GIS
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Mats coab
602
32
THURSDAY, 2GUST 22, 1991 but with BCC fle
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STATEMENT ON BCCHK (IN PROVISIONAL LIQUIDATION)
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THE FOLLOWING STATEMENT WAS ISSUED BY MR NOEL GLEESO REGISTRAR GENERAL AND PROVISIONAL LIQUIDATOR OF THE BANK OF CRED: AND COMMERCE HONG KONG LIMITED (BCCHK), TODAY (THURSDAY):
"WHEN THE PETITION PRESENTED BY THE FINANCIAL SECRETARY FC THE WINDING UP OF BCCHK IS REACHED IN THE HIGH COURT ON TUESDAY, 27% AUGUST, I WILL APPLY TO THE COURT THAT IT BE ADJOURNED FOR TWO MONTE WITH LIBERTY FOR ME TO APPLY AT ANY TIME AFTER 10TH SEPTEMBER 1991 RESTORE THE PETITION FOR HEARING AT AN EARLIER DATE IF NECESSARY.
"I UNDERSTAND THAT THE FINANCIAL SECRETARY, AS THE PETITIONER WILL BE SUPPORTING MY APPLICATION.
"THIS TWO-MONTH PERIOD WOULD GIVE ME TIME TO NEGOTIATE AND, POSSIBLE, FINALISE ARRANGEMENTS FOR THE TAKEOVER OF THE BANK OR I BANKING BUSINESS BY ONE OF THE THREE CURRENTLY INTERESTED PARTIT WITH WHOM I AND THE SPECIAL MANAGERS ARE PRESENTLY NEGOTIATING.
"1 AM STRONGLY OF THE VIEW THAT SUCH AN ADJOURNMENT WIL THEREFORE BE IN THE BEST INTERESTS OF ALL THE CREDITORS, INCLUDIN THE DEPOSITORS, BIG AND SMALL.
"THE PERIOD OF TWO MONTHS WILL ALSO BE SUFFICIENT FOR SUCCESSFUL PARTY TO CONDUCT THE USUAL DUE DILIGENCE EXERCISE ON BCCH TO ASCERTAIN ITS FINANCIAL POSITION TO THE PARTY'S OWN SATISFACTIC IN THE EVENT OF A PROVISIONAL AGREEMENT BEING SIGNED.
"THE PERIOD AND THE TERMS OF ANY ADJOURNMENT WILL BE A MATTE FOR THE COURT TO DECIDE AFTER HEARING MY APPLICATION.
"IF MY APPLICATION FOR AN ADJOURNMENT IS SUCCESSFUL, AND IF N PROVISIONAL AGREEMENT CAN BE SIGNED BY ABOUT 14TH SEPTEMBER, I WOUL HAVE TO CONSIDER AT THAT STAGE ASKING THE COURT TO BRING FORWARD TH HEARING AND OBTAIN A RULING BY THE COURT ON THE PETITION AT A EARLIER DATE IN THE INTERESTS OF CREDITORS.
"REGARDING THE POSITION OF THE ABU DHABI. GOVERNMENT, IT NO APPEARS THAT A GUARANTEE AGAINST ANY UNRECORDED LIABILITIES WILL ΕΙ FORTHCOMING. HOWEVER, ITS PRECISE TERMS HAVE NOT YET BEEN AGREED ANI WILL DEPEND TO SOME EXTENT ON THE MECHANICS BY WHICH BCCHK IS TO Bi ACQUIRED BY ANY OF THE INTERESTED PARTIES. WHILE SUCH A GUARANTEI WILL BE OF CONSIDERABLE HELP IN THE NEGOTIATIONS THERE ARE OTHEF FACTORS AND PROBLEMS THAT STILL NEED TO BE RESOLVED.
CREDITORS AT
OF
ON
THE THE THAT
"AS I WILL BE REPRESENTING THE INTERESTS OF HEARING ON 27TH AUGUST IT WILL NOT BE NECESSARY FOR ANY DEPOSITORS, UNLESS THEY WISH TO DO SO, TO ATTEND THE COURT OCCASION.
TIME: 16:55:05
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