At the creditors' meeting held in Singapore today, three KPMG partners, Messrs Bob Yap Cheng Ghee, Chay Fook Yuen and Tay Puay Cheng, were confirmed as the joint and several Liquidators of Dynamic Oil Trading (Singapore) Pte. Ltd. They had been appointed Provisional Liquidators on 18 November 2014, 11 days after DOT Singapore’s parent company, O.W. Bunker & Trading A/S (OWBT) filed for bankruptcy in Denmark.

Based on the Statement of Affairs filed by the directors of DOT Singapore, there is an estimated US$329 million in gross receivables due to DOT Singapore. ING Bank N.V. (ING) is the largest secured creditor of DOT Singapore. In addition, DOT Singapore has over 100 unsecured creditors to whom it owes an estimated US$198 million.

The Liquidators said at the creditors’ meeting that one of their key priorities would be to look into DOT Singapore’s dealings with Tankoil Marine, which is the company’s largest debtor. The Liquidators were, however, not in a position at this preliminary stage to comment further on the matter. The Liquidators would also be looking to work closely with the Trustees of O.W. Bunker A/S to gain full access to DOT Singapore’s records maintained in Denmark.

The Liquidators also said that a Cooperation Agreement has been entered into with ING, and the Receivers from PricewaterhouseCoopers LLP. This agreement sets up an important framework for the collection of all receivables owed to DOT Singapore, with the objective of seeking to maximise recovery in the parties’ mutual interests.

Mr Bob Yap, the joint and several Liquidator, said “With the strong mandate from the creditors, and the support to be provided by them, we will focus on taking steps to maximise recovery for their benefit. We are also confident that with the Cooperation Agreement in place, the process of recovering receivables will be accelerated; and we will work actively with the Receivers to achieve such recovery.”
Rajah & Tann Singapore LLP act for the Liquidators and Drew & Napier LLC act for the Receivers.
Source: Dynamic Oil Trading