Otto Marine Limited has obtained approval from the Singapore High Court to be placed under judicial management.
Yesterday (i.e. 21 March 2018), Otto Marine Limited, which had filed an application to place itself under judicial management last month, obtained approval from the Singapore High Court to be placed under judicial management.
Mr Chee Yoh Chuang and Mr Lin Yueh Hung of RSM Corporate Advisory were appointed as judicial managers.
The judicial management order will remain in force for 180 days from the date of the order, unless discharged earlier. During this period, in addition to taking over control of the management of the company, the judicial managers are to formulate a statement of proposals for the creditors' consideration.
For the duration of the judicial management order, there is a moratorium on certain activities such as the commencing or continuing of legal proceedings against the company, and taking steps to enforce any security over the company's assets, thereby giving the company time and space to rehabilitate itself.
The judicial managers can apply to the High Court for the judicial management order to be extended.