Iririki Island Holdings gets reprieve from liquidation proceedings—for now

Iririki Island resort Port Vila Vanuatu

The Iririki liquidation has been stayed. The company that owns the resort, Iririki Island Holdings Limited (IIHL), has been granted a temporary stay of liquidation proceedings by the Vanuatu Supreme Court, with company director Shane Pettiona agreeing to lodge A$1,386,017 (Vt 113 milion) in trust to the Court. Pettiona claimed that declaration of insolvency would have an irreversible effect on the business. A short hearing will be required, with written submissions due by 6 September and the payment by 11 September. All of this is to enable the company to have access to the Appeals Court. Liquidation right now would prevent that. Judge Paul Geoghegan said he has “determined that the overall interests of justice and the parties would be best served by granting a stay on an interim basis pending the scheduling of a short hearing so that counsel for both parties may be heard.”