Former tycoon Lim Oon Kuin has been declared bankrupt in Singapore, following the collapse of his oil trading empire.

Known in the oil trading industry as O.K. Lim, the 82-year-old former tycoon and his children, aged 57 and 54, will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.

Former oil magnate Lim Oon Kuin, commonly known as OK Lim, and his two children, Lim Huey Ching and Evan Lim Chee Meng, have been declared bankrupt,

OK Lim and his children said earlier this year that they would file for bankruptcy as they did not have enough assets to pay all their claimants.