O.W. Bunker & Trading A/S
On 19 December 2013, O.W. Bunker & Trading A/S and certain of its subsidiaries as Chargors (the OW Bunker Group) entered into an English Omnibus Security Agreement dated 19 December 2013 with ING Bank N.V. (ING) as Security Agent (the Security Agreement). ING acts as agent for a syndicate of lenders to the OW Bunker Group. The Chargors are listed at the end of the Receivers announcement, attached below.
As part of that agreement, OW Bunker Group assigned and charged to ING all rights, title and interest in its third party and intercompany receivables, both current and future (Receivables).
Following the discovery of alleged fraud in a Singapore subsidiary and the announcement of substantial risk management losses, on 7 November 2014 OW Bunker & Trading A/S and OW Supply & Trading A/S filed for bankruptcy in the Danish court. Since then, a number of other Danish and overseas subsidiaries have also filed for bankruptcy proceedings.
On 12 November 2014, Ian David Green and Anthony Victor Lomas, each of PricewaterhouseCoopers LLP, 7 More London Riverside, London, SE1 2RT, United Kingdom (the Receivers) were appointed as joint receivers of the Security Assets (as defined in the Security Agreement), which includes the Receivables. J Bruce Cartwright was appointed as a joint receiver of the Security Assets on 4 April 2016. J Bruce Cartwright ceased to act as a receiver on 31 December 2016. On 24 August 2018 Anthony Victor Lomas ceased to act as a receiver and Peter Robert Mayrs was subsequently appointed as a joint receiver on 24 August 2018. On 17 October 2019 Ian David Green and Peter Robert Mayrs ceased to act as receivers, and Edward John Macnamara, David James Kelly and Paul David Copley were subsequently appointed as joint receivers. Paul David Copley resigned as joint receiver on 4 September 2023.
In addition, Goh Thien Phong and Chan Kheng Tek, each of PricewaterhouseCoopers LLP, 8 Cross Street #17-00 PwC Building Singapore 048424, were appointed as joint receivers of all of the Security Assets in relation to the Singapore entities of the O.W. Bunker Group, O.W. Bunker Far East (Singapore) Pte Ltd and Dynamic Oil Trading (Singapore) Pte. Ltd.
OW Bunker was a leading global independent marine fuel (bunker) company founded in Denmark in 1980, with operations in 29 countries. It acted as a physical distributor and reseller of marine fuel, and operated a fleet of around 30 bunker vessels. It also provided risk management solutions to control costs, minimise risk and protect against market fluctuations. As of the end of 2013, O.W. Bunker was the second largest listed company in Denmark after Maersk by revenue ($17bn).
In March 2014, O.W. Bunker was listed in Denmark’s second largest IPO since 2010. The largest shareholder remained Altor Fund II, which had controlled the entity since 2007.
The receivers can be contacted by email, using the Enquiry Form attached below.
Documents available to be downloaded
- The Receivers’ announcement (added 19 November 2014)
- The Receivers’ appointment document (added 19 November 2014)
- English Omnibus Security Agreement dated 19 December 2013 (as filed with the UK Companies House) (added 19 November 2014)
- Enquiry form (added 19 November 2014)
- Co-operation agreeent between Receivers, Danish Trustees and ING Bank (added 26 November 2014)
- Co-operation agreement between the Receivers, the Provisional Liquidators of OW Bunker China Limited and ING (added 16 December 2014)
- Co-operation agreement between the Receivers, the Administrator of OW Bunkers (UK) Limited and ING (added 30 December 2014)
- Letter from the Administrator of OW Bunkers (UK) Limited to customers regarding payment (added 16 January 2015)
- Co-operation agreement between the Receivers, the Trustees of OW Bunker Netherlands B.V. and OW Global Trading SA and ING (added 22 January 2015)
- Letter from the Trustees of OW Bunker Netherlands B.V. and OW Global Trading SA to customers regarding payment (added 28 January 2015)
- Co-operation agreement between the Receivers, the Administrator of OW Bunker (Belgium) N.V. and ING (added 02 February 2015)
- Co-operation agreement between the Receivers, the Liquidators of OW Bunker Far East (Singapore) Pte Ltd and ING (added 10 February 2015)
- Letter from the Liquidator of OW Bunker China Limited to customers regarding payment (added 11 February 2015)
- Letter from the Liquidator of OW Bunker Far East (Singapore) Pte Limited to customers regarding payment (added 11 February 2015)
- Co-operation agreement between the Receivers, the Liquidators of Dynamic Oil Trading (Singapore) Pte Ltd and ING (added 16 February 2015)
- Letter from the Liquidator of Dynamic Oil Trading (Singapore) Pte Ltd to customers regarding payment (added 16 February 2015)
- Letter from the Trustee of OW Bunker (Belgium) N. V. to customers regarding payment (added 18 February 2015)
- Letter from the Trustee of OW Bunker Middle East DMCC to customers regarding payment (added 14 May 2015)
- Letter from Trustee of O.W. Bunker Germany GmbH to customers regarding payment (added 22 May 2015)
- Co-operation agreement between the Receivers, the Liquidators of OW Bunker Middle East DMCC (in liquidation) and ING Bank NV (added 03 June 2015)
- Receivers announce: OW BUNKER GROUP – RES COGITANS ARBITRATION AWARD UPHELD ON APPEAL
- Award on the Preliminary Issues; (1) PST Energy Shipping 7 LLC (2) Product Shipping & Trading S.A. and (1) O.W. Bunker Malta Limited (2) ING Bank N.V.
- High Court Appeal; (1) PST Energy Shipping 7 LLC (2) Product Shipping & Trading S.A. and (1) O.W. Bunker Malta Limited (2) ING Bank N.V
- High Court of Singapore: (1) ING Bank NV (2) Dynamic Oil Trading (Singapore) PTE Ltd (In Creditors' Voluntary Liquidation) and Tankoil Marine Services PTE Ltd
- Royal Courts of Justice Appeal; (1) PST Energy 7 Shipping LLC (2) Product Shipping & Trading S.A. and (1) O.W. Bunker Malta Ltd (2) ING Bank N.V.
- Claims of Trefoil Trading BV against OW Bunker customers
- Receivers announce: OW BUNKER GROUP - UK SUPREME COURT DISMISS RES COGITANS APPEAL
- Letter from the Liquidator of OWB Switzerland to customers regarding payment (added 23 June 2016)
- J Bruce Cartwright Receiver appointment document
- P Mayrs Receiver appointment document
Edward J Macnamara, David J Kelly and Paul D Copley are appointed as joint receivers of the Security Assets (as defined in the Security Agreement dated 19 December 2013 between O.W. Bunker & Trading A/S and certain of its subsidiaries (as Chargors) and ING Bank N.V. as Security Agent). The joint receivers contract without personal liability.
The joint receivers may act as controllers of personal data as defined by UK data protection law depending upon the specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the joint receivers. Personal data will be kept secure and processed only for matters relating to the joint receiver's appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the joint receivers.
The joint receivers are bound by the Insolvency Code of Ethics which can be found at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.
