the remuneration and expenses of Seshadri Rajagopalan and Jotangia as the joint judicial managers on 21 December 2020, will be charged as an. Manoj Pillay SANDRASEGARA is Co-Head of WongPartnership’s Special Situations Advisory Practice and a Partner in the Indonesia Practice. The. XIHE HOLDINGS (PTE) LTD. OTPL, HLT and Xihe did not respond to requests for comment about the court filings. “All creditors of the abovenamed Company should file their proof of debt with the liquidators who will be administering all affairs. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. He leads the firm’s cross-border restructuring practice in Asia and is globally ranked as a pre-eminent Tier 1 practitioner having extensive experience in complex cross-border debt restructurings act for. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies. m. SINGAPORE - Six residential properties in Singapore and three in Australia belonging to the Lim family behind insolvent Hin Leong Trading are among assets frozen by the High Court to recoup US$3. OCBC, one of Singapore's largest banks, has sought to have the company placed under judicial management due to a “strong distrust” of Xihe’s management after allegedly fraudulent activities. Hin Leong’s judicial managers PricewaterhouseCoopers and Ocean Tankers’ judicial managers EY were not immediately available to comment. 55 billion, including $983 million to at least 20 banks. Article continues below the. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim and. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Since its first promulgation in 2006, the Enterprise Bankruptcy Law of the People’s Republic of China (the Bankruptcy Law) has been playing an increasingly important role in the business environment in China. K. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim and. SINGAPORE, July 22 (Reuters) - Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with. The claimants/appellants are 40 vessel-owning subsidiaries of Xihe Holdings (Pte) Ltd (“the XH Companies”), while the respondent is Ocean Tankers (Pte) Ltd (“OTPL”). Oversea Chinese Banking Corp (OCBC) OCBC. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. The Xihe companies are also 100% owned by the Lim family. 1 The present appeals arise from the decision of the High Court judge (the “Judge”) in Ocean Tankers (Pte) Ltd (under judicial management) v Rajah & Tann Singapore LLP and another matter [2021] SGHC 144 (the “Joinder Judgment”), dismissing HC/SUM 4429/2020 (“SUM 4429”) and HC/SUM 4417/ 2020 (“SUM 4417”) which were. Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. Related: O. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies. Two notices were published in the Government Gazette on Monday (4 January) regarding an application by Xihe Holdings to place the following Xihe Capital. Ltd. 00 p. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. A bank in an SIAC arbitration against a collateral management company for breach of contract and/or negligence in respect of pledged goods. conclusion. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Admin. Advised an informal steering committee of lenders holding $1. Singapore’s OCBC Bank has filed an application for Xihe Holdings, the vessel-owning arm of the empire of oil trader and tanker owner Lim Oon Kuin, to be placed under judicial management. HSBC Holdings Plc’s earlier reported application for Singapore-based oil trading firm Zenrock Commodities Trading to be placed under judicial management has been scheduled for a hearing at 10 am on 13, July according to a notice published by the High Court of Singapore seen by Manifold Times. . Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. (in liquidation pursuant to a members' voluntary winding up since 22 October 2020 and in liquidation pursuant to a creditors' voluntary winding up since 19 November 2021) 8. Singaporean tanker owner Xihe Holdings has reportedly sold one of its idle MR2-type product tankers to Sol Selene Shipping of Panama. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. MF Global. Photo credit: Benjamin-Child Published: 19 February, 2021Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Three companies related to the Lim family have been brought under interim judicial management. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC Bank, which "strongly distrusts (their. Oversea Chinese Banking Corp (OCBC) OCBC. Related: O. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsOcean Tankers, Hin Leong, Xihe Holdings and four special purpose vehicles all owned by oil tycoon Oon Kuin Lim and his son and daughter have been placed by the Singapore High Court under judicial. 7. On theThree companies related to the Lim family have been brought under interim judicial management. SI applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O. Officially, . A notice was published in the Government Gazette on Friday (11 December) regarding the appointment of judicial managers for Xin Hui Shipping Pte Ltd (UEN NO. 55 billion, including $983 million to at least 20 banks. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. The Xihe JMs were appointed as interim judicial managers and took control of 28 vessels that were the subject of OS 652. