Insolvencies of certain companies within the Petroleum Pipe and Petrostem Groups

Petroleum Pipe Group Limited (In Liquidation)
PPC Limited (In Official Liquidation)
Pipeline Supplies Bahrain WLL Limited (In Liquidation)
Petroleum Pipe Company Limited (In Administration)
Petrostem Group Limited (In Liquidation)
Petrostem (UK) Limited (In Administration)
Petrostem International Limited (In Liquidation)
Petrostem Rentals Limited (In Liquidation)
(together, “the Companies”)

On 28 August 2018:

KW Hutchison, CP Dempster and GD Yuill were appointed as Joint Voluntary Liquidators of PPC Limited. The appointment was made following the passing of a special resolution by PPC Limited’s shareholder, Petroleum Pipe Group Limited, in accordance with Cayman Islands Companies Law and the Companies Winding Up Rules 2018; and

CP Dempster, GD Yuill and SA Gardner were appointed as Joint Liquidators of Petroleum Pipe Group Limited, Pipeline Supplies Bahrain WLL Limited, Petrostem Group Limited, Petrostem International Limited and Petrostem Rentals Limited. The appointment was made by the Royal Court of Jersey pursuant to article 155 of the Jersey (Companies) Law 1991.

On 29 August 2018:

CP Dempster and GD Yuill were appointed as Joint Administrators of Petroleum Pipe Company Limited and Petrostem (UK) Limited. The appointment was made by the Directors under the provisions of paragraph 22(2) of Schedule B1 to the Insolvency Act 1986.

On 2 October 2018:

the Joint Voluntary Liquidators of PPC Limited made an application to the Court for an order that the liquidation continue under the supervision of the Court. Accordingly, on 3 October 2018, the Court ordered that the liquidation of the Company continue under the supervision of the Court and that the Joint Voluntary Liquidators be appointed as Joint Official Liquidators.

In June 2023:

Due to Colin Peter Dempster’s retiral from EY, Kris S Aspin of EY was appointed as a substitute office holder as Joint Liquidator, Joint Administrator and Joint Official Liquidator, as relevant, by the Royal Court of Jersey, High Court of Justice, and the Grand Court of the Cayman Islands on 9 June 2023, 19 June 2023 and 23 June 2023, respectively.

In July 2024:

Due to Keiran Hutchison’s retiral from EY, Eleanor Fisher of EY was appointed as a substitute office holder as Joint Official Liquidator by the Grand Court of the Cayman Islands on 5 July 2024.

 

Important notice to creditors:

Neither the Joint Liquidators, Joint Voluntary Liquidators or Joint Administrators nor their staff will ever ask you for an upfront payment in return for payment of your debt. We will not ask you to provide your bank details over the telephone. Please be vigilant if you receive a letter or email purporting to be from us from an address that you do not recognise, or a telephone call asking you to pay money or provide bank or credit card information.

 

The affairs, business and property of Petroleum Pipe Company Limited and Petrostem (UK) Limited are being managed by the Joint Administrators, KS Aspin and GD Yuill, who act as agents of Petroleum Pipe Company Limited and Petrostem (UK) Limited only and without personal liability.
The affairs, business and property of PPC Limited are being managed by the Joint Official Liquidators, E Fisher, KS Aspin and GD Yuill, who act as agents of PPC Limited only and without personal liability.
KS Aspin and GD Yuill are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants of Scotland. SA Gardner is licensed in the United Kingdom to act as an insolvency practitioner by the Institute of Chartered Accountants in England and Wales. E Fisher, KS Aspin and GD Yuill are qualified to act as Insolvency Practitioners in accordance with Rule 4 of the Insolvency Practitioner Regulations in the Cayman Islands. As Insolvency Practitioners, they are bound by the Insolvency Code of Ethics in carrying out all professional work relating to the appointment.
The Joint Liquidators, Joint Voluntary Liquidators or Joint Administrators may act as data controllers of personal data as defined by the UK General Data Protection Regulation (as incorporated in the Data Protection Act 2018), depending upon the specific processing activities undertaken. Ernst & Young LLP and/or the Companies may act as a data processor on the instructions of the Joint Liquidators, Joint Voluntary Liquidators or Joint Administrators. Personal data will be kept secure and processed only for matters relating to the Joint Liquidators’, Joint Voluntary Liquidators’ or Joint Administrators’ appointments. The Office Holders’ Data Privacy Notice can be found here.