Government would not allow the assets at Buccament Bay Resort to lay waste

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A number of entities have expressed interest in the financially troubled Buccament Bay Resort, this was disclosed by Prime Minister Dr Ralph Gonsalves on Monday 23rd January 2017.

“ As I explained in my speech last Thursday 18th January, I said that there were two entities which I have been advised by the relevant authorities, because you know the matter is logged in the court and Brian Glasgow of KPMG is the proposal trustee and interim receiver who will manage the asset, but within two days the number had grown to four”.

“ One is regional, and three extra-regional, so am looking forward with great interest to see where that leads”.

Gonsalves said, however; “ I want to repeat what I said there, I want everybody to be clear on it”.

“ If no satisfactory arrangements result from these expressions of interest, because the investors and creditors have also got to agree to the proposal and be placed in the court, the interim trustee will report it and get the approval of the court”.

Gonsalves said if there can be no agreement and no approvals and the matter under the bankruptcy and insolvency act has to go into liquidation, the citizens of St Vincent and the Grenadines can be assured, that the Government will be in the mixed at that particular point in time.

“ And I gave the assurance that the Government will not allow the asset to go to waste, the asset is there, and it will be used to create jobs and wealth, for the people of St Vincent and the Grenadines.

1 Comment

  1. Hopefully, if the government acquires the facility it would be put into the hands of an entity with the requisite experience to manage it. There is tremendous potential for the resort but it requires a competent marketing machine to realize it.

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