SINGAPORE (Aug 14): Xihe Holdings (Pte) Ltd, 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 reported today.A Singapore High Court appointed Grant Thornton Singapore as supervisor of Xihe during a chambers hearing yesterday, according to the newspaper. Read more at The Business Times. IT was heavily contested by the beleaguered KS Energy but in the end, OCBC won, with the Singapore High Court on Monday granting the lender's application to place the oil services firm and a key operating subsidiary under interim judicial management (IJM). During the whole process of applying for judicial management until such applications become an order or dismissed, the company shall not pass any resolution, no security can be enforced and no proceedings can take place without leave from the Court. Anita Gabriel at The Business Times reports that hammered by a US$4 billion debt pile and an ongoing probe by Singapore’s white-collar crime … The subsidiaries are info-tech firms StreetSine Technology Group and StreetSine Singapore, which have also applied for interim judicial managers to be appointed pending the determination of their applications. This interim moratorium lasts until either the application for Judicial Management is dismissed or is allowed. The interim moratorium under Section 410 provides that: (a) No resolution … Interim judicial management. The interim judicial manager is appointed by filing either a shareholder’s resolution or board resolution for the appointment, and lodging statutory declarations with the Official Receiver and ACRA stating the interim judicial manager’s consent to be appointed as such, and that the company intends to undergo judicial management. The framework. The recent case of Leadmont Development Sdn Bhd v Infra Segi Sdn Bhd represents a landmark ruling in Malaysia being the first case to discuss and spell out the background and framework surrounding the law of judicial management in accordance with the provisions governing Malaysia’s judicial management scheme as contained in Division 8 Subdivision 2 of the Companies Act 2016. INTRODUCTION. Before the JM application can be heard, a first application is often taken out for the company to be placed under IJM – typically by creditors moved by a sense of urgency to preserve the company’s assets. May 8, 2020 May 11, 2020 Christopher Patalinghug Leave a comment. 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 creditors HIN LEONG: High Court Grants Interim Judicial Management. LIQUIDATION, JUDICIAL MANAGEMENT & SCHEME OF ARRANGEMENT – PROCEDURE & PRACTICE CHANTAN LLC 13 EXAMPLES WHERE COURT REFUSES TO CONVENE MEETING • Impossible to acquire the required statutory majority to approve the scheme Re Savoy Hotel Ltd  Ch 351 • Company hopelessly insolvent Re Pheon Pty Ltd(1986) 11 ACLR 142 • Scheme is … HSBC made an application for judicial managers to be appointed over Zenrock, coupled with an urgent ex parte application for the appointment of interim judicial managers (“IJMs”) on Monday, 4 May 2020. The details of the interim judicial managers’ office address are as follows: 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960. Oversea-Chinese Banking Corp … 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. Judicial management allows for a company to be nursed back to health under the supervision of the Singapore Court. Read more at The Business Times. HYFLUX has been placed under judicial management (JM) following the High Court's rule on Monday, putting an end to a more than two-year-long saga of debt moratorium.. Borrelli Walsh has been appointed interim judicial managers for the troubled water treatment company, and will take over its operations with immediate effect. Prof Pondei This is in effect an application to place the company under judicial management in the period pending the hearing for the JM application. Hin Leong is being investigated by the Commercial Affairs Department (CAD), which is the white-collar crime unit of Singapore police. (Bernama pic) KUALA LUMPUR: The High Court here has allowed an interim … Read more at The Business Times. The Abuja Division of the Federal High Court has restrained the Interim Management Committee of the Niger Delta Development Commission (NDDC) constituted by the Minister of Niger Delta Affairs, Senator Godswill Akpabio from functioning. Firstly, a temporary or interim moratorium takes effect immediately upon the filing of an application for Judicial Management pursuant to Section 410 of the Companies Act 2016. A pre-trial conference has been fixed for … Distressed Companies in Malaysia The New Companies Act 2016 came into force at the beginning of this year which brought together with it many new provisions. Ocean Tankers also withdrew its application for a debt moratorium which was filed last month. 