Published Mon, Mar 14, 2022 · 8:48 pm Lawsuits THE judicial managers of Ocean Tankers and Xihe Holdings could not agree on whether some US$150 million in charter-hiring fees claimed by Xihe should be ranked on a par with the remuneration and expenses of Ocean Tankers' judicial managers and in priority to Ocean Tankers' unsecured debts. 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. 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. 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. 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. 34bn of debt on the restructuring of Pacific International Lines. Admin. The order was made on March 24, and any remaining. 7. 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. , an investment holding company incorporated in Singapore, which was placed under interim judicial management on 13 August 2020 and under judicial management on 13 November 2020; and (ii) a director from 1 July 2020 to 28 August 2020 of Xihe Capital (Pte. Related: 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. (2020) Min 72 Min Chu No. 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. (Repeats with no changes to text) * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships' values. 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. ) 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. 13, 2020, the judicial managers (JMs) - Seshadri Rajagopalan and Paresh Jotangia of Grant Thornton Singapore - have taken a two pronged approach to maximise creditor recovery up until April 2021. Xihe Holdings is part of the troubled Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean. The bank has applied for Xihe Holdings and its. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC. Related: 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 placed under IJM as OCBC reverses decision for ‘consensual restructuring’ Related: Xihe Capital and subsidiaries, Nan Guang. This would have the effect of judicial managers replacing the directors at UT. 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. By. The Directors of Xihe Holdings subsidiary Nan Chiau Maritime (Pte. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. 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 in 1978. He has been lead counsel in several high-profile cases, in particular, restructuring matters (both cross-border and domestic), and. Xihe Holdings (Pte) Ltd (under judicial management since 13 November 2020 and in liquidation pursuant to a compulsory. 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). The judicial managers of Xihe Holdings in the restructuring of the Xihe Holdings group of companies. 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 (PTE) LTD (the "Company") is a Exempt Private Company Limited by Shares, incorporated on 28 April 1990 (Saturday) in Singapore . Related: OCBC files for Xihe Holdings to be placed under judicial management. Xihe Holdings and Xihe Capital were holding companies that owned over 100 tankers, while Universal Group Holdings was the largest oil storage terminal in Singapore, and was used to store different types of oil. , 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. 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. By. 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. 5 billion (SGD 4. 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. . 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. Related: O. HSBC filed a court application to have the company placed under judicial management, while accusations of fraudulent activity led to a police raid on its Marina View headquarters. 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. 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. China – where the Xiamen Maritime Court in August 2021, based on the principle of reciprocity, recognised a judicial manager in Xihe Holdings. Read more at. 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. 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. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 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. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. 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 the matter of Xihe Holdings (Pte) Ltd (Judicial Managers Appointed) (UEN No. Going, going, gone! Hadjiyiannis’ Hellenic Tankers tipped as buyer of 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. Judicial managers have filed to wind up the oil trader after it racked up some $4 billion in debt. You could be the first review for Fifth Avenue Holdings. The Company current operating status is in liquidation - compulsory. C. OCBC wants a court-appointed manager to run Xihe to maximise its chances of recouping some of the money it is owed. The sales come as the liquidators of the Singaporean. Singapore: Annual general meetings set for Xihe Holdings subsidiaries. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. 36. “The 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. Related Article:. Hamburg Commercial Bank has arrested one of Xihe Holdings LR2 aframax tankers in Singapore. 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. ) Ltd. 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. 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. 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. 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. Admin. c. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid commercial. 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. conclusion. 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. 334 (. 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. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. , 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. 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. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. Vietnam: Fishing vessel arrested over 70,000 litres of unknown origin diesel 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. 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 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. 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. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (Pte) Ltd. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. Xihe seeks to restructure business amid OCBC’s JM application. 34bn of debt on the restructuring of Pacific International Lines. Court-appointed receivers and managers of Airtrust (Singapore) Pte. The appellants are 40 vessel-owning subsidiaries of Xihe Holdings (Pte) Ltd (“the XH Companies”), while the respondent is Ocean Tankers (Pte) Ltd (“OTPL”). Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. com. 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. Xihe Holdings (Pte) Ltd. 7. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. April 8, 2022. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. Lim and two children sued for USD 3. Phone number (250) 385-2184. Ltd. 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. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. 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. Clarksons declined to comment, while Arrow did not immediately. . To consider the judicial managers’ remuneration and expenses as an expense of the winding-up. Court records reveal the German bank filed a $17. 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. OCBC applied for Xihe and the four SPV's to. 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. According to court. By Anshuman Daga and Jessica Jaganathan. 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. 00 p. According to the notice by Gavin Mark McIntyre, the Director of the. 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. Summary: The Singapore High Court put ZenRock Commodities under interim judicial management in May after one of its creditors HSBC Holdings PLC HSBA. The. 