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsShipping arm Ocean Tankers filed for judicial management last May, and in August last year, the court approved OCBC's application against Lim family-owned Xihe Holdings and subsidiaries. The Xihe companies are also 100% owned by the Lim family. 3 million Related : Da. Hamburg Commercial Bank has arrested one of Xihe Holdings LR2 aframax tankers in Singapore. The above Xihe Holdings. * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships’ values. on Wednesday, 17 February 2021. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. The address of the Company's registered office is at the ASIA SQUARE TOWER 1 building. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Read more at. Ocean Tankers, founded in 1978, manages and operates a. Advised an informal steering committee of lenders holding $1. In an emailed statement, Paresh Jotangia — a Singapore-based partner of Grant Thornton — said the interim judicial management process intends to preserve value for Xihe Holdings’ stakeholders. Insolvency law, policy and procedure. Sale-and-purchase brokers said accounting firm Grant Thornton has. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. Xihe declined to comment when contacted. By. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Published Mon, Mar 14, 2022 · 8:48 pm Lawsuits THE judicial managers of Ocean Tankers and Xihe Holdings could not agree on whether some US$150 million in charter-hiring fees claimed by Xihe should be ranked on a par with the remuneration and expenses of Ocean Tankers' judicial managers and in priority to Ocean Tankers' unsecured debts. It owed $1. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. Judicial Managers of Xihe Holdings and subsidiaries call for first creditors meeting. Grant Thornton confirmed its interim judicial management appointment. The judicial managers of Xihe Holdings Pte. Ship Management Technology Ports Insight Opinion People. Angela advises companies and stakeholders in distress situations and takes on appointments as Judicial Manager, Scheme Manager, Receiver and Liquidator. (in liquidation pursuant to a members' voluntary winding up since 22 October 2020 and in liquidation pursuant to a creditors' voluntary winding up since 19 November 2021) Xihe Holdings (Pte) Ltd (under judicial management since 13 November 2020 and in liquidation pursuant to a compulsory winding up since 24 March 2022)Xihe Holdings was placed under the interim judicial management of Grant Thornton Singapore in mid-August, but it is unclear how the three vessels fit within the arrangement. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsBy Jonathan Boonzaier. 199002021M),. m. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. ) Ltd. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. com. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. The Directors of Xihe Holdings subsidiary Nan Chiau Maritime (Pte. Bunkerspot provides news, in-depth analysis, expert comment and price indications for the global marine fuels industryActing for creditors against a well-known offshore construction and support services provider undergoing judicial management in Singapore. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. According to the notice, Seshadri Rajagopalan and Paresh Tribhovan Jotangia of Grant Thornton Singapore Private Limited, have been appointed as joint judicial managers of the company. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Under judicial management, a court appoints independent managers to run the affairs of a financially distressed company in place of existing management, a move that is often looked upon favourably by creditors. under judicial management and, pending that event, for IJMs to be appointed. Lims exit Xihe Holdings management The brother of OK Lim stands down as interim chief executive of Xihe Holdings after the firm heads for judicial management, marking the exit of the family. SINGAPORE, July 22 (Reuters) - Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its. 698 of 2020 to place Xihe Holdings (Pte) Ltd (part of the Hin Leong Group of Companies) into interim and final judicial management in one of the last cases under the pre-IRDA regime. TSMP Law Corporation6 BATTERY ROADLEVEL 41SINGAPORE 049909Singapore. In April 1990, Xihe Holdings Pte Ltd (XHH), a ship-owning company, was. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. The court hearing into OCBC Bank’s application to have Ocean Tankers affiliate Xihe Holdings placed under judicial management has been adjourned until 13 August. There has been rumours that Kane’s father is Kenny Lim Oon Cheng, Xihe Holdings interim chief executive in Singapore, Kenny is the brother of Lim Oon Kuin who is the founder of beleaguered Singaporean oil trader Hin Leong Trading (HLT). Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Search reviews. Judicial managers have filed to wind up the oil trader after it racked up some $4 billion in debt. The rest of the ships are majority-owned by Xihe Capital - currently under liquidation. HSBC filed a court application to have the company placed under judicial management, while accusations of fraudulent activity led to a police raid on its Marina View headquarters. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsTwo EY executives in Singapore have been appointed interim judicial managers of Ocean Tankers, the accounting firm said on Tuesday, following a Singapore court hearing to consider the shipping. Singapore in 1978. The order was made on March 24, and any remaining. