Court appoints liquidator for Price Club Holdings
Mr Justice Joseph R. Micallef, sitting in the Civil Court, yesterday upheld an application filed by the creditors of Price Club Holdings Limited and appointed a liquidator and a liquidating committee for the company. The court heard that the company...
Mr Justice Joseph R. Micallef, sitting in the Civil Court, yesterday upheld an application filed by the creditors of Price Club Holdings Limited and appointed a liquidator and a liquidating committee for the company.
The court heard that the company had not been in a position to reach an agreement with its creditors to make payment since February.
The rights and interests of the company's creditors had therefore to be protected, the judge ruled.
Mr Justice Micallef added that a creditors' meeting held on June 20 had appointed Dr Andrew Borg Cardona company liquidator.
A liquidating committee was also appointed for this company, consisting of Geoffrey Borg, Victor Brockdorff, Reginald Fava, Hugh Mercieca and Tony Zammit Cutajar.
The court declared that the ruling was to apply only to Price Club Holdings Limited and not to Price Club Operators Limited.
It ordered that Price Club Operators Limited be put into liquidation and confirmed the appointment of Dr Borg Cardona and the liquidating committee.
The liquidator was given three months within which to present an updated report of his work.