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. 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. 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. on Wednesday, 17 February 2021. * Xihe in talks with potential financiers, investors - documentSince Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. Read more at The Business Times. Tankers. In August 2021, Xiamen Maritime Court ruled, based on the principle of reciprocity, to recognize the order of the High Court of Singapore, which designated an insolvency officeholder (see In re Xihe Holdings Pte. 3 million in fees in the course of restructuring the financially troubled company, reports The Business Times. The details of the interim judicial managers’ office address are as follows: 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960. Advised an informal steering committee of lenders holding $1. Read more In place of the Lim family, Xihe said a new independent management board has been appointed which has more than 100. 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). Filter by rating. Ocean Tankers, founded in 1978, manages and operates a. (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 Xihe JMs were appointed as interim judicial managers and took control of 28 vessels that were the subject of OS 652. Xihe Capital (Pte. 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. Lawyer Profiles. Officially, . The OTPL JMs. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsShipping arm Ocean Tankers filed for judicial management last May, and in August last year, the court approved OCBC's application against Lim family-owned Xihe Holdings and subsidiaries. The 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. Sep 16, 2020 8:54PM EDT. 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. 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 discrepancies and fraud in exposure. Photo: XIHE Holdings Hearing to bring Xihe Holdings under judicial management put on hold * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. a company’s judicial managers for the benefit of the company. 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 above Xihe Holdings. 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. Sylvester Holdings in Victoria, reviews by real people. In a court filing, the judicial managers were looking to recover USD 3. on 4 July declared the company’s inability to continue business, according to a Thursday (21 July) notice on the Government Gazette. Advised an informal steering committee of lenders holding $1. Xihe Capital (Pte. 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. 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. To be entitled to vote at the meeting, creditors’ proxy and proof must be lodged with the Judicial Managers not later than 4. K. Yelp is a fun and easy way to find, recommend and talk about what’s great and not so great in Victoria and beyond. Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries. OCBC Bank says new appointments at Xihe give only veneer of independence but not actual independence guaranteed under judicial management. Insolvency law, policy and procedure. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim and. (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. 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. 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. Ltd. 34bn of debt on the restructuring of Pacific International Lines. Ltd, under judicial managers from PricewaterhouseCoopers, has made an application to freeze. K. Xihe declined to comment when contacted. ) Ltd. Of the remaining 57 unsold tankers, 36 are small product tankers of less than 20,000. 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. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. 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. 18. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. 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. Before OTPL filed for judicial management in May 2020 (see [10] below), OTPL chartered or operated more than 150 vessels. et al. 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. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. Xihe Holdings owns about 140 ships, including the 108,912-dwt Ocean Quest (built 2008). which are mainly Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd. 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]. Singaporean tanker owner Xihe Holdings has reportedly sold one of its idle MR2-type product tankers to Sol Selene Shipping of Panama. Xihe Holdings is owned by the Lim family. Ltd. 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. Xihe Holdings, which. Xihe. Related: Liquidator: Da Shun Shipping Pte Ltd winding up application to be heard at High Court Related: Singapore: High Court to hear Xihe Holdings winding up application on 24 March Related: Xihe Holdings liquidators request scheme creditors to submit proof of debt Related: Xihe Holdings files for judicial management and winding. Maybank moved to. 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. 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. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. Xihe. Visit TradeWinds for the best news, insight and opinion covering the global shipping. 55 billion, including $983 million to at least 20 banks. 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. 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. 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: O. 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. (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. 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. 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. We refer to this as the “judicial management expenses principle” or “the Principle”. 9/17/2020 9:35:15 AM. 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. 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. 24 Aug 2020; News; Xihe Holdings is linked to most of the vessel-owning vehicles behind a 136-strong tanker fleet . Advised an informal steering committee of lenders holding $1. 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. Published 11 September 2020 17:31 GMT. The judicial managers of Xihe Holdings in the restructuring of the Xihe Holdings group of companies. is ACRA-registered entity that has been operating for 33 years 5 months in Singapore since its incorporation in 1990. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial purpose,” according to. OCBC applied for Xihe and the four SPV's to be placed under court. Ltd. 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 company. The address of the Company’s registered office and the Liquidator is One Raffles Quay, #27-10, Singapore 048583. 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. K. Xihe. 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. 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. 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. 13, 2020, the judicial managers (JMs) - Seshadri. * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships’ values. 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 bank in an SIAC arbitration against a collateral management company for breach of contract and/or negligence in respect of pledged goods. 3 million Related : Da. Lim Oon Kuin, also known as O. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. Admin. 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. Next. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsOversea Chinese Banking Corp (OCBC) applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O. Acted for Hyflux a major water treatment company listed on the Singapore Stock Exchange in its S$2. 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. 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. Read more at. 