1. Section 405(5) (b) of the Companies Act 2016 gives power to the applicant to appoint an interim judicial manager. The court allows the interim stay until the date of the hearing of leave only, which has been fixed for December 21 at 10am,” she said in her ruling via email. Hin Leong and Ocean Tankers initially sought a six-month moratorium on debts of more than USD3.6 billion to 23 banks. Geraldine Goon examines the first reported decision in Malaysia on judicial management. This story was published in Troubled Company Reporter – Asia Pacific (TCR-AP). Subscribe to our newsletter and get news delivered to your mailbox. High Court grants application to place KS Energy under interim judicial management Company in the news Felicia Tan Published on Mon, Aug 31, 2020 / 1:31 PM GMT+8 Singapore Press Holdings’ (SPH) subsidiaries, StreetSine Technology Group (SSTG) and StreetSine Singapore (SSPL), have each filed applications to be placed under judicial management, according to an SGX filing. Subscribe or sign up for a free trial. approve the costs of the interim judicial management and judicial management (including legal costs) Any other business. The news of ZenRock follows upon the bankruptcy of Singapore oil trader Hin Leong Trading. Hamid Sultan Abu Backer had, in 2018, alleged that there had been judicial interference in several high-profile cases. To entitle creditors to vote at the meeting, creditors must lodge their proxy and proof with the Judicial Managers no later than 4.00 pm on Wednesday (4 November) if they have not done so already. Hamid Sultan, 65, filed the application for leave for judicial review to challenge the decision of the JEC to hold the investigative proceedings against him in-camera. The interim judicial management application by Ocean Tankers did not face any objection from its more than 30 creditors. HAMMERED by a US$4 billion debt pile and an ongoing probe by Singapore's white-collar crime buster, the city-state's largest oil trader Hin Leong Trading (HLT) was granted interim judicial management on Monday by the High Court. Judicial management applications for Hin Leong Trading and Ocean Tankers delayed 28 Jul 2020 Singapore-based Hin Leong Trading (HLT) and Ocean Tankers Pte Ltd (OTPL) were scheduled to have their judicial management applications heard on Monday (27 July) but the hearing was suspended due to the negligence of HLT and OTPL’s lawyers to publicly publish the application, … The Interim Moratorium . SPH units apply for judicial management StreetSine Technology Group and StreetSine Singapore also applied for the appointment of interim judicial managers. The provisions on judicial management which were introduced in Malaysia under the … In April, Hin Leong Trading was placed under interim judicial management as the company was saddled with debts of S$5.7 billion to more than 20 banks. Judicial management. The Malaysian High Court recently delivered the very first grounds of judgement in relation to judicial management in Leadmont Development Sdn Bhd v Infra Segi Sdn Bhd & Another Case  10 CLJ 412. HSBC Bank, supported by four other lenders, yesterday succeeded in getting the High Court to place oil trader ZenRock Commodities Trading under interim judicial management… An article reviewing Judicial Management in Malaysia. A company facing imminent insolvency proceedings may now resort to judicial management, a concept which has long been available in other common law countries. Related: Hontop Energy placed under judicial management over … SINGAPORE - HSBC Bank, supported by four other lenders, on Friday (May 8) succeeded in getting the High Court to place oil trader Zenrock Commodities Trading under interim judicial management.. Singapore-based commodity trader Agritrade International Pte Ltd, which has $1.55 billion due to creditors, has been placed under interim judicial management by … Singapore. Following the gazetting of the notice U. This brief update highlights some of the points raised by the Singapore High Court in the brief grounds issued in Re KS Energy Ltd and another matter  SGHC 198 (“Re KS Energy”) concerning the grant of an order for interim judicial management under the Insolvency, Restructuring and Dissolution Act (the “IRDA”)..
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