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China Fishery confirms dismissal of winding-up petitions, liquidators
By Caroline Salls
Pittsburgh, Feb. 1 – China Fishery Group Ltd.’s board of directors confirmed Monday that there are no provisional liquidators in place and no winding-up petitions before the courts for the company or any of its subsidiaries, effective as of Jan. 29.
According to a news release, control of the company has been returned to the board, which has the power to investigate and conduct the affairs of China Fishery Group, defend any actions or legal proceedings on behalf of the company and execute all agreements and documents on behalf of the company.
Following the Jan. 28 order of the Grand Court of the Cayman Islands, China Fishery said the deed of undertaking entered into with China Fisheries International Ltd. and The Hongkong and Shanghai Banking Corp. Ltd. (HSBC) will be ratified by Cayman Islands joint provisional liquidators Fergal Thomas Power, Kris Beighton and Alexander Lawson.
According to the release, the winding-up petition filed by HSBC in the Cayman Islands court has been dismissed, as has the summons filed by the liquidators seeking recognition of their appointment in Hong Kong.
A $3.1 million payment of the liquidators’ costs and expenses must be paid by the company by Feb. 10. If the company does not make the payment by that date, HSBC will be liable to immediately make the payment.
Meanwhile, leave was granted to HSBC to withdraw the winding-up petition filed with the Hong Kong court, and the Hong Kong petition was dismissed, the company said.
The Hong Kong court has ordered the company to pay HK$4.1 million in receiver costs, as well as HSBC’s costs related to the Hong Kong petition.
China Fishery is a Hong Kong-based manager and operator of fishing vessels for coastal and deep-sea industrial fishing.
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