Case Study
Project Siva Shipping
Ongoing- Type of Case :
- Liquidation Receivership and Court Appointments
- Title :
- Court appointed Liquidator, Singapore
- Status :
- Ongoing
- Value :
- SGD 3 billion
PROJECT OVERVIEW
- AJCapital Advisory Managing Director, Luke Furler, was appointed liquidator of Siva Bulk Limited and Siva Shipping Intl. Pte. Limited (together ‘Siva Shipping’) by the Singapore High Court.
- Prior to his appointment, Siva Shipping was a leading shipping conglomerate operating globally.
PROJECT ISSUES
- Immediately following the appointment of Liquidators, there were a number of vessels mid-voyage in various jurisdictions. The Liquidator’s quickly assessed the status of each voyage, commenced negotiations with all parties, staved off vessel arrests and ultimately successfully completed each voyage.
- In addition to the operational issues, there were more than 20 pieces of separate litigation on foot globally, including London, Singapore, Spain, China and the US. The Liquidators familiarized themselves and their counsel with the facts of each case and continued the litigation in a number on instances, including the well-publicized Dibalo Fortune Inc case that set legal precedent in Singapore, in the Liquidators favour.
- Substantial investigations were undertaken in this case following serious allegations against the former management. The outcome of these investigations is confidential.
WHAT WE DID
- After stabilizing the operating aspects of the business, we quickly took control of all available assets and records of the company to allow us to thoroughly examine the affairs of the business in the lead up to its liquidation.
- We recovered significantly more assets than initially estimated (much through litigation) and are in the process of paying a higher than expected dividend to creditors.
PROJECT OUTCOME
- Project is on going