02 December 2016
Carey Olsen advises on the BVI liquidation of one of the world’s largest seafood companies
Carey Olsen advises Bank of America in the BVI winding up proceedings of Pacific Andes Group.
The China Fishery Group and certain other companies make up the Pacific Andes Group whose activities include harvesting, sourcing, ocean logistics and transportation, food safety testing, processing, marketing and distribution of frozen fish products across a broad range of markets. The Group’s holdings are substantial and include publicly listed companies on the main boards of the Singapore and Hong Kong Stock Exchanges. s has been widely reported, the Group has been under sustained financial pressure for some time, with a number of Group companies seeking Chapter 11 and Chapter 15 bankruptcy protection in the United States, and other insolvency proceedings occurring in numerous other jurisdictions including the Cayman Islands, Hong Kong, Peru and Singapore.
The successful applicant, Bank of America, along with a number of other bank and trade creditors of the companies, sought the liquidation of the Companies on the principal ground that they were insolvent, having failed to discharge a debt of approximately US$15 million which had been outstanding to Bank of America since November 2015.
For further information please read our briefing on this case in the Briefings section of careyolsen.com or via the link in the Related New section.