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Wed 19 Nov 2014 12:31

Dynamic Oil Trading Singapore files for liquidation


OW Bunker subsidiary files for liquidation. KPMG appointed as provisional liquidator.

Dynamic Oil Trading Singapore Pte. Ltd. - the Singapore-based subsidiary of OW Bunker - filed for liquidation on Tuesday, just days after the Danish fuel supplier's other Singapore unit, OW Bunker Far East (Singapore) Pte. Ltd., was placed into bankruptcy.

Last week, Bob Yap, Head of Advisory at KPMG, was cited as saying that KPMG had been appointed as the provisional liquidator for OW Bunker Far East (Singapore) Pte. Ltd.

Yesterday, Reuters claimed that KPMG had also been appointed as provisional liquidator for Dynamic Oil Trading Singapore. The KPMG appointment was also confirmed to The Wall Street Journal by "a KPMG spokeswoman" yesterday and to Singapore's The Business Times by "a KPMG spokesman".

OW Bunker Far East is scheduled to hold a meeting with KPMG on December 4 to discuss its outstanding debt, according to Reuters.

The aim of the meeting will also be to start the process of winding down OW Bunker in Singapore and receive a list of creditors and their claim amounts.

OW Bunker already confirmed that the Denmark-registered business, Dynamic Oil Trading A/S, had been placed under formal bankruptcy proceedings earlier this month.

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