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. K. Edward is the Deputy Head of the Firm’s Restructuring & Insolvency Practice. 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. 55 billion, including $983 million to at least 20 banks. By Irene Ang and Jonathan Boonzaier in Singapore Singapore’s OCBC Bank has filed an application for Xihe Holdings, the vessel-owning arm of the empire of oil. 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. 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. Xihe Holdings (Pte) Ltd. which are mainly Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 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. 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 OTPL JMs. 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. 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. 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. The Xihe companies are also 100% owned by the Lim family. Shipping affiliate Ocean Tankers followed in May and in August, the court approved OCBC Bank's application against Xihe Holdings and subsidiaries. 34bn of debt on the restructuring of Pacific International Lines. Hearing to bring Xihe Holdings under judicial management put on hold | TradeWinds. The judicial managers of Xihe Holdings in the restructuring of the Xihe Holdings group of companies. 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. 911 Government Street. 55 billion, including $983 million to at least 20 banks. Ltd. com. 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 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 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. , a ship owner linked to troubled Singapore oil trader Hin Leong and its founder’s family, has been placed under interim judicial. 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. His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. Filter by rating. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of 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. Ship Management Technology Ports Insight Opinion People. 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. 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. 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. 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. 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 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 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. * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. Xihe declined to comment when contacted. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. Oversea Chinese Banking Corp (OCBC) OCBC. 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. Two notices were published in the Government Gazette on Monday (4 January) regarding an application by Xihe Holdings to place the following Xihe Capital. c. Read more at straitstimes. Successfully acted for Oversea-Chinese Banking Corporation Limited in Originating Summons No. 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. 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 by creditors. 34bn of debt on the restructuring of Pacific International Lines. Delay for consensus. 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. 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. 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. OIL tanker shipowner Xihe Group, which is linked to the Lim family of troubled oil trader Hin Leong, plans to embark on a “consensual. By Anshuman Daga and Jessica Jaganathan. Xihe Capital (Pte. In April 1990, Xihe Holdings Pte Ltd (XHH), a ship-owning company, was. Lim and two children sued for USD 3. , 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. 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. Xihe Holdings, which. By. 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: 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 trio are the 16,600-dwt chemical tankers Ocean Success and Ocean Supreme (both built 2012) and the 1,000-dwt bunker tanker Marine Topaz (built 2015). 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). 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. It owed $1. Hearing to bring Xihe Holdings under judicial management put on hold. Acting for and advising numerous multinational cryptocurrency firms on cross-border insolvency and restructuring issues, including the scheme filings of the Zipmex Group. Kenny Lim Oon Cheng, Xihe Holdings interim chief executive, said in a July. We refer to this as the “judicial management expenses principle” or “the Principle”. Any other business. The Xihe companies are also 100% owned by the Lim family. 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. 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. ) Ltd. . UOB, Nikko Asset. 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. . Angela advises companies and stakeholders in distress situations and takes on appointments as Judicial Manager, Scheme Manager, Receiver and Liquidator. Article continues below the. 55 billion, including $983 million to at least 20 banks. The judicial managers of Xihe Holdings in the restructuring of the Xihe Holdings group of companies. 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 address of the Company’s registered office and the Liquidator is One Raffles Quay, #27-10, Singapore 048583. Singapore’s third largest bank, Oversea-Chinese Banking Corp (OCBC) have filed an affidavit for Xihe Holdings, a private company owned by the Lim. According to the notice by Gavin Mark McIntyre, the Director of 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. 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. 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. Xihe seeks to restructure business amid OCBC’s JM application. OCBC applied for Xihe and the four SPV's to. Motivated and proactive graduate students who major in Bachelor of Commerce student with a keen interest in Finance. 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. Advised an informal steering committee of lenders holding $1. His main areas of practice are corporate restructuring and insolvency, commercial and banking litigation and property disputes. 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. The. a company’s judicial managers for the benefit of the company. 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. 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”). (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. This would have the effect of judicial managers replacing the directors at UT. 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. 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 in fees in the course of restructuring the financially troubled company, reports The Business Times. 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. a company’s judicial managers for the benefit of the company. Tankers. Visit TradeWinds for the best news, insight and opinion covering the global shipping. HSBC filed a court application to have the company placed under judicial management, while accusations of fraudulent activity led to a police raid on its Marina View headquarters. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. Xihe Capital (Pte. 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. Review of Judicial Management. Firm Profile. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of 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. But last May, Ocean Tankers filed for judicial management, and. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC. Related: 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. SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under “urgent” judicial management by creditor OCBC Bank, which “strongly distrusts (their) current management” after US$208. