Updates on Avance Gas Holding Ltd’s Liquidation and Future
Avance Gas Holding Ltd Liquidation Updates
Avance Gas Holding Ltd (the "Company") has reminded its shareholders about significant developments concerning the voluntary winding up of the Company. Shareholders passed resolutions indicating the intent to formally wind up the Company and appointed Michael Penrose from EY Bermuda Ltd. and Igal Wizman from EY Bahamas Ltd. as Joint Liquidators ("JLs") of the Company.
Appointment of Joint Liquidators
The appointment of the JLs was publicly announced in compliance with statutory requirements. This move ensures responsible management of the Company's affairs during the winding-up process. The JLs began their oversight on May 22, shortly after their appointment was confirmed.
De-listing of Shares from Euronext
In line with the resolutions, the JLs also applied to have the Company’s shares de-listed from the Euronext Oslo Børs. The Oslo Børs granted approval for this application, with the effective de-listing date announced as August 25. This means the last trading day for the Company’s shares will be August 22, marking a significant point in its operational timeline.
Managing the Affairs of the Company
As the JLs take charge, they are committed to overseeing the liquidation process and managing the Company’s remaining assets. Once the Company's affairs are completely settled, they will hold a final general meeting to formally dissolve the Company. If surplus assets remain after settling all obligations and liquidation costs, these funds will be distributed among shareholders, assuming the total exceeds USD $500,000.
Contact Information
Shareholders and interested parties can reach out with inquiries or concerns. For more information, please contact Evan Merrilees via email at Evan.Merrilees1@parthenon.ey.com or by phone at +1 441 294 5495.
The Role of Joint Liquidators
The role of the Joint Liquidators is crucial as they navigate the complexities of winding up the Company's operations. This process is designed to be thorough and transparent, ensuring that all creditors and stakeholders are addressed appropriately.
Future of Avance Gas Holding Ltd
Although the current situation might seem dire, the planned dissolution reflects a structured exit strategy aimed at providing clarity for all parties involved. This move, while tough, aims to conclude the Company’s chapter efficiently.
Frequently Asked Questions
What prompted Avance Gas Holding Ltd to wind up voluntarily?
The Company decided to voluntarily wind up due to the need for a structured exit and to address outstanding financial obligations effectively.
How are shareholders affected by the liquidation process?
Shareholders will have their stakes settled through any surplus assets remaining after the Company settles all debts and liquidation costs.
What happens to the Company’s assets during liquidation?
The Joint Liquidators will manage and assess the Company’s assets, distributing any surplus according to statutory requirements once the liquidation process is complete.
Who can shareholders contact for updates on the process?
Shareholders can contact Evan Merrilees for information regarding the liquidation process or any concerns related to their investments.
When will the Company's shares be de-listed?
The Company’s shares will be officially de-listed from the Euronext Oslo Børs on August 25, with the last trading day being August 22.
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