8th Apr 2016 16:49
LONDON (Alliance News) - Origo Partners PLC on Friday said the Isle of Man Court has directed that Pacific Alliance Asia Opportunity Fund LP join the proceedings in the petition to wind up the company by Brooks Macdonald.
Pacific Alliance has a 26% shareholding in Origo. The trial dates to consider the petition for the wind-up of the company are July 22 and July 25.
Trading in Origo's shares remains suspended. Last month Origo requested the suspension after being formally notified of the winding-up order by Brooks Macdonald at the Isle of Man High Court.
The Isle of Man Companies Act "states that any disposition of the property of the company after the commencement of the winding up by the Isle of Man Court is void unless the court orders otherwise. Consequently, whilst the company's daily operations should remain broadly unaffected, disposals of its assets without court approval may be rendered void and therefore there are likely to be challenges in implementing the company's investing policy pending the outcome of the trial," Origo said on Friday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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