The BVI Court has appointed a Provisional Liquidator for one of the subsidiaries of Pacific Andes International Holdings, following an ex parte application made on 28 October 2016 by Cooperatieve Rabobank U.A., Hong Kong Branch and Standard Chartered Bank (Hong Kong).
The BVI Court has ordered that FTI Consulting be appointed provisional liquidators of Pacific Andes Enterprises (BVI) Limited with immediate effect. Specifically, Ian Mortan of FTI Consulting British Virgin Islands, and Nicholas James Gronow and Joshua Taylor, both of FTI Consulting Singapore, have been appointed.
On 3 November 2016, Pacific Andes was notified that the joint provisional liquidators had taken steps to remove the existing board of directors of Parkmond Group — another indirect subsidiary of the company — and appointed Kurt Parant Metzger; Paul Christmas; and Khuat Leok Choong as directors.
This comes days after it was announced that an independent trustee would take over management of key Pacific Andes subsidiary China Fishery group, a US judge ruled.
The company claims that the Ng family will remain in control and are willing to work with the trustee in their new role.
The ruling came after a two-day trial in August presided over by New York bankruptcy judge James Garrity. In a 51-page opinion, he said that he granted aggrieved creditors the “extraordinary remedy” of having a trustee appointed, after thoroughly examining the facts of the case. “To be sure, a trustee will be able to review and address the debtors’ multi-billion intercompany balances and investigate any alleged accounting irregularities, without the conflicts of interest that plague current management,” the opinion states. “Moreover, a trustee can facilitate between hostile parties in the proposal, review and/or negotiation of a reorganization strategy.”
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