Harlequin Properties has gone into bankruptcy.

Harlequin Properties Limited (HPL) has gone into bankruptcy.

The company entered bankruptcy yesterday, February 24, following a refusal by the East Caribbean Supreme Court (ECSC) to allow an application HPL had made for an extension to file a proposal to its creditors.

Justice Sir Clare Roberts ruled at a sitting of the High Court in Kingstown, St. Vincent and the Grenadines (SVG) that HPL had not demonstrated that they were deserving of an extension and the application for an extension was denied.

The beginning of bankruptcy proceedings for HLP comes just one week after Chairman of the Harlequin group of companies David Ames was slapped with three charges of fraud by the Serious Fraud Office of the United Kingdom and almost five months after the company formally entered insolvency proceedings. Ames also faces several charges in SVG relating to theft and tax evasion of almost XCD$7 million.

Adopted from searchlight.vc

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