Asia/Pacific News
Inter-Pacific Petroleum Judicial Managers File Winding-Up Application
The judicial managers of former Singapore bunker supplier Inter-Pacific Petroleum have filed an application for the company to be wound up.
Judicial managers Andrew Grimmett and Lim Loo Khoon filed the application on February 24, according to a notice published in Singapore's Government Gazette on Thursday.
A hearing for the application is scheduled at Singapore's High Court on March 25.
"Any creditor or contributory of the company desiring to support or oppose the making of an order on the winding up application may appear at the time of hearing by himself or his counsel for that purpose," according to the notice.
Named as the country's 26th biggest player by volume for 2018, IPP in July 2019 had its bunker craft operator licence suspended and then cancelled as part of Maritime and Port Authority of Singapore investigations into bunker suppliers' use of magnets to influence mass flow meter readings.
The supplier began a court-led debt restructuring process in September 2019, saying at the time it had insufficient cash to sustain operations.
