OW Bunker update – Hong Kong company applies for winding-up

Hong Kong Court records available publicly today show that a Petition was presented last Friday to wind up O.W. Bunker China Ltd (a Hong Kong company).

The records indicate that the Winding-up Petition was presented by the company itself rather than a creditor.  This is consistent with the steps taken by other companies within the OW Bunker group to seek Court protection.

In another development, the Hong Kong Companies Registry has received notice of the appointment of Receivers (two individuals from PricewaterhouseCoopers LLP, London) over certain security interests created by O.W. Bunker China Ltd and other group companies in favour of ING Bank N.V.  The charges themselves were registered in January 2014.

The property charged is said to include sums due under one-time or framework supply contracts entered into by various OW Bunker companies, including O.W. Bunker China Ltd.  It is to be expected that the Receivers will be contacting shipowners and charterers in relation to payment for bunker stems which have not yet been settled. 

However, these developments do not necessarily mean that other claimants will withdraw their claims, and advice should be taken in each case before making any payment.