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. Acting for and advising numerous multinational cryptocurrency firms on cross-border insolvency and restructuring issues, including the scheme filings of the Zipmex Group. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsXihe Holdings is the third company related to the Lim family to be brought under interim judicial management following Hin Leong and its shipping arm Ocean Tankers, which came under full judicial. The 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. m. Photo credit: Benjamin-Child Published: 19 February, 2021 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. 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 owned by the Lim family and held the bulk of their fleet. OIL tanker shipowner Xihe Group, which is linked to the Lim family of troubled oil trader Hin Leong, plans to embark on a “consensual. Hearing to bring Xihe Holdings under judicial management put on hold | TradeWinds. . Oversea Chinese Banking Corp (OCBC) OCBC. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsIts fleet of more than 150 vessels is largely chartered from the Lim family-owned Xihe Holdings, Xihe Capital and their subsidiaries. Read more at straitstimes. 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. 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. under judicial management and, pending that event, for IJMs to be appointed. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 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. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. com. The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought. It owed $1. Name and address of liquidators: Seshadri Rajagopalan, Paresh Tribhovan Jotangia and Ho May Kee care of 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960. 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. 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”. 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: 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:. It informed a meeting of the creditors will be held via electronic means on the 29th day of June 2021 at 10:30 a. Oversea Chinese Banking Corp (OCBC) OCBC. 34bn of debt on the restructuring of Pacific International Lines. Xihe Holdings and subsidiaries to be placed under judicial management Related: Xihe. 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 discrepancies and fraud in exposure. Lim and two children sued for USD 3. November 20, 2020. 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. Admin. Several vessels from Xihe Holdings, which is owned by the Lim. 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. OCBC Bank has filed an application to appoint judicial managers over Xihe Holdings and four of its vessel-owning subsidiaries, citing 'strong distrust' in Xihe's current management after evidence of fraud was uncovered at sister company Hin Leong Trading in April. 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. Xihe. The. The solicitors for Xihe Holdings are: Wong Partnership LLP 21 Bukit Batok Crescent #22-70 WCEGA Tower Singapore 658065. 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. * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships’ values. The Xihe companies are also 100% owned by the Lim family. . His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. 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. The judicial managers have allowed a handful of Xihe's tankers to be arrested in Singapore and sold at auction. . The interim judicial managers of Hin Leong Trading, PricewaterhouseCoopers (PwC), along with legal firms Rajah & Tann, and Drew & Napier could potentially rack up a total of SGD 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. 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. 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. 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. 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. MF Global. 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. 55 billion, including $983 million to at least 20 banks. Even as we are looking at the first fruits of these revisions, we are looking at the next bound of enhancements. 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. Angela advises companies and stakeholders in distress situations and takes on appointments as Judicial Manager, Scheme Manager, Receiver and Liquidator. Clarksons declined to comment, while Arrow did not immediately. Both the XH Companies and OTPL are presently in judicial management and are represented in these proceedings by their judicial managers, whom we refer to as “the XH JMs” and. XIHE HOLDINGS (PTE) LTD. 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. 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). Grant Thornton confirmed its interim judicial management appointment. 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. 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. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. Admin. 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. Photo credit: Aditya-chinchure Published: 30 July, 2020Founder of collapsed Hin Leong Trading (HLT) Lim Ooi Kuin and his two children who are also directors of the company are reportedly being sued by HLT’s judicial managers PricewaterhouseCoopers Advisory Services for breaching fiduciary duties as directors and fraud. 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. Related: O. Several notices were published in the Government Gazette on Thursday (19 November) regarding a judicial management order for Xihe Holdings Pte Ltd and some of its subsidiaries. ) Ltd. Search reviews. 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. (Repeats with no changes to text) * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships' values. 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. Xihe Holdings (Pte) Ltd. The OTPL JMs. Hin Leong’s judicial managers PricewaterhouseCoopers and Ocean Tankers’ judicial managers EY were not immediately available to comment. Xihe declined to comment when contacted. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. 3 billion court restructuring. 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. 34bn of debt on the restructuring of Pacific International Lines. Xihe Holdings subsidiary Xin Bo Shipping placed under judicial management Grant Thornton Singapore was appointed as judicial manager of the. 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. 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. to discuss and vote on the. The court hearing into OCBC Bank’s application to have Ocean Tankers affiliate Xihe Holdings placed under judicial management has been adjourned until 13 August. a company’s judicial managers for the benefit of the company. 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. 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’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. 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. The claimants/appellants are 40 vessel-owning subsidiaries of Xihe Holdings (Pte) Ltd (“the XH Companies”), while the respondent is Ocean Tankers (Pte) Ltd (“OTPL”). Tel: +65 62088272 Email: abigail@revlawllc. 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. 85 billion debt and legal investigations. 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. Rankings. Xihe Holdings (Pte) Ltd (under judicial management since 13 November 2020 and in liquidation pursuant to a compulsory winding up since 24 March. Court-appointed receivers and managers of Airtrust (Singapore) Pte. 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 the context of judicial management, expenses and liabilities are incurred by a company’s judicial managers (”JMs”) for the benefit of the company. 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.