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Under so-called judicial management, a court appoints an independent manager to run the affairs of a financially distressed company in the place of existing management. When a company is wound up, its business will stop operations and its assets will be handed over to an independent liquidator. Lim and his son Lim Chee Meng have separately applied to wind up bunker supply unit Hin Leong Marine International, according to another notice on the website.READ: Hin Leong's Lim family seeks to halt law firm from taking court roleHin Leong had been seeking to restructure its debts after the oil price crash last year when Lim admitted in a court document to directing the firm not to disclose hundreds of millions of dollars in losses over several years.
PwC said in a report last year that Hin Leong had no future as an independent company after it"grossly overstated" the value of its assets by at least US$3 billion.
Singapore Latest News, Singapore Headlines
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