Otto Marine, Hoe Leong squabble over $1.23m debt

Otto Marine filed for the winding up of Hoe Leong.

Otto Marine is now exerting its full strength to force Hoe Leong to pay its obligation to the company. It has filed for the winding up of Hoe Leong over a S$1.23 million (US$0.92 million) outstanding debt.

Otto Marine revealed that, pursuant to section 254(1)(e) and 254(2) of the Companies Act (Cap. 50, 2006, Rev Ed), it made an application to Singapore’s High Court on 16 August 2016 to wind up Hoe Leong for not being a good payor.

Following a Supplemental Deed dated 3 July 2014 and 23 December 2014, Otto Marine had an accrued S$2.01 million (US$1.5 million) receivable from Hoe Leong.

“Despite numerous reminders and/or demands, Hoe Leong has managed to make payment towards S$0.78 million (US$0.58 million) of the debt. To date, the total sum outstanding against Hoe Leong remains at S$1.23 million (US$0.92 million),” Otto Marine stressed.

The winding up application is scheduled for hearing on 13 September 2016.