Otto Marine has filed an application to wind up Hoe Leong Corp, a distributor of spare parts for heavy equipment and industrial machinery, which Otto says is unable to pay its debts.
Hoe Leong owes Otto around $0.92m, having already paid back $0.58m of the $1.5m debt it has accrued since December 2014.
The winding up application will be heard in the High Court of the Republic of Singapore on September 13.
“The company is working closely with its lawyers in connection with the legal proceedings, to, inter alia, enforce the compan’s rights, and to safeguard as well as to protect the interests and assets of the company and its subsidiaries,” Otto said in a statement.