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover. 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. 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. Court-appointed receivers and managers of Airtrust (Singapore) Pte. I planned to pursue finance as my career path and passed. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. 43m. 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. * 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. Email firm Visit website 65 6534 4877 65 6534 4822. which is in the business of. 30/7/2020 4:02:00 PM. 9/17/2020 9:35:15 AM. 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. 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. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. Xihe. 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. China – where the Xiamen Maritime Court in August 2021, based on the principle of reciprocity, recognised a judicial manager in Xihe Holdings. Admin. 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. Rankings. Hamburg Commercial Bank has arrested one of Xihe Holdings LR2 aframax tankers in Singapore. Sep 16, 2020 8:54PM EDT. 1 million (S$288 million) was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid. 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 a court filing, the judicial managers were looking to recover USD 3. 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. Vietnam: Fishing vessel arrested over 70,000 litres of unknown origin diesel oil. 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. 3 million Related : Da An Shipping Pte Ltd passes winding-up resolution and publishes notice to creditorsXihe has a new management team in place. Summary: Agritrade International was placed under judicial management in February after it collapsed amid allegations of fraud. Messrs Wong Pheng Cheong Martin,. Admin. The three smaller chemical tankers are owned by Nan Jin Maritime, an SPV under Xihe Capital. Xihe Holdings owns about 140 ships, including the 108,912-dwt Ocean Quest (built 2008). a judicial management application at the UT level may also be possible. XIHE HOLDINGS (PTE) LTD. The interim judicial manager of Xihe Holdings has put up for sale six more tankers which have a total market value of $169. Grant Thornton, interim judicial managers of Xihe Holdings, did not immediately respond to calls and an email requesting comment. 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. Search reviews. 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. 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. 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). ) 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 Bank, which "strongly distrusts (their. 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. It owed $1. The Xihe companies are also 100% owned by the Lim family. The First Time Chinese Court Recognizes Singapore Bankruptcy Judgment. 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. 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. Singapore's High Court has issued a winding-up order against Xihe Holdings (Pte) Ltd, according to a notice published in the city-state's Government Gazette this week. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid commercial. 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. OTPL, HLT and Xihe did not respond to requests for comment about the court filings. 1 million (S$288 million) was transferred by the Xihe group to troubled oil trader Hin Leong "for no valid. L alleged "highly dishonest transactions" at. The companies included in the published notices are: An Ding Shipping Pte Ltd. 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: OCBC files for Xihe Holdings to be placed under judicial management. Advised an informal steering committee of lenders holding $1. 75 billion) on top of another USD 90 million in dividends which the. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related : HSBC takes Lim family and Hin Leong employee to court to recover USD 85. 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. , 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. 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. 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. 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”). * Judicial management will disrupt Xihe’s restructuring plans * Xihe has sold 4 of its ships, leaving 136 vessels. TSMP Law Corporation6 BATTERY ROADLEVEL 41SINGAPORE 049909Singapore. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim and. 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. This matter has been. which is in the business of. 85 billion debt and legal investigations. Ltd, under judicial managers from PricewaterhouseCoopers, has made an application to freeze. 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. Officially, . SINGAPORE -The Lim family-run Xihe Holdings and four of its vessel-owning units are being brought under "urgent" judicial management by creditor OCBC. Related: O. 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. 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. Related: Xihe Holdings files for. 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. m. 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. Court records reveal the German bank filed a $17. 13, 2020, the judicial managers (JMs) - Seshadri. The bank has applied for Xihe Holdings and its. on 4 July declared the company’s inability to continue business, according to a Thursday (21 July) notice on the Government Gazette. 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. 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). 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. 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. Xihe Holdings subsidiary Xin Bo Shipping placed under judicial management Grant Thornton Singapore was appointed as judicial manager of the. 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 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. on Wednesday, 17 February 2021. Read more In place of the Lim family, Xihe said a new independent management board has been appointed which has more than 100. The General Division of the High Court of Singapore on 24 March issued a winding up order against Xihe Holdings (Pte) Ltd (UEN No. 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. (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. 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. 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. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. Hin Leong’s judicial managers PricewaterhouseCoopers and Ocean Tankers’ judicial managers EY were not immediately available to comment. (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. Published 11 September 2020 17:31 GMT. Xihe. * Xihe in talks with potential financiers, investors - documentSince Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. 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,. 10 On 7 August 2020, the Judge allowed OS 417 and placed HLT under judicial management, appointing the IJMs as judicial managers (“JMs”). In the context of judicial management, expenses and liabilities are incurred by a company’s judicial managers (”JMs”) for the benefit of the company. 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. 199003651N), a subsidiary of the Lim family owned Xi He Holdings, Pte Ltd. Admin. 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 creditors Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 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. Ocean Tankers, founded in 1978, manages and operates a. Related: Xihe Holdings files for. Related: Xihe Holdings files for judicial management and winding up of Xihe Capital subsidiaries. K. