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. 5. Hin Leong’s judicial managers PricewaterhouseCoopers and Ocean Tankers’ judicial managers EY were not immediately available to comment. The Xihe JMs were appointed as interim judicial managers and took control of 28 vessels that were the subject of OS 652. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. By. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. 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. 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. 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. which is in the business of. . 5 billion (SGD 4. To consider and if thought fit, to approve an application to Court by the Judicial Managers for an extension of the Judicial Management Order; and 3. 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. Related Article:. Lim. 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. 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 High Court of Singapore. Sep 16, 2020 8:54PM EDT. 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. Tel: +65 62088272 Email: [email protected]: 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 discrepancies. Related: Provisional liquidators appointed for Xihe subsidiaries, call for creditor’s meeting Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021 Related: Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial management Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85. 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. November 20, 2020. Three companies related to the Lim family have been brought under interim judicial management. The Directors of Xihe Holdings subsidiary Nan Chiau Maritime (Pte. 10 On 7 August 2020, the Judge allowed OS 417 and placed HLT under judicial management, appointing the IJMs as judicial managers (“JMs”). Xihe. Xihe. 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. Officially, . (Pte) Ltd and Xihe Holdings were placed under judicial management last year. The address of the Company’s registered office and the Liquidator is One Raffles Quay, #27-10, Singapore 048583. 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 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. Ship Management Technology Ports Insight Opinion People. 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. It owed $1. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsXihe has a new management team in place. The three smaller chemical tankers are owned by Nan Jin Maritime, an SPV under Xihe Capital. 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. 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. * Xihe in talks with potential financiers, investors - documentSince Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. Shipping affiliate Ocean Tankers followed in May and in August, the court approved OCBC Bank's application against Xihe Holdings and subsidiaries. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to 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. , 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. Admin. Xihe Capital (Pte. 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. To consider the judicial managers’ remuneration and expenses as an expense of the winding-up. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. 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. MF Global. The companies included in the published notices are: An Ding Shipping Pte Ltd. Related Article:. Search reviews. According to court. “All creditors of the abovenamed Company should file their proof of debt with the liquidators who will be administering all affairs. Advised an informal steering committee of lenders holding $1. Admin. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. on 4 July declared the company’s inability to continue business, according to a Thursday (21 July) notice on the Government Gazette. 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 matter has been. By. Before OTPL filed for judicial management in May 2020 (see [10] below), OTPL chartered or operated more than 150 vessels. Review of Judicial Management. to discuss and vote on the. Court hearing on OCBC's judicial management application for Xihe Holdings adjourned to Aug 13. (Repeats with no changes to text) * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships' values. Companies: Hin Leong Trading Pte Ltd, Ocean Tankers (Pte) Ltd. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim 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. Xihe. 34bn of debt on the restructuring of Pacific International Lines. Insolvency law, policy and procedure. 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: 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, Seshadri Rajagopalan and Paresh Tribhovan Jotangia of Grant Thornton Singapore Private Limited, have been appointed as joint judicial managers of the company. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsBy Jonathan Boonzaier. 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 discrepancies. 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. 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). which are mainly Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. K. 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. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. 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 (Pte) Ltd. April 8, 2022. 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. Considering the new principle of reciprocity in the SPC’s 2022 judicial policy is not applicable to bankruptcy cases, Chinese local courts seemed to have the discretion in interpreting the reciprocity, resulting in different views – with some courts (like Xiamen Maritime Court in In re Xihe Holdings Pte. under judicial management and, pending that event, for IJMs to be appointed. K. Singaporean tanker owner Xihe Holdings has reportedly sold one of its idle MR2-type product tankers to Sol Selene Shipping of Panama. 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. 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. Ltd. m. Next. 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. (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. On 12 May 2020, the Judge granted OTPL leave to withdraw OS 406 and appointed IJMs over OTPL. Grant Thornton confirmed its interim judicial management appointment. 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. Oversea Chinese Banking Corp (OCBC) OCBC. The appellants are 40 vessel-owning subsidiaries of Xihe Holdings (Pte) Ltd (“the XH Companies”), while the respondent is Ocean Tankers (Pte) Ltd (“OTPL”). Lim Oon Kuin, also known as O. Going, going, gone! Hadjiyiannis’ Hellenic Tankers tipped as buyer of Xihe. The Xihe companies are also 100% owned by the Lim family. 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. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to 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. 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. Xihe. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. 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. Delay for consensus. The interim judicial manager of Xihe Holdings has put up for sale six more tankers which have a total market value of $169. Manoj Pillay SANDRASEGARA is Co-Head of WongPartnership’s Special Situations Advisory Practice and a Partner in the Indonesia Practice. 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. 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. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies. 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 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. com. Ocean Tankers, founded in 1978, manages and operates a. Hearing to bring Xihe Holdings under judicial management put on hold | TradeWinds. 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. TSMP Law Corporation6 BATTERY ROADLEVEL 41SINGAPORE 049909Singapore. 