Singapore (Platts)--9Jan2013/715 am EST/1215 GMT

Singapore bunker company Onsys Energy Pte Ltd is to be liquidated pending an official court order to wind the company up, according to documents from the Singapore Supreme Court.

A source from one of the company's debtors told Platts that Onsys' appointed liquidator, KPMG Services, had notified it by letter late Tuesday to say it should formally make any claims for monies owed by the company.

The Singapore Supreme Court order, dated December 19, was the result of TH KMG Singapore taking legal action against Onsys for payment owing of around $17 million.

Onsys wasn't immediately available Wednesday for comment on the matter when contacted by Platts.

Article continues below...

Request a free trial of: Bunkerwire
	Looking for a competitive edge in the bunker industry? Then look no further! With Platts Bunkerwire you'll always get the latest price and market information so you can negotiate your contracts with confidence. Platts Bunkerwire is a daily newsletter delivered straight to your desktop and gives you comprehensive coverage on bunker oil prices and supply in major ports worldwide. Plus spot market drivers and market-moving news. Try it and see. We'd like to give you a free 5 day trial.

In an earlier court judgment, Onsys had been ordered to pay TH KMG the full sum owing as well as interest of 5.33% per annum from August 9, 2012, until the date of full payment and costs.

According to the court documents, Onsys was in the process of terminating staff positions in December and was already facing legal claims from "at least five other parties, namely, Scandinavian Bunkering (Singapore) Pte Ltd, GSM Maritime Pte Ltd., Golden Star Marine Pte Ltd., Pegasus Maritime (Singapore) Pte Ltd and Raiffeisen Bank International AG, Singapore Branch."

The court documents said that the company appeared to be planning to cease operations completely by the end of December.

In a separate legal suit, Raiffeisen Bank International had already claimed $2.26 million and $8,120 from Onsys, according to court documents.

The court document said that TH KMG was "very concerned about the state of the company [Onsys], its operations as well as the conduct of its directors."

--Goh Shu Hui, shu_hui_goh@platts.com
--Edited by James Leech, james_leech@platts.com

Tweet