Macau’s Court of First Instance has officially declared bankrupt the company behind the defunct luxury hotel The 13.
According to a notice in the SAR’s Official Gazette, the bankruptcy sentence was issued on January 27th of this year.
The declaration comes after construction firm Chevalier International Lifts Engineering (Macau) Limited filed a claim against The 13 Hotel, however the bankruptcy has now muddied the process, with The 13 being given 60 days to settle its debts under Macau’s Civil Procedure Code.
South Shore Holdings Limited – parent company of The 13 – had its listing on the Hong Kong Stock Exchange officially canceled yesterday, February 9th, after firm failed to resume trading in shares for 18 months.
South Shore Holdings has applied to the Macau court for voluntary liquidation of its wholly-owned subsidiary New Concordia Hotel Limited, the sole beneficial owner of The 13 Hotel, amid increasing pressure from its lenders.
The hotel has been closed since February 2020.
According to Macau’s Hotel Industry Establishment Business Law, a hotel can suspend operation for a maximum of about three years. The term of The 13’s operation will expire this month, meaning The 13 hotel will lose its hotel license, one which was hardly ever put to use.
