Judicial managers seek to wind up collapsed oil trader Hin Leong

judicial managers seek to wind up collapsed oil trader hin leong

SINGAPORE: Judicial managers of collapsed oil trading firm Hin Leong Trading, have filed a winding up application for the company, according to a notice posted on a government website.

The move comes nearly a year after Hin Leong, once one of Asia’s top oil traders owned by Singaporean tycoon Lim Oon Kuin and his children, racked up US$4 billion in debt and entered court restructuring.

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Court-appointed supervisors from accounting firm PwC submitted the application to wind up Hin Leong on Feb 5, according to the notice dated Feb 19 posted on the Government Gazette.

READ: Founder of oil trader Hin Leong charged with second forgery offence
READ: Founder of homegrown oil trader Hin Leong charged with abetment of forgery for the purpose of cheating

The application is expected to be heard by the Singapore High Court on Mar 8.

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Under so-called judicial management, a court appoints an independent manager to run the affairs of a financially distressed company in the place of existing management.

When a company is wound up, its business will stop operations and its assets will be handed over to an independent liquidator.

Lim and his son Lim Chee Meng have separately applied to wind up bunker supply unit Hin Leong Marine International, according to another notice on the website…

Want to know more click here go to source.

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