Imperial Pacific International faces two winding-up petitions for failing to pay judgment amounts

Two winding-up petitions for claimed failure to pay judgment sums have been filed against Imperial Pacific International Holdings Limited (IPI), the parent company of Saipan casino operator Imperial Pacific International (CNMI) LLC. The hearing for one petition, filed by Mr. Guan Chubin in Hong Kong, is set for November 22, 2023, and it alleges that the judgment amount of HK$20.8 million (US$2.66 million) with interest and expenses has not been paid. The hearing for the second petition, which was submitted by Ms. Wang Yi, is scheduled for 6 December 2023. It alleges that the judgment amount of HK$5.3 million (US$677,700) plus interest and expenses has not been paid.

The precise nature of these judgment amounts was not made clear by IPI. As applications for the company’s winding-up, the petitions have been submitted, but no winding-up order has been obtained. IPI did, however, caution shareholders that any disposal of the company’s assets, transfer of shares, or change in the status of members made after the beginning of the winding-up would be null and invalid if winding-up orders were given.

IPI’s Board of Directors, which recently had two members leave the organization, is right now examining how these petitions may affect the company’s commercial activities and financial situation.

The Commonwealth Casino Commission (CCC) of the CNMI is holding a hearing to revoke IPI’s license at the time of this development. IPI has received complaints from the CCC for breaking some of the terms of its license agreement. These grievances include things like unfulfilled capital needs, unpaid license and regulatory fees, and unpaid vendor invoices. Since March 2020, IPI’s casino, Imperial Palace • Saipan, has been shuttered. The firm has been attempting to stop the license’s complete revocation by claiming that its inability to pay required payments was caused by a force majeure. IPI has said that it wants to reopen the casino with outside funding, but it has been using the proceeds from the online auctions it holds to pay its contractors.

Original story by: IAG