By. Sep 16, 2020 8:54PM EDT. 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. Ltd. 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. His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. (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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. Xihe Holdings is owned by the Lim family. , 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. 24 Aug 2020; News; Xihe Holdings is linked to most of the vessel-owning vehicles behind a 136-strong tanker fleet . Xihe declined to comment when contacted. m. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to 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. 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 OTPL JMs. 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. Shipping affiliate Ocean Tankers followed in May and in August, the court approved OCBC Bank's application against Xihe Holdings and subsidiaries. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. Admin. Read more at. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 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. The rest of the ships are majority-owned by Xihe Capital - currently under liquidation. 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 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. 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 supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to. 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. 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. 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. He has been lead counsel in several high-profile cases, in particular, restructuring matters (both cross-border and domestic), and. The address of the Company's registered office is at the ASIA SQUARE TOWER 1 building. 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. 7. 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. Manoj Pillay SANDRASEGARA is Co-Head of WongPartnership’s Special Situations Advisory Practice and a Partner in the Indonesia Practice. . It owed $1. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim and. 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. Three companies related to the Lim family have been brought under interim judicial management. com. Advised an informal steering committee of lenders holding $1. 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. Get Directions. 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’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. SINGAPORE - Six residential properties in Singapore and three in Australia belonging to the Lim family behind insolvent Hin Leong Trading are among assets frozen by the High Court to recoup US$3. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. 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: 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. Phone number (250) 385-2184. 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. 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. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. , an investment holding company incorporated in Singapore, which was placed under interim judicial management on 13 August 2020 and under judicial management on 13 November 2020; and (ii) a director from 1 July 2020 to 28 August. a company’s judicial managers for the benefit of the company. Related Article:. 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. 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. (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 is part of the troubled Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean. * 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 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. K. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. Lim. Acting for creditors against a well-known offshore construction and support services provider undergoing judicial management in Singapore. 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 (Pte) Ltd. The above Xihe Holdings. Singapore in 1978. In a court filing, the judicial managers were looking to recover USD 3. In a court filing, the judicial managers are looking to recover USD. 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. 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 creditorsRepresenting bank creditors in successfully placing Xihe Holdings, a US$1 billion entity, into interim and final judicial management. 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]. The High Court of Singapore. 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. Mr Lim Oon Kuin, also known as O. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. Ltd. Email firm Visit website 65 6534 4877 65 6534 4822. OCBC wants a court-appointed manager to run Xihe to maximise its chances of recouping some of the money it is owed. 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). Judicial managers of Lim Oon Kuin’s tanker owning company Xihe Holdings have lined up sales deals for two more of its LR2 aframax tankers. Read more at straitstimes. Sale-and-purchase brokers said accounting firm Grant Thornton has. K. Related: O. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. 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. Published 11 September 2020 17:31 GMT. The bank has applied for Xihe Holdings and its. Xihe Holdings and subsidiaries to be placed under judicial management Related: Xihe. 3 billion court restructuring. 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). 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. 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. It owed $1. Related: Xihe Holdings files for. In the context of judicial management, expenses and liabilities are incurred by a company’s judicial managers (”JMs”) for the benefit of the company. 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. 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 managementAs reported, Xihe Holdings - another sister company of HLT that owns a significant portion of the group’s tanker fleet - has been placed under interim JM on the back of OCBC’s application. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. The solicitors for Xihe Holdings are: Wong Partnership LLP 21 Bukit Batok Crescent #22-70 WCEGA Tower Singapore 658065. The management restructuring came after an attempt by Hin Leong creditor OCBC Bank to have key group company Xihe Holdings put under judicial management was adjourned. Singapore 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. Ocean Tankers, founded in 1978, manages and operates a. It informed a meeting of the creditors will be held via electronic means on the 29th day of June 2021 at 10:30 a. 00 p. Lim and two children sued for USD 3. In an emailed statement, Paresh Jotangia — a Singapore-based partner of Grant Thornton — said the interim judicial management process intends to preserve value for Xihe Holdings’ stakeholders. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. . on 4 July declared the company’s inability to continue business, according to a Thursday (21 July) notice on the Government Gazette. 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. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. Xihe Holdings, which. 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. Lims exit Xihe Holdings management The brother of OK Lim stands down as interim chief executive of Xihe Holdings after the firm heads for judicial management, marking the exit of the family. 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 creditorsBy Jonathan Boonzaier. Visit TradeWinds for the best news, insight and opinion covering the global 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. K. Of the remaining 57 unsold tankers, 36 are small product tankers of less than 20,000. 