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Xihe Holdings, which. C. I planned to pursue finance as my career path and passed. , an investment holding company incorporated in Singapore, which was placed under interim judicial management on 13 August 2020 and under judicial management on 13 November 2020; and (ii) a director from 1 July 2020 to 28 August 2020 of Xihe Capital (Pte. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Credit Agricole arrests Xihe Holdings VLCC in Singapore Published 29 September 2021 1:41 GMTunder judicial management and, pending that event, for IJMs to be appointed. It informed a meeting of the creditors will be held via electronic means on the 29th day of June 2021 at 10:30 a. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under “urgent” judicial management by creditor OCBC Bank, which “strongly distrusts (their) current management” after US$208. Get Directions. Xihe Holdings is part of the troubled Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean. Related: Judicial Managers appointed for Xihe Holdings subsidiary, Xin Hui Shipping Related: Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial management Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related: Xihe Holdings supervisor to place seven tankers for sale in an attempt to repay creditors Related: Xihe Holdings. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure. Shipping affiliate Ocean Tankers followed in May and in August, the court approved OCBC Bank's application against Xihe Holdings and subsidiaries. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Related: Singapore court to consider judicial management of Xihe Holdings and subsidiaries Related: Xihe Holdings supervisor to place seven tankers for sale in an attempt to repay creditorsOcean Tankers, Hin Leong, Xihe Holdings and four special purpose vehicles all owned by oil tycoon Oon Kuin Lim and his son and daughter have been placed by the Singapore High Court under judicial. Related: Xihe Holdings files for. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Any other business. 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. Market sources believe that more of its. Lim Chee Meng, director at Ocean Tankers and Hin Leong Trading (HLT), said in a court filing dated May 11 that the shipping firm could continue to operate under judicial management, though HLT’s. Lim and two children sued for USD 3. Several vessels from Xihe Holdings, which is owned by the Lim. Rankings. April 8, 2022. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. Next. XIHE HOLDINGS (PTE) LTD (the "Company") is a Exempt Private Company Limited by Shares, incorporated on 28 April 1990 (Saturday) in Singapore . Acting for and advising numerous multinational cryptocurrency firms on cross-border. Xihe Holdings, the shipping sister firm of collapsed commodity trader Hin Leong Trading, is to be wound up. Related: Xihe Holdings files for. This combines a structured. Advised an informal steering committee of lenders holding $1. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. (2020)) adopting the de. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Delay for consensus. Xihe Holdings (Pte) Ltd (under judicial management since 13 November 2020 and in liquidation pursuant to a compulsory. In the matter of Xihe Holdings (Pte) Ltd (Judicial Managers Appointed) (UEN No. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. K. SI applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O. Considering the new principle of reciprocity in the SPC’s 2022 judicial policy is not applicable to bankruptcy cases, Chinese local courts seemed to have the discretion in interpreting the reciprocity, resulting in different views – with some courts (like Xiamen Maritime Court in In re Xihe Holdings Pte. Sep 16, 2020 8:54PM EDT. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsXihe Holdings is the third company related to the Lim family to be brought under interim judicial management following Hin Leong and its shipping arm Ocean Tankers, which came under full judicial. The solicitors for Xihe Holdings are: Wong Partnership LLP 21 Bukit Batok Crescent #22-70 WCEGA Tower Singapore 658065. 1 million (S$288 million) was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid. The OTPL JMs. Xihe Holdings is part of the troubled Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid commercial. Advised an informal steering committee of lenders holding $1. Photo credit: Aditya-chinchure Published: 30 July, 2020Founder of collapsed Hin Leong Trading (HLT) Lim Ooi Kuin and his two children who are also directors of the company are reportedly being sued by HLT’s judicial managers PricewaterhouseCoopers Advisory Services for breaching fiduciary duties as directors and fraud. Advised multiple major bank and non-bank creditorsvin relation to the judicial management of Hin Leong Trading, Ocean Tankers and Xihe Holdings, and the subsequent liquidation of HLT and OT. Summary: The Singapore High Court put ZenRock Commodities under interim judicial management in May after one of its creditors HSBC Holdings PLC HSBA. He has been lead counsel in several high-profile cases, in particular, restructuring matters (both cross-border and domestic), and. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors Shipping arm Ocean Tankers filed for judicial management last May, and in August last year, the court approved OCBC's application against Lim family-owned Xihe Holdings and subsidiaries. OCBC applied for Xihe and the four SPV's to. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. Bidding on a Xihe Holdings-owned LR2 product tanker wrapped up on Friday, adding to a string of deals that have seen more than half of the company's fleet sold off. 55 billion, including $983 million to at least 20 banks. In August 2021, Xiamen Maritime Court ruled, based on the principle of reciprocity, to recognize the order of the High Court of Singapore, which designated an insolvency officeholder (see In re Xihe Holdings Pte. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. The affidavit was filed by Oversea-Chinese Banking Corp (OCBC) following incidents of fraud uncovered at Hin Leong Trading (HLT). The appointment as director into various companies of the Xihe Holdings Group is to facilitate the purposes of the judicial management which are inter alia, the sale of assets to repay creditors, engage in acts to protect the interest of the group subsidiaries, and eventually place various subsidiaries into voluntary or involuntary winding up. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Xihe Capital (Pte. Advised multiple major bank and non-bank creditorsvin relation to the judicial management of Hin Leong Trading, Ocean Tankers and Xihe Holdings, and the subsequent liquidation of HLT and OT. On 12 May 2020, the Judge granted OTPL leave to withdraw OS 406 and appointed IJMs over OTPL. According to the notice, the first meeting of creditors will be held on Tuesday, 12 January 2021 at 10am (SG time) via video conferencing pursuant to Covid-19 measures. In the period before their appointment (ie, when the management of Xihe Holdings and its vessel-owning subsidiaries were in place), the main contention was whether the OTPL JMs’ conduct showed that they wanted to redeliver the vessels. The solicitors for Xihe Holdings are: Wong Partnership LLP 21 Bukit Batok Crescent #22-70 WCEGA Tower Singapore 658065. Court-appointed receivers and managers of Airtrust (Singapore) Pte. 3 billion court restructuring. The details of the interim judicial managers’ office address are as follows: 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960. Save for a few small vessels, OTPL’s vessels are bareboat chartered from Xihe Holdings Pte Ltd, Xihe Capital Pte Ltd and their subsidiaries (collectively, the “Xihe Group”). Hin Leong Trading Pte Ltd (HLT) and Ocean Tankers Pte Ltd (OTPL) being placed into judicial management raises important issues about the regulatory framework for private companies in Singapore, following a number of other private companies getting into trouble. which is in the business of. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under “urgent” judicial management by creditor OCBC Bank, which “strongly distrusts (their) current management” after US$208. The First Time Chinese Court Recognizes Singapore Bankruptcy Judgment. The three smaller chemical tankers are owned by Nan Jin Maritime, an SPV under Xihe Capital. In the filing, OCBC claims the mismanagement in terms of financial reporting and other such “serious irregularities” have caused the bank to “strongly distrust” the current management of the company. Xihe Holdings almost out of larger tankers as Greek buyers take four MRs. Oversea Chinese Banking Corp (OCBC) OCBC. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (Pte) Ltd. The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought. 3 million in fees in the course of restructuring the financially troubled company, reports The Business Times. In a court filing, the judicial managers are looking to recover USD. It owed $1. Acted for the Bank of New York Mellon as trustee of a US$500 million sukuk bond, in relation to the judicial management proceedings (supervised by the Singapore High Court) of Swiber Holdings. a judicial management application at the UT level may also be possible. MF Global. 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. The group has formed a new independent Xihe Holdings management board, “which has more than 100 years’ collective sea and shoreside shipping company management experience between them”. (Repeats with no changes to text) * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships' values. Trading firm Hin Leong filed for judicial management in April after it ran up US$800 million of futures losses that went unreported for years. 5m mortgage claim against the 108,900-dwt Ocean Pegasus. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Print two copies of the Litigants' Guide to Judicial Case Conferences and the Case Management Plan (one copy for you and one to give to the other person). Since Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. Sylvester Holdings in Victoria, reviews by real people. 