Subsidiaries Of Grindrod Shipping To Undergo Wind up Operations

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Extraordinary General Assembly to pass several resolutions for a subsidiary of Singapore-based Grindrod Shipping Pte. Ltd was held on Monday (June 20th), according to a Thursday (June 30th) notice published in the Government Bulletin.

The companies involved

  1. IVS Bulk 430 Pte. Co., Ltd. (Registration number: 201110834D)
  2. IVS Bulk 462 Pte. Co., Ltd. (Registration number: 201015020H)
  3. IVS Bulk Carrier Pte. Co., Ltd. (Registration number: 200902094C)
  4. IVS bulk ownership Pte. Co., Ltd. (Registration number: 200901631D)
  5. Unicorn Caspian Pte. Co., Ltd. (Registration number: 201110907M)
  6. Unicorn Ionia Pte. Co., Ltd. (Registration number: 201015034E)
  7. Unicorn Malacca Pte. Co., Ltd. (Registration number: 201114304W)
  8. Unicorn Marmara Pte. Co., Ltd. (Registration number: 201110917E)
  9. Unicorn Ross Pte. Co., Ltd. (Registration number: 201015176M)
  10. Unicorn Scotia Pte. Co., Ltd. (Registration number: 201110918R)
  11. Unicorn Tanker Operation (434) Pte. Co., Ltd. (Registration number: 201014972H)

The officially passed resolutions are:

As a special solution

  1. The company is voluntarily liquidated in accordance with Section 160 (1) (b) of the 2018 Bankruptcy, Restructuring and Dissolution Act (Act 40 of 2018).
  2. The liquidator is bankruptcy, restructuring, and any of the powers provided by Section 144 (1) (b), (c), (d), (e), (f), and (g) of (g). You are authorized to exercise. Bankruptcy Law 2018 (Law 40 2018).
  3. The liquidator is permitted to distribute cash or surplus assets of the company that the liquidator may determine to members of the company in cash.

As a normal solution

  1. Juay Sze Sin and Shirley Lim Guat Hua of Complete Corporate Services Pte Ltd have been appointed here as the collective heads of the Company for such liquidation purposes.
  2. The liquidator’s remuneration is based on the rate of normal size at the time of the liquidation of the company, and the remuneration and payments incurred reasonably and appropriately shall be paid from the company’s assets.

According to its website, Grindrod Shipping is an international shipping company that owns, charters in, operates a fleet of dry bulk carriers and owns a medium range tanker.

The company trades globally under two major brands: Island View Shipping (IVS) and Unicorn Shipping.

IVS focuses on the transportation of dry bulk cargo such as minerals, coal, ores and agricultural products, and Unicorn Shipping focuses on the transportation of liquid chemicals and clean petroleum products.

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Source: Singapore Times

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