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. 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. 85 billion debt and legal investigations. Ocean Tankers, founded in 1978, manages and operates a. Xihe seeks to restructure business amid OCBC’s JM application. 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,. Several vessels from Xihe Holdings, which is owned by the Lim. Shipping affiliate Ocean Tankers followed in May and in August, the court approved OCBC Bank's application against Xihe Holdings and subsidiaries. (2020)) adopting the de. to discuss and vote on the. 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. 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. 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. According to the notice, Seshadri Rajagopalan and Paresh Tribhovan Jotangia of Grant Thornton Singapore Private Limited, have been appointed as joint judicial managers of. Court-appointed receivers and managers of Airtrust (Singapore) Pte. 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. Lim Oon Kuin, also known as O. Oversea Chinese Banking Corp (OCBC) OCBC. The six vessels form part of the Xihe Group, which comprises Xihe Holdings, Xihe Capital and Lim’s 11. 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 details of the interim judicial managers’ office address are as follows: 8 Marina View #40-04/05 Asia Square Tower 1 Singapore 018960. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsXihe has a new management team in place. Xihe Holdings is owned by the Lim family. His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. Hamburg Commercial Bank has arrested one of Xihe Holdings LR2 aframax tankers in Singapore. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Hong Lam acquires Xihe Group's chemical tanker newbuilding The 13,800-dwt tanker is the third newbuilding sold by China's Fujian Mawei 22 September 2020 20:37 GMT Updated 25 September 2020 6:19 GMTThis is significant because an application for a company to be placed under judicial management is premised on a company being unable or likely to become unable to pay its debts,. “The Xihe. 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). Ship Management Technology Ports Insight Opinion People. Xihe Capital (Pte. 13, 2020, the judicial managers (JMs) - Seshadri. 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. 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: 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. 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. 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. 75 billion) on top of another USD 90 million in dividends which the. The solicitors for Xihe Holdings are: Wong Partnership LLP 21 Bukit Batok Crescent #22-70 WCEGA Tower Singapore 658065. 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. 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. Officially, . 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. 5m mortgage claim against the 108,900-dwt Ocean Pegasus. 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. But last May, Ocean Tankers filed for judicial management, and. 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. We refer to this as the “judicial management expenses principle” or “the Principle”. 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. Ltd, under judicial managers from PricewaterhouseCoopers, has made an application to freeze. 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. 10 On 7 August 2020, the Judge allowed OS 417 and placed HLT under judicial management, appointing the IJMs as judicial managers (“JMs”). 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. XIHE HOLDINGS (PTE) LTD. 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. com. 9/17/2020 9:35:15 AM. 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. et al. et al. 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. 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. Read more at 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. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. The Xihe companies are also 100% owned by the Lim family. He has been lead counsel in several high-profile cases, in particular, restructuring matters (both cross-border and domestic), and. OTPL, HLT and Xihe did not respond to requests for comment about the court filings. Home; About Us; Our Practice; Our People; Insights;Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. on Wednesday, 17 February 2021. 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. The Xihe JMs were appointed as interim judicial managers and took control of 28 vessels that were the subject of OS 652. 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. Mr Tan was (i) a director from 1 July 2020 to 28 August 2020 for Xihe Holdings (Pte) Ltd. K. Xihe Capital (Pte. Manifold Times previously reported an application by Xihe Holdings to place the mentioned Xihe Capital Pte Ltd subsidiaries under judicial management and for the winding up of the companies. A bank in an SIAC arbitration against a collateral management company for breach of contract and/or negligence in respect of pledged goods. 1 million (S$288 million) was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. Go to. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. Advised an informal steering committee of lenders holding $1. 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. The appellants are 40 vessel-owning subsidiaries of Xihe Holdings (Pte) Ltd (“the XH Companies”), while the respondent is Ocean Tankers (Pte) Ltd (“OTPL”). Filter by rating. Gavin Mark McIntyre, Director of Xin Hui Shipping, announced Seshadri Rajagopalan. 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. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. Read more at straitstimes. 10 On 7 August 2020, the Judge allowed OS 417 and placed HLT under judicial management, appointing the IJMs as judicial managers (“JMs”). Xihe declined to comment when contacted. 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. MF Global. 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. Xihe Holdings, which. 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. Tankers. 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. Hin Leong Trading Pte Ltd (HLT) and Ocean Tankers Pte Ltd (OTPL) being placed into judicial management raises important issues about the regulatory framework for private companies in Singapore, following a number of other private companies getting into trouble. under judicial management and, pending that event, for IJMs to be appointed. 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. 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: 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. 55 billion, including $983 million to at least 20 banks. Clarksons declined to comment, while Arrow did not immediately. This comes following Xihe’s previous announcement that its creditors have adjourned court proceedings in favour of working. Xihe. 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. 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. Clarksons declined to comment, while Arrow did not immediately. 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. Bidding on a Xihe Holdings-owned LR2 product tanker wrapped up on Friday, adding to a string of deals that have seen more than half of the company's fleet sold off. Xihe Holdings Pte Ltd and its subsidiaries are owned by the Lim family, who are also the owners of the embattled Hin Leong Trading. OCBC Bank says new appointments at Xihe give only veneer of independence but not actual independence guaranteed under judicial management. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsLast week, a High Court hearing for OCBC Bank’s application to bring tanker owner Xihe Holdings under judicial management was adjourned until 13 August. The Directors of Xihe Holdings subsidiary Nan Chiau Maritime (Pte. Hearing to bring Xihe Holdings under judicial management put on hold | TradeWinds. 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. 199003651N), a subsidiary of the Lim family owned Xi He Holdings, Pte Ltd. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. c. 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. 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 -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC Bank, which "strongly distrusts (their) current management" after US$208. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. 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: 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. Annual general meetings of companies/creditors will be held electronically on 4 August for Nan Sia Maritime and Xin Ya Shipping & Trading, according to notices. The sales come as the liquidators of the Singaporean. 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. This combines a structured. 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. Several notices were published in the Government Gazette on Thursday (19 November) regarding a judicial management order for Xihe Holdings Pte Ltd and. Acted for Hyflux a major water treatment company listed on the Singapore Stock Exchange in its S$2. Singaporean tanker owner Xihe Holdings has reportedly sold one of its idle MR2-type product tankers to Sol Selene Shipping of Panama. 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: O. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. 7. Rankings. 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. The appointment as director into various companies of the Xihe Holdings Group is to facilitate the purposes of the judicial management which are inter alia, the sale of assets to repay creditors, engage in acts to protect the interest of the group subsidiaries, and eventually place various subsidiaries into voluntary or involuntary winding up. 3 million Related: Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to 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. According to the notice by Gavin Mark McIntyre, the Director of the. On 12 May 2020, the Judge granted OTPL leave to withdraw OS 406 and appointed IJMs over OTPL. Before OTPL filed for judicial management in May 2020 (see [10] below), OTPL chartered or operated more than 150 vessels. Sharing with Splash Maritime and Offshore News our plans in getting our business back on track, with full commitment to bring about the best outcome for all our stakeholders,. 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. There has been rumours that Kane’s father is Kenny Lim Oon Cheng, Xihe Holdings interim chief executive in Singapore, Kenny is the brother of Lim Oon Kuin who is the founder of beleaguered Singaporean oil trader Hin Leong Trading (HLT). The Xihe companies are also 100% owned by the Lim family. 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. 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. 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). Xihe. Search reviews. Representing bank creditors in successfully placing Xihe Holdings, a US$1 billion entity, into interim and final judicial management. Firm Profile. XIHE HOLDINGS (PTE) LTD (the "Company") is a Exempt Private Company Limited by Shares, incorporated on 28 April 1990 (Saturday) in Singapore . 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. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. According to court. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. 5 billion (SGD 4. The General Division of the High Court of Singapore on 24 March issued a winding up order against Xihe Holdings (Pte) Ltd (UEN No. 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. Singapore: Annual general meetings set for Xihe Holdings 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. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsRelated: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Xihe Holdings is 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. 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). 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. 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. 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 discrepancies and fraud in exposure. 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. Oversea Chinese Banking Corp (OCBC) applied last week for the Singapore High Court to appoint judicial managers over Xihe, owned by the family of Hin Leong. 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: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related: HSBC takes Lim family and Hin Leong employee to court to recover USD 85. 1 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. 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 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. Xihe. Xihe Holdings (Pte) Ltd (under judicial management since 13 November 2020 and in liquidation pursuant to a compulsory. 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. which are mainly Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd. Xihe Capital (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. 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. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. m. Angela advises companies and stakeholders in distress situations and takes on appointments as Judicial Manager, Scheme Manager, Receiver and Liquidator. , 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. 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. 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. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditors 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. 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 bank in an SIAC arbitration against a collateral management company for breach of contract and/or negligence in respect of pledged goods. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial purpose,” according to. 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. , Xihe Holdings Pte Ltd and four of Xihe’s special purpose vehiclesRelated: 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. OTPL, HLT and Xihe did not respond to requests for comment about the court filings. Xihe Holdings owns about 140 ships, including the 108,912-dwt Ocean Quest (built 2008). 5. Advised an informal steering committee of lenders holding $1. 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. 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. 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. 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. Advised multiple major bank and non-bank creditorsvin relation to the judicial management of Hin Leong Trading, Ocean Tankers and Xihe Holdings, and the subsequent liquidation of HLT and OT. SINGAPORE-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. Advised an informal steering committee of lenders holding $1. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. which is in the business of. 199002021M),. Xihe Holdings is part of the troubled Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean. This matter has been. com. OIL tanker shipowner Xihe Group, which is linked to the Lim family of troubled oil trader Hin Leong, plans to embark on a “consensual.