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”). 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. 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”). 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. Sale-and-purchase brokers said accounting firm Grant Thornton has. Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries. 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. 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. Court-appointed receivers and managers of Airtrust (Singapore) Pte. Get Directions. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. Judicial Managers of Xihe Holdings and subsidiaries call for first creditors meeting. A bank in an SIAC arbitration against a collateral management company for breach of contract and/or negligence in respect of pledged goods. 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 a court filing, the judicial managers were looking to recover USD 3. Xihe Holdings (Pte) Ltd (under judicial management since 13 November 2020 and in liquidation pursuant to a compulsory winding up since 24 March. 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: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries. 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. com. 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. , 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. 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. Acting for and advising numerous multinational cryptocurrency firms on cross-border insolvency and restructuring issues, including the scheme filings of the Zipmex Group. 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. 199002021M), according to a Wednesday (6 April) notice on the Government Gazette. 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. Mr Lim Oon Kuin, also known as O. 18. 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. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. The judicial managers of Xihe Holdings in the restructuring of the Xihe Holdings group of companies. MF Global. 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. 85 billion debt and legal investigations. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (Pte) Ltd. Even as we are looking at the first fruits of these revisions, we are looking at the next bound of enhancements. The Xihe companies are also 100% owned by the Lim family. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. 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. The sales come as the liquidators of the Singaporean. K. The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought. 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 managers have allowed a handful of Xihe's tankers to be arrested in Singapore and sold at auction. Read more at straitstimes. 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. 13, 2020, the judicial managers (JMs) - Seshadri. 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. The Xihe companies are also 100% owned by the Lim family. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. 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. Xihe Holdings, which. 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). 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. K. By Anshuman Daga and Jessica Jaganathan. 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. Tel: +65 62088272 Email: abigail@revlawllc. . 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. 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. Summary: The Singapore High Court put ZenRock Commodities under interim judicial management in May after one of its creditors HSBC Holdings PLC HSBA. 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. By Anshuman Daga and Jessica Jaganathan. 34bn of debt on the restructuring of Pacific International Lines. OCBC applied for Xihe and the four SPV's to. Lawyer Profiles. 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. It informed a meeting of the creditors will be held via electronic means on the 29th day of June 2021 at 10:30 a. 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. a company’s judicial managers 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. According to the notice, the first meeting of creditors will be held on Tuesday, 12 January 2021 at 10am (SG time) via video conferencing pursuant to Covid-19 measures. In 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. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (Pte) Ltd. On theThree companies related to the Lim family have been brought under interim judicial management. * Seeks judicial management for Xihe and subsidiaries * Debt moratorium would help preserve ships’ values. Xihe. ) Ltd. 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). 9/17/2020 9:35:15 AM. , 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. 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. He has been lead counsel in several high-profile cases, in particular, restructuring matters (both cross-border and domestic), and. XIHE HOLDINGS (PTE) LTD (the "Company") is a Exempt Private Company Limited by Shares, incorporated on 28 April 1990 (Saturday) in Singapore . Related: Xihe Holdings files for. 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. 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. 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. 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). Oversea Chinese Banking Corp (OCBC) OCBC. 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. 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. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. According to the notice by Gavin Mark McIntyre, the Director 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. 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: Additional Xihe Holdings subsidiaries to be placed under judicial management. SI applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong founder Lim Oon Kuin, known as O. Advised an informal steering committee of lenders holding $1. 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. 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. Related: O. Singapore’s third largest bank, Oversea-Chinese Banking Corp (OCBC) have filed an affidavit for Xihe Holdings, a private company owned by the Lim family, to be placed under judicial management following incidents of fraud uncovered at Hin Leong Trading (HLT), reports The Business Times. ) Ltd. Hamburg Commercial Bank has arrested one of Xihe Holdings LR2 aframax tankers in Singapore. Email firm Visit website 65 6534 4877 65 6534 4822. et al. ) Ltd. Xihe Holdings is part of the troubled Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean. The General Division of the High Court of Singapore on 24 March issued a winding up order against Xihe Holdings (Pte) Ltd (UEN No. It owed $1. Lim and two children sued for USD 3. Providence Law is advising the liquidators in applications filed by the judicial managers of its parent, Xihe Holdings, to which the debtors in liquidation allegedly owe S$58 million (US$42 million) in trade payables, seeking to terminate the liquidations and convert the subsidiaries’ proceedings into judicial management proceedings. You could be the first review for Fifth Avenue Holdings. 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. Annual general meetings for Xin Chun Shipping are to be held at the following times:Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. 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 company’s judicial managers for the benefit of the company. 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,. 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. 55 billion, including $983 million to at least 20 banks. 199002021M) Winding Up Order made on 24 March 2022. com. 55 billion, including $983 million to at least 20 banks. Related: O. 