Court

Court orders Travel World Resorts Limited to wind up

August 20, 2020 4:45 pm

The winding-up application matter filed against Travel World Resorts Limited, the developers of Pullman Nadi Bay Resort and Spa Fiji was called for hearing in the Lautoka High court. [File Photo]

The winding-up application matter filed against Travel World Resorts Limited, the developers of Pullman Nadi Bay Resort and Spa Fiji was called for hearing in the Lautoka High court.

A subsidiary of the Gokal Group of Companies, Travel World Resorts Limited completed and opened the Pullman Nadi Bay Resort and Spa Fiji in May last year and was managed by global operator Accor Hospitality, the largest in the Asia Pacific.

Nadi based lawyer Adish Narayan and Nilema Samantha appeared for the applicant and five supporting creditors including Western Builders Limited who were the Main Building Contractor for the Pullman Project.

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The application for winding up was supported by 14 other creditors.

There was no opposition to the winding up of Travelworld Resorts Pte Ltd.

Justice Alan Stuart made has ordered the company wound up and the official receiver is appointed as the Provisional Liquidator.

The High Court Judge also ordered the official receiver deal with the mortgagees, the Fiji Development Bank and HFC Bank to obtain all details of pending mortgagee sale of the Companies Assets.

The last order was required because FDB had already advertised for tenders for the sale of Pullman resort which is owned by Travel World Resorts Limited.

The order is intended to look after the interest of the unsecured creditors if there is any surplus after satisfying the Secured Creditors.

FBC News understands the Travel World Resorts Limited owes more than $40 million dollars to FDB and other debtors such as Edison consultants and LHM.