Related: O. 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. OTPL, HLT and Xihe did not respond to requests for comment about the court filings. K. 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. 7. 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. The rest of the ships are majority-owned by Xihe Capital - currently under liquidation. XIHE HOLDINGS (PTE) LTD. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. 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 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. Officially, . Related: O. Maybank moved to. 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. Ship Management Technology Ports Insight Opinion People. Three companies related to the Lim family have been brought under interim 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. The Xihe companies are also 100% owned by the Lim family. 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. We refer to this as the “judicial management expenses principle” or “the Principle”. Advised an informal steering committee of lenders holding $1. Xihe Holdings is owned by the Lim family. Sylvester Holdings in Victoria, reviews by real people. 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. Insolvency law, policy and procedure. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial purpose,” according to. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors SINGAPORE, July 29 (Reuters) - The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block a request from creditor OCBC that overseers be appointed for Xihe. a company’s judicial managers for the benefit of the company. 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. 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. According to court. Read more at straitstimes. On theRelated: 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. Since Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. Xihe Holdings (Pte) Ltd. a company’s judicial managers for the benefit of the company. The Directors of Xihe Holdings subsidiary Nan Chiau Maritime (Pte. The most important legislation in the bankruptcy system in mainland China is the Enterprise Bankruptcy Law of the People's Republic of China promulgated on 27. 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. The interim judicial manager of Xihe Holdings has put up for sale six more tankers which have a total market value of $169. 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. 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. com. Companies: Hin Leong Trading Pte Ltd, Ocean Tankers (Pte) 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. November 20, 2020. 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. This was first recognised in Singapore – tentatively but, in our view, rightly – by Kannan Ramesh J in Re Swiber Holdings Ltd [2018] 5 SLR 1358 (“Swiber Holdings”) at [89]. Hamburg Commercial Bank has arrested one of Xihe Holdings LR2 aframax tankers in Singapore. The judicial managers of Xihe Holdings in the restructuring of the Xihe Holdings group of companies. He has been lead counsel in several high-profile cases, in particular, restructuring matters (both cross-border and domestic), and. K. 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. Ltd. Xihe. 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). 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. His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. on Wednesday, 17 February 2021. Even as we are looking at the first fruits of these revisions, we are looking at the next bound of enhancements. 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. 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”. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. Article continues below the. 34bn of debt on the restructuring of Pacific International Lines. On 12 May 2020, the Judge granted OTPL leave to withdraw OS 406 and appointed IJMs over OTPL. Ocean Tankers, founded in 1978, manages and operates a. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (Pte) Ltd. 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 creditorsXihe has a new management team in place. , 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. 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. 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. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsLast week, a High Court hearing for OCBC Bank’s application to bring tanker owner Xihe Holdings under judicial management was adjourned until 13 August. The judicial managers have allowed a handful of Xihe's tankers to be arrested in Singapore and sold at auction. Acting for creditors against a well-known offshore construction and support services provider undergoing judicial management in Singapore. 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. 199002021M) Winding Up Order made on 24 March 2022. 55 billion, including $983 million to at least 20 banks. 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. In a related case, Lim and his two children who are also directors of Hin Leong were reportedly being sued by HLT’s judicial managers for breaching fiduciary duties as directors and fraud. The sales come as the liquidators of the Singaporean. Grant Thornton confirmed its interim judicial management appointment. Search reviews. K. To consider the judicial managers’ remuneration and expenses as an expense of the winding-up. 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. 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. 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). , 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. 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. Singapore’s third largest bank, Oversea-Chinese Banking Corp (OCBC) have filed an affidavit for Xihe Holdings, a private company owned by the Lim. This would have the effect of judicial managers replacing the directors at UT. Court records reveal the German bank filed a $17. 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. Xihe Holdings is part of the Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of which were placed under court-appointed. 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. 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. A notice in the Government Gazette was published on Friday (11 June) regarding an upcoming meeting organised by judicial managers RSM Corporate Advisory for creditors of Hontop Energy Pte Ltd. Related: Xihe Holdings files for. conclusion. But last May, Ocean Tankers filed for judicial management, and. 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. 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 a court filing, the judicial managers were looking to recover USD 3. 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’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. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (Pte) Ltd. Hearing to bring Xihe Holdings under judicial management put on hold. 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: 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. Delay for consensus. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. 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. MF Global. Read more at straitstimes. 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. 