The final death knell for Imperial Pacific International appears to have been rung, as Hong Kong’s High Court on Monday ordered the company to be wound up and appointed a provisional liquidator.
The mandate by the HCCW is the result of the group’s petition against the winding-up mandates which stretch back to last year, with the company aiming to delay or overturn any decision on whether it should be forced to liquidate its assets.
The latest Hong Kong Stock Exchange filing is signed by the Official Receiver and Provisional Liquidator of IPI, Ms. Phyllis McKenna, and is the first to officially list the company as ‘In Liquidation’.
Trading of the company’s shares has been suspended since April 1st of 2022 and will remain suspended, as multiple winding-up procedures have been leveled against it, involving millions of dollars in claims by investors in courts from the United States to Hong Kong.
The move could also effectively negate IPI’s attempts to maintain its casino license – which has been suspended since 2021 and which Saipan’s Commonwealth Casino Commission (CCC) has been seeking to revoke due to alleged unpaid dues.
