Since their appointment of the Administrators / Liquidators, the Liquidators have only been able to identify minimal realisable assets held in the name of DIM, DFL or DGA

Written By: on INSOLVENCY MANAGEMENT, LIQUIDATION

INFORMATION FOR CREDITORS

DESCARTES INVESTMENT MANAGEMENT LIMITED (“DIM”)
DESCARTES GLOBAL ASSET MANAGEMENT LIMITED (“DGA”)
DESCARTES FINANCE LIMITED (“DFL”)
(All In Liquidation) (Summary Cases)
DESCARTES ATHENA FUND SPC (“DAF”)
(Administrators Appointed)

Reference is made to an Injunction Order granted by the High Court of the HKSAR on 27 April 2009 against two individuals and companies related to/ operated by them, freezing any of their assets of up to US$90.6 million.

Since their appointment of the Administrators / Liquidators, the Liquidators have only been able to identify minimal realisable assets held in the name of DIM, DFL or DGA. The Liquidators have identified several real properties which were purchased using funds derived from DIM and/or DFL. The Liquidators have had to take various legal proceedings to protect and recover DIM and/or DFL’s interests in these properties. Some of these legal proceedings remain ongoing. At this stage, pending the outcome of these further investigations and proceedings, the Liquidators are not able to provide further details.