A judge has declared Daniels shopping complex in amrun as insolvent and ordered it to be closed down.
Legal action was taken filed in 2014 by one of the owners creditors, Panta Contracting Ltd, over an outstanding debt of 1.5 million.
The court heard that, apart from this debt, the owners of the shopping complex, D.A. Holdings, had several other creditors who were owned a total of 12 million plus interest.
In its submissions, Panta Contracting argued that D.A. Holdings was in a state of insolvency and only appeared solvent on paper due to a 20 million revaluation of its properties in 2012, the last time the company filed its accounts…
Read the full article at: http://www.independent.com.mt/articles/2016-04-25/local-news/Daniels-shopping-complex-closing-down-after-court-declares-it-insolvent-6736156831