Rig Accommodation Provider Seeks Court Protection

Press Release
Sunday, January 06, 2013

Equinox Offshore Accommodation Ltd. faced with a winding-up petition for a US$600,000 claim, applies to Singapore Court for 'judicial management'.

The Board of Equinox Offshore was not able to resolve the matter relating to the winding up petition, and resolved to apply for the appointment of judicial management of the Company. A hearing for the judicial management will be fixed by the Court in due course and in the period from application until the date of the hearing there will be a moratorium in place which means that no steps can be taken up to wind up the Company.

Legal proceedings or execution of judgments against the Company cannot be commenced or continued unless there is prior leave of the Court.

If the Court grants the application for judicial management, (i) the functions of the Board is transferred to the judicial manager, (ii) a statement of affairs has to be submitted by the Board within 21 days of receiving notice of the judicial management order, and (iii) the judicial manager will present a statement of proposals to the creditors within 60 days of his appointment at a creditors’ meeting.

The judicial management order remains in force for 180 days and may be extended. If the Court does not grant the judicial management order, then the moratorium against legal proceedings being commenced or continued is lifted.

 

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Indian Investigators Drop Case Against Billionaire Birla

India's Central Bureau of Investigation (CBI) has closed a coal scam case against billionaire Kumar Mangalam Birla and a former top bureaucrat that emerged in

Oil Train Regulation Passes in California

California lawmakers on Friday passed legislation requiring railroad companies to tell emergency officials when crude oil trains will chug through the state.

Skangass Granted Permission for LNG Terminal

The Swedish Government (Länsstyrelsen in Dalarnas Län) has granted Skangass permission to build and operate a new Terminal for LNG (Liquefied Natural Gas) within the harbour in Gävle, Sweden.

Offshore

Drydocks World to Participate in SMM 2014

Drydocks World, the leading provider of maritime and offshore services to the shipping, oil, gas, and energy sectors, will participate in the prestigious 26th edition of Shipbuilding,

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

Keppel T & T Appoints Lim Chin Leong to its Board

Keppel Telecommunications & Transportation Ltd (Keppel T&T) has strengthened its Board with the appointment of Mr Lim Chin Leong as an independent, non-executive

Finance

A Boost for UK Offshore Drilling? DW Monday Muses

Drilling activity offshore UK is now expected to increase over the next few years as government and industry reacts to the recommendations in Sir Ian Wood’s report

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

Clarksons PLC Perform Strongly in 1H 2014

Leading shipping services group, Clarksons PLC reports strong strong financial performance in the first half of 2014. Financial Results Clarksons increased revenues by 25% to £111.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1339 sec (7 req/sec)