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. 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. m. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. 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. Hong Lam acquires Xihe Group's chemical tanker newbuilding The 13,800-dwt tanker is the third newbuilding sold by China's Fujian Mawei 22 September 2020 20:37 GMT Updated 25 September 2020 6:19 GMTThis is significant because an application for a company to be placed under judicial management is premised on a company being unable or likely to become unable to pay its debts,. 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. 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. Xihe Capital (Pte. Any other business. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. 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. comprising of Xihe Holdings Pte Ltd, Xihe Capital Pte Ltd and their subsidiaries (“the Xihe Group”), and a number of ship-holding special purpose vehicles. , 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. a judicial management application at the UT level may also be possible. which is in the business of. 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. 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. His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. et al. 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: 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. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim and. 43m. Lim, with his son Evan Lim Chee Meng and daughter Lim Huey Ching, had owned just over 150 ships before their flagship trading company Hin Leong Trading, fleet manager Ocean Tankers (Pte) Ltd and Xihe Holdings were placed under judicial management last year. Acting for a major bank creditor in the interim judicial management of Xihe Holdings Pte Ltd (part of the troubled Hin Leong group of companies). 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. In April 1990, Xihe Holdings Pte Ltd (XHH), a ship-owning company, was. The OTPL JMs. Singaporean tanker owner Xihe Holdings has reportedly sold one of its idle MR2-type product tankers to Sol Selene Shipping of Panama. Ltd. To consider and if thought fit, to approve an application to Court by the Judicial Managers for an extension of the Judicial Management Order; and 3. 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. Phone number (250) 385-2184. (Repeats with no changes to text) * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships' values. Xihe. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. 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. Xihe. 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. 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. The. Offers are now being sifted on product tankers, with chemical carriers next up in the sales frame1 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. 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. . Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. 55 billion, including $983 million to at least 20 banks. According to the notice by Gavin Mark McIntyre, the Director of the. The Xihe companies are also 100% owned by the Lim family. 5 billion (SGD 4. The order was made on March 24, and any remaining. 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. The affidavit was filed by Oversea-Chinese Banking Corp (OCBC) following incidents of fraud uncovered at Hin Leong Trading (HLT). 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. Annual general meetings for Xin Chun Shipping are to be held at the following times: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. 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). The Xihe JMs were appointed as interim judicial managers and took control of 28 vessels that were the subject of OS 652. The solicitors for Xihe Holdings are: Wong Partnership LLP 21 Bukit Batok Crescent #22-70 WCEGA Tower Singapore 658065. . Summary: The Singapore High Court put ZenRock Commodities under interim judicial management in May after one of its creditors HSBC Holdings PLC HSBA. 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. 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. 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. China – where the Xiamen Maritime Court in August 2021, based on the principle of reciprocity, recognised a judicial manager in Xihe Holdings. 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. 24 Aug 2020; News; Xihe Holdings is linked to most of the vessel-owning vehicles behind a 136-strong tanker fleet . Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC. Gavin Mark McIntyre, Director of Xin Hui Shipping, announced Seshadri Rajagopalan. under judicial management and, pending that event, for IJMs to be appointed. 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. OTPL, HLT and Xihe did not respond to requests for comment about the court filings. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. Review of Judicial Management. Several notices were published in the Government Gazette on 19th November 2020 regarding a judicial management order for Xihe Holdings Pte Ltd and some of its subsidiaries. Admin. Xihe declined to comment when contacted. Next. Xihe Holdings is part of the Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of which were placed under court-appointed. Court-appointed receivers and managers of Airtrust (Singapore) Pte. 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. This comes following Xihe’s previous announcement that its creditors have adjourned court proceedings in favour of working. 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. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. This was first recognised in Singapore – tentatively but, in our view, rightly – by Kannan Ramesh J in Re Swiber Holdings Ltd [2018] 5 SLR 1358 (“Swiber Holdings”) at [89]. Read more at The Business Times. Court-appointed receivers and managers of Airtrust (Singapore) Pte. ) Ltd. 34bn of debt on the restructuring of Pacific International Lines. The address of the Company's registered office is at the ASIA SQUARE TOWER 1 building. Lawyer Profiles. Shipping affiliate Ocean Tankers followed in May and in August, the court approved OCBC Bank's application against Xihe Holdings and subsidiaries. Xihe Holdings owns about 140 ships, including the 108,912-dwt Ocean Quest (built 2008). 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. 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. Mr Lim Oon Kuin, also known as O. Xihe Holdings, the shipping sister firm of collapsed commodity trader Hin Leong Trading, is to be wound up. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors Xihe 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. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. Xihe Holdings and subsidiaries to be placed under judicial management Related: Xihe. Published 11 September 2020 17:31 GMT. 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. 3 million Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsSINGAPORE -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. 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. Going, going, gone! Hadjiyiannis’ Hellenic Tankers tipped as buyer of Xihe. to discuss and vote on the. This combines a structured. 