FRR - Deloitte will petition court to dissolve the company19 Sep 2024 22:17
"This notice is to provide shareholders with an update on the liquidation.
The Product Sharing Contract (“PSC”) was the Company’s principal remaining asset. Initially scheduled to terminate on 31 March 2024, the PSC's termination date was extended first to 31 May 2024, and then to 30 August 2024 to facilitate ongoing discussions about meeting the Company’s obligations under the PSC.
However, the Liquidators were not in a position to continue to those discussions and seek an extension beyond that date as the liquidation was, and remained throughout, unfunded. As a consequence, the PSC automatically terminated with effect from 30 August 2024.
Prior to the commencement of the liquidation, the Company had obtained a judgment and award worth approximately $21 million against an individual. The Liquidators undertook a competitive sale process to explore if there was any third party interest in either acquiring outright or providing funding to support the enforcement of the judgment and award. After conducting the process, which included extending the deadline for interested parties to submit proposals, no parties elected to proceed, and therefore no recoveries are expected from that judgment and award.
The Liquidators and legal counsel have incurred substantial time costs, and as there are no prospects of their recovery, these time costs will remain unpaid. It follows that the Liquidators do not anticipate any returns to creditors or shareholders. As a result, the Liquidators consider that the affairs of the Company have been completely wound up and the Liquidators will now proceed with the necessary steps to conclude the liquidation and dissolve the Company.
The Liquidators will submit an application to the Grand Court of the Cayman Islands seeking an order for the Company's dissolution. Once the order for dissolution is obtained, it will be uploaded to this website.
As the Liquidation is unfunded, the further steps taken by the Liquidators will be limited to the steps required to seek the dissolution of the Company. The Liquidators are unable to provide individual responses to emails."