THE CREDITORS of Premium Investment Limited have been advised to stake initial claims on the company by October 3, or forfeit any chance at collecting.
A public notice dated August 14, from the company's liquidator, Douglas Chambers, says the particulars of the claims or debts should be submitted to his Premier Plaza, St. Andrew offices.
Chambers also gave notice that persons may be required to prove their claim, and that failure to do so within a time to be specified in writing can lead to their being "excluded from any benefit of the distribution made before such debts are proved."
Premium Investments was placed in voluntary liquidation by Edward Seaga, head of the Premium Group, to clear tax and other liabilities associated with Town and Country Resorts, the company that managed the resort property, Enchanted Gardens in Ocho Rios, St. Ann.
Seaga said, when he announced that he was winding up the company on August 12, that the total liabilities to be covered were below $200 million, and expectations were that a surplus of $200 million would be realised from Premium Investments after the debts were paid.
Wednesday Business learned that CD Alexander and KB Real Estate Company are handling the valuation of the assets, and are expected to submit reports to the liquidator by mid-September.
Chambers, who heads the chartered accountant firm, Chambers Henry and Partner, meantime is aggressively pursuing new business for Enchanted Gardens, specifically tours, in a hunt for an initial $5 million to finance repairs to the property to make it more "saleable."
The Company Act gives him 12 months to wind up the company, but he can always seek an extension by calling an annual general meeting to obtain extra time from the directors of Premium.
