Imperial Pacific International Orders to Liquidate by Hong Kong High Court

An important turning point in the troubled company’s history was reached when the Hong Kong High Court declared that Imperial Pacific International (IPI) had to be liquidated.

The decision comes after the company fought a protracted legal battle to avert liquidation proceedings.

The court-ordered appointment of a provisional liquidator represents a significant change in IPI’s circumstances.

The Official Receiver and Provisional Liquidator, Ms. Phyllis McKenna, has formally listed the corporation as “In Liquidation,” denoting the official beginning of the process.

The suspension of trading in IPI shares has been in place since April 1st, 2022, and this latest development guarantees that it will remain in place.

Numerous winding-up procedures are being faced by the corporation in many jurisdictions, and investors from Hong Kong to the United States have brought significant claims against it.

Additionally, IPI’s attempts to maintain its casino license—a vital asset to the company—are put in jeopardy by the court’s ruling.

Since 2021, the license has been suspended, and the Commonwealth Casino Commission (CCC) of Saipan has been actively pursuing the license’s revocation on the grounds that unpaid fees are at fault.

The conditions that are developing cloud Imperial Pacific International’s future and may indicate that its rocky journey is coming to an end.

Original Story by Asian Gaming Brief