3 million Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors Several notices were published by Grant Thorton in the Government Gazette on Wednesday (23 December) regarding the first meeting between the judicial managers of Xihe Holdings’ subsidiaries and its creditors, as well as procedures to submit proof of debt to entitle creditors to a vote during the said meeting. The Company current operating status is in liquidation - compulsory. Senior Business Correspondent SINGAPORE-A High Court hearing for OCBC Bank's application to bring the Lim family-run Xihe Holdings and four of its vessel. Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. Xihe Holdings, owned by Hin Leong founder Lim Oon Kuin, his son Evan Lim Chee Meng and daughter Lim Huey Ching, controls a shipping fleet that ranges from coastal barges to very large crude carriers (VLCCs). Sharing with Splash Maritime and Offshore News our plans in getting our business back on track, with full commitment to bring about the best outcome for all our stakeholders,. Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. The Xihe companies are also 100% owned by the Lim family. SINGAPORE-A High Court hearing for OCBC Bank's application to bring the Lim family-run Xihe Holdings and four of its vessel-owning units under judicial management has been adjourned to Aug 13. Both the XH Companies and OTPL are presently in judicial management and are represented in these proceedings by their judicial managers, whom we refer to as “the XH JMs” and. Xihe. 334 (. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies and fraud in exposure. 698 of 2020 to place Xihe Holdings (Pte) Ltd (part of the Hin Leong Group of Companies) into interim and final judicial management in one of the last cases under the pre-IRDA regime. Published 11 September 2020 17:31 GMT. The trio are the 16,600-dwt chemical tankers Ocean Success and Ocean Supreme (both built 2012) and the 1,000-dwt bunker tanker Marine Topaz (built 2015). Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Acting for and advising numerous multinational cryptocurrency firms on cross-border insolvency and restructuring issues, including the scheme filings of the Zipmex Group. Xihe. OTPL, HLT and Xihe did not respond to requests for comment about the court filings. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Even as we are looking at the first fruits of these revisions, we are looking at the next bound of enhancements. Since its first promulgation in 2006, the Enterprise Bankruptcy Law of the People’s Republic of China (the Bankruptcy Law) has been playing an increasingly important role in the business environment in China. Several notices were published in the Government Gazette on Thursday (19 November) regarding a judicial management order for Xihe Holdings Pte Ltd and some of its subsidiaries. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRepresenting bank creditors in successfully placing Xihe Holdings, a US$1 billion entity, into interim and final judicial management. Advised multiple major bank and non-bank creditorsvin relation to the judicial management of Hin Leong Trading, Ocean Tankers and Xihe Holdings, and the subsequent liquidation of HLT and OT. SI applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O. 34bn of debt on the restructuring of Pacific International Lines. In a court filing, the judicial managers were looking to recover USD 3. Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries. 34bn of debt on the restructuring of Pacific International Lines. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. 911 Government Street. Hearing to bring Xihe Holdings under judicial management put on hold | TradeWinds. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors Ocean Tankers, Hin Leong, Xihe Holdings and four special purpose vehicles all owned by oil tycoon Oon Kuin Lim and his son and daughter have been placed by the Singapore High Court under judicial. Home; About Us; Our Practice; Our People; Insights;Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. * Xihe in talks with potential financiers, investors - documentRelated: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. , and over 40 of its subsidiaries to run a competitive structured sale process and vessel trading programme for a fleet consisting of over 80 vessels of varying types and sizes, following the collapse of its associates Hin Leong Trading and Ocean Tankers due to fraud. Grant Thornton Singapore has appointed provisional liquidators for several Xihe Holdings subsidiaries, namely Da Guang Tankers (Pte) Ltd, Dafa Shipping (Pte) Ltd, Dong Jiang Tankers (Pte) Ltd, and Xin An Shipping (Pte) Ltd, according to a Government Gazette post on Friday (21 January). Acting for creditors against a well-known offshore construction and support services provider undergoing judicial management in Singapore. By. Court records reveal the German bank filed a $17. According to the notice, Seshadri Rajagopalan and Paresh Tribhovan Jotangia of Grant Thornton Singapore Private Limited, have been appointed as joint judicial managers of. OCBC Bank has filed an application to appoint judicial managers over Xihe Holdings and four of its vessel-owning subsidiaries, citing 'strong distrust' in Xihe's current management after evidence of fraud was uncovered at sister company Hin Leong Trading in April. 13, 2020, the judicial managers (JMs) - Seshadri Rajagopalan and Paresh Jotangia of Grant Thornton Singapore - have taken a two pronged approach to maximise creditor recovery up until April 2021. 