Heavy equipment supplier and vessel charterer Hoe Leong Corporation has announced that Otto Marine has withdrawn an application to wind up the company at Singapore’s High Court.
Otto Marine applied with the court to wind up Hoe Leong Corporation in August due to a debt dispute. The sum of $920,000 was due from the dissolution of a shipowning joint venture between the two companies in 2014.
Hoe Leong had called Otto Marine’s petition for the company to be wound up an “abuse of process” and said it previously agreed a debt repayment programme with Otto, which was still on schedule but not yet complete.
Hoe Leong Corporation has now paid the $920,000 without admission of liability that the debt is due.