Liquidator stakes claim on Singapore OW Bunker companies assets

2014-12-02

Provisional liquidators for OW Bunker and Dynamic Oil Trading in Singapore, KPMG said that Danish receivers, trustees and ING Bank does not have secured rights over all the receivables of the two companies.

Last week OW Bunker receivers PwC, trustees Plesner and Gorrisen Federspiel, and ING Bank have agreed to cooperate on post-bankruptcy collection of assets assigned and charged to the bank.

PwC was appointed earlier in November by ING Bank as agent for bankrupt OW Bunker's syndicate of banks to collect receivables owed to it under an Omnibus Security Agreement signed with the bunker company at the end of 2013.

Clarifying the situation with regards to the Singapore companies KPMG also said the receivables collection pact signed between PwC and the trustees does not extend to the Singapore companies.

"ING does not have claims over all the receivables of the failed companies in Singapore, only on those assigned and charged to ING," said Bob Yap, one of three provisional liquidators from KPMG.

"Receivables not assigned and charged to ING remain the assets of the companies and the provisional liquidators have not authorised any third party to collect or deal with them."

The provisional liquidators said they are working with receivers PwC on a mutually acceptable framework for collecting receivables.

"We are actively working hard to identify the specific receivables of OW Bunker Far East (Singapore) and Dynamic Oil Trading (Singapore) which have been secured in favour of ING, as well as those which have not been so secured," Yap said.

"Since our appointment, we have been exploring with the receivers appointed by ING as to the possibility of implementing an agreed framework and protocol for the identification and collection of these receivables of those entities."

Meanwhile meetings between KPMG and the creditors of OW Bunker Far East (Singapore) and Dynamic Oil Trading (Singapore) set for 4 and 17 December respectively, have been delayed.

Source from : Seatrade Global

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