Meta Data Limited Official Liquidation Announcement Summary
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Official Liquidation of Meta Data Limited
Meta Data Limited, formerly known as OneSmart International Education Group Limited, is currently in the process of Official Liquidation, as determined by the Grand Court of the Cayman Islands. The company's trading symbol on the New York Stock Exchange (NYSE) was “AIU.” This step follows a significant order from the court for the company to wind up its operations under the Cayman Islands Companies Act.
Details of the Liquidation Order
As per the court order dated 7 August 2024, the company, registered with the number 320611, was instructed to cease operations. The previous registered office location was at Ugland House in Grand Cayman, but it has since changed to a new address, reflecting the ongoing changes in company oversight during this liquidation phase.
Appointment of Joint Official Liquidators
The Grand Court has appointed Mr. Simon Richard Conway from PwC Corporate Finance & Recovery (Cayman) Limited, alongside Mr. Yat Kit Jong and Ms. Ka Yee Annette Lee from PricewaterhouseCoopers Limited, as the Joint Official Liquidators of Meta Data Limited. This appointment signals an essential step in managing the company's affairs as they transition into the liquidation process.
Impact on Trading and Share Acquisition
Trading of the shares for Meta Data Limited was halted on the NYSE as of 13 August 2024, following the formal notice regarding the appointment of the Joint Official Liquidators. Under the regulations of the Cayman Islands Companies Act 2022, any transactions involving the company's shares while under a winding-up order require prior validation by the Cayman Islands Court, initiated upon request from the liquidators.
This regulation emphasizes that any share acquisitions or disposals that occur post the winding-up order, particularly from 7 August 2024, will be invalid unless explicitly sanctioned by the Joint Official Liquidators, ensuring the interests of stakeholders are protected during this complex judicial process.
Current Financial Investigations
The Joint Official Liquidators are currently engaged in a thorough investigation of the company's financial affairs. At this stage, they are unable to provide insights regarding the company's future viability or restructuring prospects, as they evaluate the extent of its liabilities and assets.
Statutory Priority of Payments
It is essential to understand the ramifications of this liquidation for different classes of creditors. According to Cayman Islands law, ordinary equity holders are last in line concerning the distribution of any recoverable assets, ranking below unsecured creditors. This legal structure is designed to ensure a fair and orderly process during insolvency proceedings.
Contact Information for Enquiries
For any inquiries related to this liquidation process, stakeholders can reach out to the appointed liquidators at the following contact number: +1 345 914 8743.
Frequently Asked Questions
1. What led to the Official Liquidation of Meta Data Limited?
The Official Liquidation of Meta Data Limited was initiated by a court order due to significant financial distress, mandating the cessation of its operations under the Cayman Islands Companies Act.
2. Who are the Joint Official Liquidators appointed for the company?
Mr. Simon Richard Conway from PwC Corporate Finance & Recovery (Cayman) Limited, alongside Mr. Yat Kit Jong and Ms. Ka Yee Annette Lee from PricewaterhouseCoopers Limited, has been appointed as Joint Official Liquidators.
3. How will the liquidation impact shareholders and their investments?
The liquidation process indicates that ordinary equity holders will be positioned after unsecured creditors in line for any potential recovery of assets, which may significantly impact shareholders' interests.
4. Can trading of shares continue during liquidation?
Share trading on the NYSE has been halted, and any acquisition or disposal of shares during this period requires a court validation, rendering such transactions invalid unless sanctioned by the Joint Official Liquidators.
5. How can stakeholders obtain more information about the liquidation process?
Stakeholders can contact the appointed liquidators at +1 345 914 8743 for any inquiries or additional information related to the liquidation of Meta Data Limited.
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