A judicial management application for Singapore’s struggling offshore vessel operator Emas Offshore will be heard by the high court of the Republic of Singapore later this month.
Emas Offshore said on Friday that the application for the judicial management would be heard on September 23, 2019.
The company added that shareholders should be in consultation with their financial, tax, or other advisers before taking any action.
To remind, Emas submitted the application to the court on July 19, 2019. During the period between the judicial management application, and the placement under judicial management -or the dismissal of the application, the company will be protected by a moratorium.
The moratorium will prevent any resolution or order for the winding up of the company and will prevent any steps to enforce any charge on the company’s property or goods in Emas’ possession.
No other proceedings, no execution, or another legal process would be started or continued, and no distress could be levied against Emas or its property except with leave of the court.
Offshore Energy Today Staff
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