Liquidation application filed in court for multi-million dollar project
April 15, 2019 7:00 am
A winding up application for Nawi Island Limited has been filed in the Suva High Court.
Filed by PricewaterhouseCoopers, the application for winding up was made on March 4th.
The case will be heard in the Suva High Court on May 1st.
The winding up of a company (also known as liquidation) is the process by which a company’s assets are collected and sold in order to pay its debts.
Nawi Island Limited is currently undertaking a multi-million dollar project at Nawi Island, in Savusavu Bay.
The project involves the construction of an adjoining resort and spa, marina, private villa lots, yacht club and a dry dock.
Recently the company has been under scrutiny for the removal of about 23 acres of mangroves on the island without a mangrove rehabilitation programme.