One of Vanuatu’s most prominent resorts has been declared insolvent by the Supreme Court.
Port Vila, Vanuatu.
Photo: RNZI
The court has ordered that Iririki Island Holdings be put into liquidation after Justice Geoghegan said he was confident the company was unable to pay its debts.
The case was brought by the construction company Mocha Limited, which said it was owed more than a million Australian dollars for work done between 2015 and 2016.
The Daily Post reported that the resort, which sits on a prominent island just off the Port Vila waterfront, posted losses in the millions of dollars every year since 2012.
The court said the holding company would not be able to sell or mortgage the island.
Read the full article at: http://www.radionz.co.nz/international/pacific-news/338648/vanuatu-resort-declared-insolvent