XN000022-1991-08-22 — Page 3

THURSDAY, AUGUST 22, 1991

STATEMENT ON BUCHK (IN PROVISIONAL LIQUIDATION}

+

THE

WAS 1SSUED BY

NOEL MR STATEMENT FOLLOWING

THE BANK OF REGISTRAR GENERAL AND PROVISIONAL LIQUIDATOR OF AND COMMERCE HONG KONG LIMITED (BCCHK), TODAY (THURSDAY):

GLEESON,

CREDIT

THE FINANCIAL SECRETARY “WHEN THE PETITION PRESENTED BY THE WINDING UP OF BOCHK 18 REACHED IN THE HIGH COURT ON TUESDAY, AUGUST, I WILL APPLY TO THE COURT THAT IT BE ADJOURNED FOR TWO WITH LIBERTY FOR ME TO APPLY AT ANY TIME AFTER 10TH SEPTEMBER 1991 RESTORE THE PETITION FOR HEARING AT AN EARLTER DATE IF NECESSARY.

+

FOR

27TH

MONTHS то

"I UNDERSTAND THAT THE FINANCIAL SECRETARY, AS THE PETITIONER, WILL BE SUPPORTING MY APPLICATION.

IF

"THIS TWO-MONTH PERIOD WOULD GIVE ME TIME TO NEGOTIATE AND,

OR ITS POSSIBLE, FINALISE ARRANGEMENTS FOR THE TAKEOVER OF THE BANK

PARTIES THE THREE

INTERESTED CURRENTLY BANKING BUSINESS BY ONE OF WITH WHOM I AND THE SPECTAL MANAGERS ARE PRESENTLY NEGOTIATING.

VIEW

THE "IAN STRONGLY OF THEREFORE BE IN THE BEST INTERESTS OF THE DEPOSITORS, BIG AND SMALL.

THAT

SUCH ALL THE

AN ADJOURNMENT

CREDITORS,

WILL INCLUDING

WILL MONTHS

ALSO

FOR

A

BCCHK

BE SUFFICIENT TWO "THE PERIOD OF SUCCESSFUL PARTY TO CONDUCT THE USUAL DUE DILIGENCE EXERCISE ON

PARTY'S OWN SATISFACTION TO ASCERTAIN ITS FINANCIAL POSITION TO THE IN THE EVENT OF A PROVISIONAL AGREEMENT BEING SIGNED.

"THE PERIOD AND THE TERMS OF ANY ADJOURNMENT WILL BE FOR THE COURT TO DECIDE AFTER HEARING MY APPLICATION.

A MATTER

"IF MY APPLICATION FOR AN ADJOURNMENT IS SUCCESSFUL, AND IF

I WOULD PROVISIONAL AGREEMENT CAN BE SIGNED BY ABOUT 14TH SEPTEMBER,

FORWARD THE HAVE TO CONSIDER AT THAT STAGE ASKING THE COURT TO BRING

AN THE COURT ON THE HEARING AND OBTAIN A RULING EARLIER DATE IN THE INTERESTS OF CREDITORS.

BY

PETITION AT

DHABI GOVERNMENT, IT NOW

LIABILITIES

BE WILL AGREED AND IS TO BE SUCH A GUARANTEE THERE ARE OTHER

REGARDING THE POSITION OF THE ABU APPEARS THAT A GUARANTEE AGAINST ANY UNRECORDED FORTHCOMING. HOWEVER, ITS PRECISE TERMS HAVE NOT YET BEEN WILL DEPEND TO SOME EXTENT ON THE MECHANICS BY WHICH BCCHK

WHILE PARTIES. ACQUIRED BY ANY OF THE INTERESTED

IN THE NEGOTIATIONS WILL BE OF CONSIDERABLE HELP FACTORS AND PROBLEMS THAT STILL NEED TO BE RESOLVED,

NOT WILL

CREDITORS AT THE

ANY OF FOR

THE THE COURT ON THAT

"AS I WILL BE REPRESENTING THE INTERESTS OF

NECESSARY BE HEARING ON 27TH AUGUST I'T DEPOSITORS, UNLESS THEY WISH TO DO SO, TO ATTEND OCCASION."

13