Ezra Holdings facing winding up orderCompany News // February 7, 2017
The Board of Directors of Ezra Holdings Limited has announced that on 6 February 2017, the company received a statutory demand from the solicitors of Forland Subsea AS in relation to a claim made by Forland against the company for payment of a sum amounting to approximately NKr25.5 million (approximately S$4.4 million) that is due and owing by the company as the parent corporate guarantor for a charterparty dated 4 December 2012.
Under this charter party Forland agreed to charter the vessel Lewek Inspector to EMAS-AMC AS. EMAS-AMC AS is a wholly-owned subsidiary of EMAS Chiyoda Subsea Limited, a 40.0 per cent-owned associated company of the company.
The statutory demand stated that if payment for the sum demanded is not secured or compounded to the reasonable satisfaction of Forland within three weeks, solicitors of Forland will apply for the company to be wound up by the High Court of Singapore upon the ground provided for under Section 254(1)(e) read with Section 254(2)(a) of the Companies Act, Chapter 50, namely, that the company is unable to pay its debts.