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. Representing bank creditors in successfully placing Xihe Holdings, a US$1 billion entity, into interim and final judicial management. 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. UOB, Nikko Asset. Related: Provisional liquidators appointed for Xihe subsidiaries, call for creditor’s meeting Related: JMs: First creditors meeting of Xihe Holdings subsidiaries to be held in January 2021 Related: Singapore: Additional Xihe Holdings subsidiaries to be placed under judicial managementSingapore bank OCBC is seeking a court-appointed supervisor to manage shipping firm Xihe Holdings Pte Ltd and four of its subsidiaries, four sources with knowledge of the court filing said. is ACRA-registered entity that has been operating for 33 years 5 months in Singapore since its incorporation in 1990. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to. 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. 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. 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. 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. Advised an informal steering committee of lenders holding $1. 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. Related: O. 10 On 7 August 2020, the Judge allowed OS 417 and placed HLT under judicial management, appointing the IJMs as judicial managers (“JMs”). 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. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. et al. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to 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. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 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. The affidavit was filed by Oversea-Chinese Banking Corp (OCBC) following incidents of fraud uncovered at Hin Leong Trading (HLT). Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. 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 in fees in the course of restructuring the financially troubled company, reports The Business Times. 30/7/2020 4:02:00 PM. 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. Xihe declined to comment when contacted. Bunkerspot provides news, in-depth analysis, expert comment and price indications for the global marine fuels industryActing for creditors against a well-known offshore construction and support services provider undergoing judicial management in Singapore. 1 million (S$288 million) was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid. which are mainly Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd. Xihe Holdings owns about 140 ships, including the 108,912-dwt Ocean Quest (built 2008). Published 11 September 2020 17:31 GMT. 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. 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. 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. 7. 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. Filter by rating. 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. on Wednesday, 17 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. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. 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. (2020) Min 72 Min Chu No. 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: 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. Manifold Times previously reported an application by Xihe Holdings to place the mentioned Xihe Capital Pte Ltd subsidiaries under judicial management and for the winding up of the companies. The First Time Chinese Court Recognizes Singapore Bankruptcy Judgment. His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. Ocean Tankers, founded in 1978, manages and operates a. 199002021M),. 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. Admin. Advised an informal steering committee of lenders holding $1. 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. 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. 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. The. Xihe Holdings almost out of larger tankers as Greek buyers take four MRs. 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. Acting for creditors against a well-known offshore construction and support services provider undergoing judicial management in Singapore. 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. Clarksons declined to comment, while Arrow did not immediately. 5m mortgage claim against the 108,900-dwt Ocean Pegasus. XIHE HOLDINGS (PTE) LTD is registered as Exempt Private Limited Company with its address 8 MARINA VIEW, #40-04/05, ASIA SQUARE TOWER 1, Singapore 018960 XIHE HOLDINGS (PTE). Gavin Mark McIntyre, Director of Xin Hui Shipping, announced Seshadri Rajagopalan. Ltd. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC. Messrs Wong Pheng Cheong Martin,. This comes following Xihe’s previous announcement that its creditors have adjourned court proceedings in favour of working. The six vessels form part of the Xihe Group, which comprises Xihe Holdings, Xihe Capital and Lim’s 11. The details of the interim judicial managers’ office address are as follows: 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960. 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. , a ship owner linked to troubled Singapore oil trader Hin Leong and its founder’s family, has been placed under interim judicial. The rest of the ships are majority-owned by Xihe Capital - currently under liquidation. 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. (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. Xihe Holdings, which. His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. 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. 36. 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 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. 334 (. Xihe declined to comment when contacted. ) Ltd. a judicial management application at the UT level may also be possible. 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. Grant Thornton confirmed its interim judicial management appointment. (Pte) Ltd and Xihe Holdings were placed under judicial management 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. 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. 43m. 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. In the matter of Xihe Holdings (Pte) Ltd (Judicial Managers Appointed) (UEN No. Angela advises companies and stakeholders in distress situations and takes on appointments as Judicial Manager, Scheme Manager, Receiver and Liquidator. Manifold Times previously reported an application by Xihe Holdings to place the mentioned Xihe Capital Pte Ltd subsidiaries under judicial management and for the winding up of the companies. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Acting for and advising numerous multinational cryptocurrency firms on cross-border. To be entitled to vote at the meeting, creditors’ proxy and proof must be lodged with the Judicial Managers not later than 4. 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. * 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. We refer to this as the “judicial management expenses principle” or “the Principle”. 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 Friday (11 December) regarding the appointment of judicial managers for Xin Hui Shipping Pte Ltd (UEN NO. 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. (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. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies. 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 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. 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. 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. It owed $1. 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. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. conclusion. 911 Government Street. 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]. Xihe Holdings, the shipping sister firm of collapsed commodity trader Hin Leong Trading, is to be wound up. The.