The Attorney General and Civil Recovery Unit issued an immediate release to RTC News in relations to TCI Hydra Developments Ltd.
On 12 October 2012, the Supreme Court handed down judgment granting TCIG’s Petition to wind up TCI Hydra Developments Ltd. TCI Hydra had agreed a lease with TCIG that had expired in 2009, following non-payment of rent totalling $83,500, which it was unable to pay. TCIG commenced proceedings to wind up the company after the parties were unable to agree settlement terms. The company opposed the liquidation but the Court determined that the company was clearly unable to meet its debts and should be placed into liquidation.
The liquidator will now take steps to liquidate the company’s assets in order to pay the Government and any other creditors.
