The Supreme Court of Bermuda has appointed a liquidation and inspection committee for South Shore Holdings, the former backer of The 13 Hotel.
According to a Hong Kong Stock Exchange filing, on March 11 the Supreme Court of Bermuda ordered that Mr Edward Alexander Niles Whittaker of R&H Services Limited, and Mr Chan King Wai Leonard and Ms So Kit Yee Anita, both of Ernst & Young Transactions Limited, be appointed as joint liquidators of South Shore.
Trading in the shares of the company on the Hong Kong stock exchange have been suspended since July 2021 and will remain suspended until further notice.
In October, 2021 the team responsible for the liquidation of South Shore’s assets announced that all of the group’s subsidiaries have either ceased business or do not have operations, with all of them already insolvent.
Some months before South Shore had applied to a Macau court for voluntary liquidation of its wholly-owned subsidiary New Concordia Hotel Limited, the sole beneficial owner of The 13 Hotel, a failed ultraluxury hotel project in Coloane.
After the debts and liabilities of the subsidiary are settled, the remaining assets of the subsidiary will be distributed to its shareholders.
The 13 Hotel temporarily suspended operations in February, 2020 due to the pandemic and has remained closed since according to the Macao Government Tourism Office (MGTO).
A deal to dispose of a 50 per cent share of The 13 Hotel controlling company previously fell through after the required conditions set out for the sale were not fulfilled.
The company founded by Stephen Hung has also received a writ of summons in the High Court of Hong Kong and has HK$3.28 billion (US$423 million) in outstanding loans and interest, with the plaintiffs likely granted access to South Shore’s assets, including The 13 Hotel in Macau, for potential sale to recoup debts.
