Harlequin investor battle seen to fail

An effort by a group of out-of-pocket investors keen to see a plan that would have sought to see a bankrupt Caribbean resort revived, rather than liquidated, is being seen to have failed, after the investors’ candidates weren’t chosen in sufficient numbers for a five-member board of “inspectors” that is needed as part of the bankruptcy proceedings.

The news came late on the 11th April, 2017 in London, in the form of  an announcement from KPMG, the Bankruptcy trustee in the matter of Harlequin Property (SVG), after a vote that was held on Monday 10th April at KPMG’s offices in London, and in Kingstown, St Vincent and the Grenadines.

St Vincent and the Grenadines is where Harlequin Property’s flagship resort, Buccament Bay, is located, and where the company is based, although most of its investors are British. They had invested in the company at the advice of their UK financial advisers.

In its statement, KPMG said 2,041 votes had been cast in the inspectors’ ballot, representing investments worth “in excess of £118m”.

The statement notes that “a considerable claim exceeding £100m was rejected for voting purposes” and had been “excluded from these statistics”. It didn’t say who made this claim, but added that “the Supervisor of Insolvency has entered into correspondence with this creditor in relation to their claim”, and that the bankruptcy trustee (KPMG) “will adjudicate on this claim in due course”.  internationalinvestment.net