Co-written by Pang Huey Lynn. Ocean Tankers (Pte.) But if the High Court dismisses the judicial management application, and with the removal of the moratorium protection, can there be a form of a stay of the dismissal? Third, the Court must justly, economically and expeditiously dispose of the judicial management application and any appeal process. Enter your email address to subscribe to this blog and receive notifications of new posts by email. The company in this case was a housing developer and had initiated a scheme of arrangement and obtained a restraining order to restrain ongoing legal proceedings against the company. Ocean Tankers also withdrew its application for a debt moratorium which was filed last month. Fourth, the Court also drew a comparison and analogy with the appointment of provisional liquidators (now known as interim liquidators under Malaysia law). SINGAPORE — Financially troubled oilfield services firm Swiber Holdings said yesterday that the High Court had approved its application to appoint KPMG as its interim judicial manager. Where a JM order seems highly probable, then any refusal for an order for an IJM would just be postponing the inevitable and putting the company’s assets at further risk in the meantime. This continued supply is subject to an assurance, undertaking or guarantee to pay for services and charges incurred during the period of receivership. The effect of this decision is that it makes it more difficult for an applicant company to obtain an urgent restraining order. OCBC alleged that KSE Group continued to suffer heavy financial losses. This therefore requires the creditors’ views to be taken into account. Attachments: SGX Announcement - IJMs Appointed_200418.pdf: Total size =356K: Related Announcements Like Comment Be the first to like this. Apr 28, 2020, 5:00 am SGT; New: Gift … This was an abuse of process and the Court of Appeal set aside the ex parte Orders. Justice Aedit Abdullah began his judgment by considering the statutory framework behind an application for an order for judicial management. The Court of Appeal granted the declarations sought by the receiver and manager to essentially compel GDC to continue supply of chilled water. Reading this Barakah Offshore decision, and the Mansion Properties decision above, it appears that the existing language in the CA 2016 does not allow for urgent moratorium protection via a restraining order. Beleaguered Singapore-based water treatment firm Hyflux has reportedly been placed under judicial management order on Monday (16 November). Photo credit: Drew Beamer on Unsplash. Sorry, your blog cannot share posts by email. This was where there was an interim order for administration. 2 positions at gatewayrecruitinginc and bayer including Senior Manager, Trade Operations, Clinical Study Manager related to interim project manager. However, the Wellcom decision had a comment or suggestion that an applicant company should still seek creditors’ views first and then only file the judicial management application. The subsections does not have wording to compel a provider of supplies to continue with the supplies. I have updated the correct link to my earlier post on the Perwaja Steel decision. The Court decided that those provisions governs public utilities and does not include chilled water. OCBC held about 61.14% of KSE’s total liabilities making them a major, or more aptly, the majority creditor. We saw this in the appointment of the IJM over Hin Leong and HSBC applying for the appointment of the IJM of ZenRock. Here was a clear case of balance sheet insolvency of KSE and KSD. PHOTO: REUTERS. The appointed managers will manage the business and property of both the company and its subsidiary until the judicial management applications filed by the The link stated above refers to Grounds of Judgment instead of your write up. The management of KSE and KSD was helmed by Mr Kris Taenar Wiluan, his son and his son-in-law. The interim judicial manager is appointed by filing either a shareholder’s resolution or board resolution for the appointment, and lodging statutory declarations with the Official Receiver and ACRA stating the interim judicial manager’s consent to be appointed as such, and that the company intends to undergo judicial management. SINGAPORE (Aug 14): Xihe Holdings (Pte) Ltd, a ship owner linked to troubled Singapore oil trader Hin Leong and its founder's family, has been placed under interim judicial management, The Business Times reported today.A Singapore High Court appointed Grant Thornton Singapore as supervisor of Xihe during a chambers hearing yesterday, according to the newspaper.
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