Re Gulf Pacific Shipping Ltd: Recognition of Foreign Liquidators in Cross-Border Insolvency
The Singapore High Court heard an ex parte application by Wong Teck Meng and Stephen Briscoe, liquidators of Gulf Pacific Shipping Limited, a Hong Kong company in creditors’ voluntary winding up, for recognition of their appointment and orders to obtain information about the company's accounts. The court granted the application, recognizing the liquidators and empowering them to seek information from ABN AMRO Bank NV Singapore Branch, emphasizing the importance of facilitating orderly distribution of assets in cross-border insolvency proceedings.
1. Case Overview
1.1 Court
High Court1.2 Outcome
Application granted, with liberty to apply extended to any affected party.
1.3 Case Type
Insolvency
1.4 Judgment Type
Grounds of Decision
1.5 Jurisdiction
Singapore
1.6 Description
Singapore High Court recognized Hong Kong liquidators of Gulf Pacific Shipping Ltd, facilitating access to company's bank information. The decision promotes orderly distribution of assets.
1.7 Decision Date
2. Parties and Outcomes
| Party Name | Role | Type | Outcome | Outcome Type | Counsels |
|---|---|---|---|---|---|
| Gulf Pacific Shipping Limited (in creditors’ voluntary liquidation) | Respondent | Corporation | Application granted | Won | |
| Wong Teck Meng | Applicant | Individual | Application granted | Won | Ashok Kumar, Samuel Ng, Kenneth Lim |
| Stephen Briscoe | Applicant | Individual | Application granted | Won | Ashok Kumar, Samuel Ng, Kenneth Lim |
3. Judges
| Judge Name | Title | Delivered Judgment |
|---|---|---|
| Aedit Abdullah | Judicial Commissioner | Yes |
4. Counsels
| Counsel Name | Organization |
|---|---|
| Ashok Kumar | BlackOak LLC |
| Samuel Ng | BlackOak LLC |
| Kenneth Lim | BlackOak LLC |
4. Facts
- Gulf Pacific Shipping Limited was incorporated and registered in Hong Kong.
- The company was a wholly-owned subsidiary of STX Pan Ocean (Hong Kong) Co Ltd.
- The ultimate holding company, Pan Ocean Co Limited, was put into rehabilitation in Korea.
- STX HK was ordered to be wound up compulsorily by the High Court of Hong Kong.
- Wong Teck Meng and Stephen Briscoe were appointed as liquidators of the Company.
- The applicants sought copies of bank statements from 2011 to 2013 from ABN AMRO Bank NV Singapore Branch.
- ABN Singapore requested a court order sanctioning the liquidators' appointment and request.
5. Formal Citations
- Re Gulf Pacific Shipping Ltd (in creditors’ voluntary liquidation) and others, Originating Summons No 1139 of 2016, [2016] SGHC 287
6. Timeline
| Date | Event |
|---|---|
| Pan Ocean Co Limited put into rehabilitation by the Seoul District Court. | |
| STX HK ordered to be wound up compulsorily by the High Court of Hong Kong. | |
| Company's bank account with ABN AMRO Bank NV Singapore Branch closed. | |
| One of the liquidators of STX HK appointed a director of the Company. | |
| Company put into creditors’ voluntary winding up; Wong Teck Meng and Stephen Briscoe appointed as liquidators. | |
| Judgment delivered. | |
| Judgment issued. |
7. Legal Issues
- Recognition of Foreign Liquidators
- Outcome: The court granted recognition to the foreign liquidators.
- Category: Procedural
- Related Cases:
- [2014] 2 SLR 815
- [1958] 2 MC 81
- Re Cosimo Borelli Originating Summons No 762 of 2010
- [2016] 4 SLR 312
- Cross-Border Insolvency
- Outcome: The court addressed issues related to cross-border insolvency by recognizing the Hong Kong liquidation proceedings.
- Category: Substantive
8. Remedies Sought
- Recognition of foreign liquidators
- Orders empowering liquidators to obtain information
9. Cause of Actions
- No cause of actions
10. Practice Areas
- Insolvency
- Liquidation
11. Industries
- Shipping
12. Cited Cases
| Case Name | Court | Affirmed | Citation | Jurisdiction | Significance |
|---|---|---|---|---|---|
| Beluga Chartering GmbH (in liquidation) and others v Beluga Projects (Singapore) Pte Ltd (in liquidation) and another (deugro (Singapore) Pte Ltd, non-party) | N/A | Yes | [2014] 2 SLR 815 | Singapore | Cited in support of the application for recognition of foreign liquidators. |
| Re Lee Wah Bank Ltd | N/A | Yes | [1958] 2 MC 81 | Singapore | Cited in support of the application for recognition of foreign liquidators. |
| Re Cosimo Borelli | N/A | Yes | Re Cosimo Borelli Originating Summons No 762 of 2010 | Singapore | Cited in support of the application for recognition of foreign liquidators. |
| Re Opti-Medix Ltd (in liquidation) and another matter | N/A | Yes | [2016] 4 SLR 312 | Singapore | Cited for the principle that a supporting affidavit from Singapore solicitors is useful and desirable in applications of this nature and for the foundational doctrine in the recognition of foreign insolvency proceedings. |
| Singularis Holdings Ltd v PricewaterhouseCoopers (PC) | Privy Council | Yes | [2015] AC 1675 | N/A | Cited regarding the view that common law powers of assistance to foreign liquidation did not extend to voluntary winding up. |
| In re Betcorp Limited (In Liquidation) | US Bankruptcy Court | Yes | In re Betcorp Limited (In Liquidation) 400 BR 266 (Bankr. D. Nev. 2009) | United States | Cited as authority for not distinguishing between voluntary winding up and compulsory winding up. |
13. Applicable Rules
| Rule Name |
|---|
| No applicable rules |
14. Applicable Statutes
| Statute Name | Jurisdiction |
|---|---|
| No applicable statutes | |
15. Key Terms and Keywords
15.1 Key Terms
- Foreign liquidators
- Creditors’ voluntary winding up
- Recognition
- Cross-border insolvency
- COMI
- Liquidators
- Insolvency proceedings
15.2 Keywords
- Insolvency
- Cross-border
- Liquidation
- Singapore
- Hong Kong
- Recognition
- Foreign Liquidators
16. Subjects
- Insolvency
- Cross-Border Insolvency
- Company Law
17. Areas of Law
- Insolvency Law
- Cross-Border Insolvency
- Recognition of Foreign Insolvency Proceedings