Tankers. 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. XIHE HOLDINGS (PTE) LTD. 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. 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. 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. (2020)) adopting the de. 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. 5m mortgage claim against the 108,900-dwt Ocean Pegasus. 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”. Go to. We refer to this as the “judicial management expenses principle” or “the Principle”. Xihe. 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. OIL tanker shipowner Xihe Group, which is linked to the Lim family of troubled oil trader Hin Leong, plans to embark on a “consensual. Email firm Visit website 65 6534 4877 65 6534 4822. 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. 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: 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. Published 11 September 2020 17:31 GMT. The High Court of Singapore. The Xihe companies are also 100% owned by the Lim family. 3 million Related : Da. * Xihe in talks with potential financiers, investors - documentSince Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. et al. 34bn of debt on the restructuring of Pacific International Lines. Hamburg Commercial Bank has arrested one of Xihe Holdings LR2 aframax tankers in Singapore. Grant Thornton confirmed its interim judicial management appointment. (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. 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. 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. 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. The. On 12 May 2020, the Judge granted OTPL leave to withdraw OS 406 and appointed IJMs over OTPL. a company’s judicial managers for the benefit of the company. 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. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid commercial. , 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. Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial management. com. 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 owed $1. The Xihe JMs were appointed as interim judicial managers and took control of 28 vessels that were the subject of OS 652. 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. TSMP Law Corporation6 BATTERY ROADLEVEL 41SINGAPORE 049909Singapore. 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 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. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. 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. 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. . 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. Advised an informal steering committee of lenders holding $1. 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. 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. a company’s judicial managers for the benefit of the company. 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. Singapore in 1978. 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 discrepancies. This would have the effect of judicial managers replacing the directors at UT. 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. Admin. On 12 May 2020, the Judge granted OTPL leave to withdraw OS 406 and appointed IJMs over OTPL. Admin. 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. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. Xihe declined to comment when contacted. 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. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. 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. Phone number (250) 385-2184. 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. 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: 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. Shipping affiliate Ocean Tankers followed in May and in August, the court approved OCBC Bank's application against Xihe Holdings and subsidiaries. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 24 Aug 2020; News; Xihe Holdings is linked to most of the vessel-owning vehicles behind a 136-strong tanker fleet . Read more at. The Directors of Xihe Holdings subsidiary Nan Chiau Maritime (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. Home; About Us; Our Practice; Our People; Insights;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 Capital (Pte. 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. Related: Xihe Holdings files for. 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. 36. 34bn of debt on the restructuring of Pacific International Lines. The Xihe companies are also 100% owned by the Lim family. 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. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsBy Jonathan Boonzaier. 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. 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. 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. Ltd. 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. Sep 16, 2020 8:54PM EDT. 334 (. 34bn of debt on the restructuring of Pacific International Lines. The OTPL JMs. 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. Of the remaining 57 unsold tankers, 36 are small product tankers of less than 20,000. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 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. (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. 199002021M),. The sales come as the liquidators of the Singaporean. 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. 34bn of debt on the restructuring of Pacific International Lines. A bank in an SIAC arbitration against a collateral management company for breach of contract and/or negligence in respect of pledged goods. 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. m. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsXihe has a new management team in place. Related: O. 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]. 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. K. Clarksons declined to comment, while Arrow did not immediately. 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. 3 million in fees in the course of restructuring the financially troubled company, reports The Business Times. 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. In the context of judicial management, expenses and liabilities are incurred by a company’s judicial managers (”JMs”) for the benefit of the company. 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. 1 million (S$288 million) was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid. 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 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. Tel: +65 62088272 Email: abigail@revlawllc. Xihe Holdings and subsidiaries to be placed under judicial management Related: Xihe. We refer to this as the “judicial management expenses principle” or “the Principle”. Xihe. 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. 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. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. Messrs Wong Pheng Cheong Martin,. 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. 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). Two notices were published in the Government Gazette on Monday (4 January) regarding an application by Xihe Holdings to place the following Xihe Capital Pte Ltd subsidiaries under judicial management and for the winding up of the following companies. Going, going, gone! Hadjiyiannis’ Hellenic Tankers tipped as buyer of Xihe. 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. The interim judicial manager of Xihe Holdings has put up for sale six more tankers which have a total market value of $169. 5. 18. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. 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. 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. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. 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. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (Pte) Ltd. 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. 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. The companies included in the published notices are: An Ding Shipping Pte Ltd. 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. Since Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. In April 1990, Xihe Holdings Pte Ltd (XHH), a ship-owning company, was. 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. 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. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC. 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. 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. Maybank moved to. Ship Management Technology Ports Insight Opinion People. 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. 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. Lim, with his son Evan Lim Chee Meng and daughter Lim Huey Ching, owns 77 companies under the Xihe Group, which consists mainly of Xihe Holdings and Xihe Capital. Visit TradeWinds for the best news, insight and opinion covering the global shipping. Vietnam: Fishing vessel arrested over 70,000 litres of unknown origin diesel oil. 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. By. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. The affidavit was filed by Oversea-Chinese Banking Corp (OCBC) following incidents of fraud uncovered at Hin Leong Trading (HLT). 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. 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 First Time Chinese Court Recognizes Singapore Bankruptcy Judgment. 3 billion court restructuring. 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. which is in the business of. Ltd. Representing bank creditors in successfully placing Xihe Holdings, a US$1 billion entity, into interim and final judicial management. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim and. It owed $1. Shipping affiliate Ocean Tankers followed in May and in August, the court approved OCBC Bank's application against Xihe Holdings and subsidiaries. Xihe Holdings launches sales of seven Ocean Tankers-linked ships. 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. This matter has been. OCBC applied for Xihe and the four SPV's to. The Company current operating status is in liquidation - compulsory. 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. 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. (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. The address of the Company's registered office is at the ASIA SQUARE TOWER 1 building. The Xihe companies are also 100% owned by the Lim family. K. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors Xihe Holdings is owned by the Lim family and held the bulk of their fleet. By Irene Ang and Jonathan Boonzaier in Singapore Singapore’s OCBC Bank has filed an application for Xihe Holdings, the vessel-owning arm of the empire of oil. 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. Choosing health in a time of Covid-19, with HealthPass by OCBC. Xihe. The order was made on March 24, and any remaining. 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). (Pte) Ltd and Xihe Holdings were placed under judicial management last year. Lim and two children sued for USD 3. By Anshuman Daga and Jessica Jaganathan. Ocean Tankers, founded in 1978, manages and operates a. 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. (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 Capital (Pte. The above Xihe Holdings. Acting for creditors against a well-known offshore construction and support services provider undergoing judicial management in Singapore. 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: 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. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. C. com. 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: 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 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. On 13 August 2020, Xihe Holdings and four of its vessel-owning subsidiaries were placed under interim judicial management orders, following applications brought by Overseas-Chinese Banking Corporation Ltd, a creditor. 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,. 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 notice was published in the Government Gazette on Monday (22 March) regarding the restructuring of Xihe Holdings Pte Ltd subsidiary Xin Bo Shipping Pte Ltd. 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. 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. Related Article:. 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. . Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. 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. Court hearing on OCBC's judicial management application for Xihe Holdings adjourned to Aug 13. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (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 discrepancies. Court-appointed receivers and managers of Airtrust (Singapore) Pte. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial purpose,” according to. Xihe Capital (Pte. conclusion. Advised an informal steering committee of lenders holding $1. 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. 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 -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. K. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. Court records reveal the German bank filed a $17. 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. * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships’ values. Xihe. 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 rest of the ships are majority-owned by Xihe Capital - currently under liquidation. 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 Holdings is owned by the Lim family. The judicial managers of Xihe Holdings Pte. 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. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. Judicial managers have filed to wind up the oil trader after it racked up some $4 billion in debt. 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. Oversea Chinese Banking Corp (OCBC) OCBC. 34bn of debt on the restructuring of Pacific International Lines. 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. According to the notice by Gavin Mark McIntyre, the Director of the. Lawyer Profiles. 7. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. 10 On 7 August 2020, the Judge allowed OS 417 and placed HLT under judicial management, appointing the IJMs as judicial managers (“JMs”). Mr Lim Oon Kuin, also known as O. (Repeats with no changes to text) * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships' values. 199002021M), according to a Wednesday (6 April) notice on the Government Gazette. 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: 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. Before OTPL filed for judicial management in May 2020 (see [10] below), OTPL chartered or operated more than 150 vessels. Xihe Holdings subsidiary Xin Bo Shipping placed under judicial management Grant Thornton Singapore was appointed as judicial manager of the. 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. 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). 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. 55 billion, including $983 million to at least 20 banks. China – where the Xiamen Maritime Court in August 2021, based on the principle of reciprocity, recognised a judicial manager in 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. , a ship owner linked to troubled Singapore oil trader Hin Leong and its founder’s family, has been placed under interim judicial management, The Business Times. Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries. The affidavit was filed by Oversea-Chinese Banking Corp (OCBC) following incidents of fraud uncovered at Hin Leong Trading (HLT). ) Ltd. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. 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. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. The address of the Company’s registered office and the Liquidator is One Raffles Quay, #27-10, Singapore 048583. “All creditors of the abovenamed Company should file their proof of debt with the liquidators who will be administering all affairs. Related: Xihe Holdings files for. Next. Lim and two children sued for USD 3. Insolvency law, policy and procedure. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: 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 managementAugust 3, 2020. The judicial managers of Xihe Holdings in the restructuring of the Xihe Holdings group of companies. OCBC applied for Xihe and the four SPV's to be placed under court. By Anshuman Daga and Jessica Jaganathan. Published 22 February 2022 4:35 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. 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,. Hearing to bring Xihe Holdings under judicial management put on hold | TradeWinds. Several notices were published in the Government Gazette on Thursday (19 November) regarding a judicial management order for Xihe Holdings Pte Ltd and. 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. You could be the first review for Fifth Avenue Holdings. 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. 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. c. 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. 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. Xihe Holdings (Pte) Ltd. 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. This combines a structured. 43m. 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. 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. April 8, 2022. 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. 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. . Main Contacts. . Even as we are looking at the first fruits of these revisions, we are looking at the next bound of enhancements. on 4 July declared the company’s inability to continue business, according to a Thursday (21 July) notice on the Government Gazette. Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading. 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. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors Last 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 details of the interim judicial managers’ office address are as follows: 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960. 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. 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. Acted for Hyflux a major water treatment company listed on the Singapore Stock Exchange in its S$2. 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. Oversea Chinese Banking Corp (OCBC) OCBC. Lim. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. * 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. Two notices were published in the Government Gazette on Monday (4 January) regarding an application by Xihe Holdings to place the following Xihe Capital. 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. 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. 55 billion, including $983 million to at least 20 banks. 30/7/2020 4:02:00 PM. 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. By. 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”). 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. 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. 55 billion, including $983 million to at least 20 banks. It owed $1. 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. 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. Singaporean tanker owner Xihe Holdings has reportedly sold one of its idle MR2-type product tankers to Sol Selene Shipping of Panama. Manoj Pillay SANDRASEGARA is Co-Head of WongPartnership’s Special Situations Advisory Practice and a Partner in the Indonesia Practice. 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.