A judge in Vanuatu has ordered a temporary stay on a decision to liquidate the company which owns a prominent resort.
Port Vila, Vanuatu.
Photo: RNZI
Iririki Island Holdings, the owners of the prominent resort that sits on an island in Port Vila Harbour, was last week declared insolvent by the Supreme Court.
Justice Geoghegan said he was confident the company was unable to pay its debts, after a construction company said it was owned more than US$1 million.
But the Daily Post reported that Iririki Island Holdings planned to appeal against the rulings, and the temporary halt was ordered pending that appeal.
Read the full article at: http://www.radionz.co.nz/international/pacific-news/338648/temporary-stay-on-vanuatu-resort-insolvency-decision
