Price Club liquidation process

The liquidation process of the Price Club has started and meetings have been held with all interested parties, Dr Andrew Borg Cardona, liquidator of Price Club Operators Ltd said yesterday.

Dr Borg Cardona, who was appointed liquidator last month, said that in due course, creditors of the company would be invited to submit proof of their claims so that when assets were realised and all relevant issues were examined, an assessment of the most appropriate way forward would be made.

Creditors would be summoned to a creditors' meeting at the appropriate time, during which they would be updated on the situation, Dr Borg Cardona said.

The company, in accordance with the applicable provisions of the law, was deemed to be in dissolution since November 1, 2001, the date on which the creditors' application was submitted to the court.

Close to 100 creditors are owed around Lm8.3 million by Price Club Operators Ltd.