5billion; receiver appointed for 3 Xihe ships Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’ Related: Xihe Group appoints V. The winding up application of Xihe Holdings (Pte) Ltd (UEN 199002021M) is scheduled to be heard at the General Division of the High Court of Singapore on 24 March 2022, according to judicial managers Grant Thornton Singapore. Read more In place of the Lim family, Xihe said a new independent management board has been appointed which has more than 100. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsUnder judicial management, a court appoints independent managers to run the affairs of a financially distressed company in place of existing management, a move that is often looked upon favourably by creditors. 75 billion) on top of another USD 90 million in dividends which the. One of Lim's creditors, OCBC Bank, won the appointment of judicial managers for the Lim-controlled Xihe Holdings on Thursday, citing an unusual transfer of $208 million from Xihe to Hin Leong Trading. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. K. which are mainly Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd. to discuss and vote on the. Mr Lim Oon Kuin, also known as O. is ACRA-registered entity that has been operating for 33 years 5 months in Singapore since its incorporation in 1990. By Anshuman Daga and Jessica Jaganathan. Providence Law is advising the liquidators in applications filed by the judicial managers of its parent, Xihe Holdings, to which the debtors in liquidation allegedly owe S$58 million (US$42 million) in trade payables, seeking to terminate the liquidations and convert the subsidiaries’ proceedings into judicial management proceedings. Photo: XIHE Holdings Hearing to bring Xihe Holdings under judicial management put on hold * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. 36. Related: Judicial Managers appointed for Xihe Holdings subsidiary, Xin Hui Shipping Related: Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial management Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related: Xihe Holdings supervisor to place seven tankers. The management restructuring came after an attempt by Hin Leong creditor OCBC Bank to have key group company Xihe Holdings put under judicial management was adjourned. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC. Related: O. Court hearing on OCBC's judicial management application for Xihe Holdings adjourned to Aug 13SINGAPORE-A High Court hearing for OCBC Bank's application to bring the Lim family-run Xihe Holdings and four of its vessel-owning units under judicial management has been adjourned to Aug 13. In the period before their appointment (ie, when the management of Xihe Holdings and its vessel-owning subsidiaries were in place), the main contention was whether the OTPL JMs’ conduct showed that they wanted to redeliver the vessels. 199002021M), according to a Wednesday (6 April) notice on the Government Gazette. This matter has been. Delay for consensus. Singapore’s third largest bank, Oversea-Chinese Banking Corp (OCBC) have filed an affidavit for Xihe Holdings, a private company owned by the Lim family, to be placed under judicial management following incidents of fraud uncovered at Hin Leong Trading (HLT), reports The Business Times. Admin. Annual general meetings of companies/creditors will be held electronically on 4 August for Nan Sia Maritime and Xin Ya Shipping & Trading, according to notices. Ltd. The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to. Xihe. Advised multiple major bank and non-bank creditorsvin relation to the judicial management of Hin Leong Trading, Ocean Tankers and Xihe Holdings, and the subsequent liquidation of HLT and OT. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. Xihe Holdings is part of the Lim family business empire, which also includes troubled oil trader Hin Leong Trading and fleet manager Ocean Tankers, both of which were placed under court-appointed. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. We refer to this as the “judicial management expenses principle” or “the Principle”. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. K. Xihe Holdings (Pte) Ltd. Manifold Times previously reported an application by Xihe Holdings to place the mentioned Xihe Capital Pte Ltd subsidiaries under judicial management and for the winding up of the companies. * Xihe in talks with potential financiers, investors - documentSince Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. . Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Phone number (250) 385-2184. on 4 July declared the company’s inability to continue business, according to a Thursday (21 July) notice on the Government Gazette. Before OTPL filed for judicial management in May 2020 (see [10] below), OTPL chartered or operated more than 150 vessels. Court-appointed receivers and managers of Airtrust (Singapore) Pte. Singapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. It is also active in the purchase and divestment of assets by private equity houses and is at the forefront of headline restructurings in the sector; it continues to advise multiple major bank and non-bank creditors in relation to the judicial management and the liquidation of Hin Leong Trading, Ocean Tankers and Xihe Holdings. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to. 43m. The OTPL JMs. By. Search reviews. et al.