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. The address of the Company’s registered office and the Liquidator is One Raffles Quay, #27-10, Singapore 048583. Xihe Holdings, which. Judicial Managers of Xihe Holdings and subsidiaries call for first creditors meeting. Acting for and advising numerous multinational cryptocurrency firms on cross-border insolvency and restructuring issues, including the scheme filings of the Zipmex Group. Admin. OIL tanker shipowner Xihe Group, which is linked to the Lim family of troubled oil trader Hin Leong, plans to embark on a “consensual. (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. To be entitled to vote at the meeting, creditors’ proxy and proof must be lodged with the Judicial Managers not later than 4. (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. C. 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. 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. 199002021M),. The judicial managers of Xihe Holdings Pte. Search reviews. Motivated and proactive graduate students who major in Bachelor of Commerce student with a keen interest in Finance. 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. (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. Manoj Pillay SANDRASEGARA is Co-Head of WongPartnership’s Special Situations Advisory Practice and a Partner in the Indonesia Practice. 30/7/2020 4:02:00 PM. In a court filing, the judicial managers are looking to recover USD. “The Xihe. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. (Repeats with no changes to text) * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships' values. The judicial manager of Xihe Holdings has put a VLCC linked to the family of Lim Oon Kuin — founder of collapsed oil trader Hin Leong Trading and affiliated shipping firm Ocean Tankers — up. Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries. Go to. 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. Advised an informal steering committee of lenders holding $1. Related: O. The High Court of Singapore. Xihe’s statement comes after OCBC, one of Singapore's largest banks, has sought to have Xihe Holdings placed under judicial management due to a “strong. (2020) Min 72 Min Chu No. 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. which is in the business of. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. 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. 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. Oversea Chinese Banking Corp (OCBC) OCBC. Oversea Chinese Banking Corp (OCBC) OCBC. Xihe Holdings almost out of larger tankers as Greek buyers take four MRs. The Xihe companies are also 100% owned by the Lim family. 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. 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). Published 22 February 2022 4:35 GMT. Related Article:. 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. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. 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 billion court restructuring. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. Two notices were published in the Government Gazette on Monday (4 January) regarding an application by Xihe Holdings to place the following Xihe Capital. We refer to this as the “judicial management expenses principle” or “the Principle”. 00 p. 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”). 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. 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. Clarksons declined to comment, while Arrow did not immediately. 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. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. 1 million (S$288 million) was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid. This matter has been. ) Ltd. 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 creditors The General Division of the High Court of Singapore on 24 March issued a winding up order against Xihe Holdings (Pte) Ltd (UEN No. 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. Clarksons declined to comment, while Arrow did not immediately. 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. 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. The companies included in the published notices are: An Ding Shipping Pte Ltd. 3 million in fees in the course of restructuring the financially troubled company, reports The Business Times. Filter by rating. Firm Profile. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsSINGAPORE, July 29 (Reuters) - The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block a request from creditor OCBC that overseers be appointed for Xihe. In September, KPMG attempted to sell the Xihe Holdings 16,600-dwt chemical tankers Ocean Success and Ocean Supreme (both built 2012) and the 1,000-dwt bunker tanker Marine Topaz (built 2015) in a. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. 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. . 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. 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. The six vessels form part of the Xihe Group, which comprises Xihe Holdings, Xihe Capital and Lim’s 11. 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. 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. Get Directions. 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. 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 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. Oversea 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. Court hearing on OCBC's judicial management application for Xihe Holdings adjourned to Aug 13. 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. 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. Representing bank creditors in successfully placing Xihe Holdings, a US$1 billion entity, into interim and final judicial management. (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. XIHE HOLDINGS (PTE) LTD (the "Company") is a Exempt Private Company Limited by Shares, incorporated on 28 April 1990 (Saturday) in Singapore . Angela advises companies and stakeholders in distress situations and takes on appointments as Judicial Manager, Scheme Manager, Receiver and Liquidator. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. UOB, Nikko Asset. 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. Several notices were published on the Government Gazette on Thursday (16 March) regarding the annual general meetings to be held electronically on 15 June 2023 for Xihe Holdings subsidiaries Xin Chun Shipping (Pte) Ltd and Xin Dun Shipping (Pte) Ltd. Financially troubled Singapore oil company Hin Leong Trading Pte Ltd on Monday (27 April) was reportedly granted interim judicial management by Singapore High Court in view of its crushing USD 3. 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. Admin. The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought. Advised an informal steering committee of lenders holding $1. The OTPL JMs. 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. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. Yelp is a fun and easy way to find, recommend and talk about what’s great and not so great in Victoria and beyond. 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. 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. 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. 7. MF Global.