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. The judicial managers of Xihe Holdings Pte. Published Mon, Mar 14, 2022 · 8:48 pm Lawsuits THE judicial managers of Ocean Tankers and Xihe Holdings could not agree on whether some US$150 million in charter-hiring fees claimed by Xihe should be ranked on a par with the remuneration and expenses of Ocean Tankers' judicial managers and in priority to Ocean Tankers' unsecured debts. 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. Clarksons declined to comment, while Arrow did not immediately. Related: Singapore court to consider judicial management of Xihe Holdings and subsidiaries Related: Xihe Holdings supervisor to place seven tankers for sale in an attempt to repay creditorsOcean Tankers, Hin Leong, Xihe Holdings and four special purpose vehicles all owned by oil tycoon Oon Kuin Lim and his son and daughter have been placed by the Singapore High Court under judicial. 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. 1 million was transferred by the Xihe group to troubled oil trader Hin Leong “for no valid commercial. 13, 2020, the judicial managers (JMs) - Seshadri Rajagopalan and Paresh Jotangia of Grant Thornton Singapore - have taken a two pronged approach to maximise creditor recovery up until April 2021. Xihe Holdings is part of the troubled Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean. 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. Advised an informal steering committee of lenders holding $1. MF Global. Related: O. 3 billion court restructuring. 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. To facilitate the implementation of the Bankruptcy Law and to guide courts of all levels to deal with bankruptcy cases in a more. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. 5. 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. On theThree companies related to the Lim family have been brought under interim judicial management. The address of the Company's registered office is at the ASIA SQUARE TOWER 1 building. OCBC applied for Xihe and the four SPV's to be placed under court. 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. Maybank moved to. 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. 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. Ltd. 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. 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. 334 (. 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. This comes following Xihe’s previous announcement that its creditors have adjourned court proceedings in favour of working. “The Xihe. Xihe. (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. A bank in an SIAC arbitration against a collateral management company for breach of contract and/or negligence in respect of pledged goods. OCBC Bank says new appointments at Xihe give only veneer of independence but not actual independence guaranteed under judicial management. He has been lead counsel in several high-profile cases, in particular, restructuring matters (both cross-border and domestic), 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. 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. 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. 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. 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. 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. 5 billion (SGD 4. XIHE HOLDINGS (PTE) LTD (the "Company") is a Exempt Private Company Limited by Shares, incorporated on 28 April 1990 (Saturday) in Singapore . com. 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. Related: O. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. Admin. He has been lead counsel in several high-profile cases, in particular, restructuring matters (both cross-border and domestic), and. Related: Singapore: Xihe Holdings and subsidiaries to be placed under judicial management Related: Xihe Holdings supervisor to place seven tankers for sale in an attempt to repay creditors Related: Xihe Holdings placed under IJM as OCBC reverses decision for ‘consensual restructuring’ Related: Xihe Capital and subsidiaries, Nan Guang. Get Directions. Since Xihe Holdings Pte Ltd (XH) and its subsidiaries were placed under judicial management on Nov. 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. Manoj Pillay SANDRASEGARA is Co-Head of WongPartnership’s Special Situations Advisory Practice and a Partner in the Indonesia Practice. Xihe Holdings is owned by the Lim family. Market sources believe that more of its. 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. 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. which are mainly Xihe Holdings Pte Ltd or Xihe Capital Pte Ltd. The virtual hearing was initially set to be on Thursday (30 April) but has allegedly been brought. Xihe Holdings is part of the troubled Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean. 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. OTPL, HLT and Xihe did not respond to requests for comment about the court filings. 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. Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. Ltd. 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. Grant Thornton Singapore has appointed provisional liquidators for several Xihe Holdings subsidiaries, namely Da Guang Tankers (Pte) Ltd, Dafa Shipping (Pte) Ltd, Dong Jiang Tankers (Pte) Ltd, and Xin An Shipping (Pte) Ltd, according to a Government Gazette post on Friday (21 January). Singapore: Annual general meetings set for Xihe Holdings subsidiaries. Related: Judicial management applications for Hin Leong Trading and Ocean Tankers delayed Related: Lim family to inhibit law firm Rajah & Tann from representing troubled HLT & OTPL Related: OCBC files for Xihe Holdings to be placed under judicial management Related: Judicial managers of Ocean Tankers discover discrepancies. Lim. The rest of the ships are majority-owned by Xihe Capital - currently under liquidation. 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. 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. , 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. . 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: 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. 38 As noted earlier, the Xihe JMs were appointed interim judicial managers on 13 August 2020. 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. 24 Aug 2020; News; Xihe Holdings is linked to most of the vessel-owning vehicles behind a 136-strong tanker fleet . Xihe. The affidavit was filed by Oversea-Chinese Banking Corp (OCBC) following incidents of fraud uncovered at Hin Leong Trading (HLT). 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. (2020)) adopting the de. OCBC wants a court-appointed manager to run Xihe to maximise its chances of recouping some of the money it is owed. (Pte) Ltd and Xihe Holdings were placed under judicial management last year. com. They are Hin Leong and its shipping arm Ocean Tankers, and Xihe Holdings, which is owned by Lim and. 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. 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. Singapore in 1978. Several notices were published in the Government Gazette on Thursday (19 November) regarding a judicial management order for Xihe Holdings Pte Ltd and. Xihe Holdings is owned by the Lim family and held the bulk of their fleet. 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. 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. 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. 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. ) Ltd.