G3 Exploration Limited Corporate Update
RNS Number : 8463K
G3 Exploration Limited
06 January 2021
6 January 2021
G3 EXPLORATION LIMITED
("G3 Exploration", "G3E" or the "Company")
Please be advised that the first meeting of the Company's
creditors and contributories (the "Meeting") was held on Thursday
17 December 2020 at 9:00am (Cayman Islands time).
In accordance with Order 8 Rule 2 of the Companies Winding Up
Rules (2018) ("CWR"), the primary purpose of the Meeting was for
the Joint Official Liquidators ("JOLs") to facilitate the
establishment of a Liquidation Committee ("LC"), should the
Company's creditors and contributories desire that an LC be formed.
In accordance with the CWR, the LC of an entity determined to be of
doubtful solvency shall comprise not less than three nor more than
six members, of whom a majority shall be creditors and at least one
of whom shall be a contributory.
The role of an LC is to, amongst other things:
a) act as a sounding board for the JOLs in determining how the
liquidation should proceed; and
b) approve the JOLs' fees.
At the Meeting, the JOLs only received one nomination to
participate in the LC. Hence, the JOLs did not receive sufficient
nominations for an LC to be constituted and as such an LC will not
be formed at this time. The JOLs will report the outcome of the
Meeting directly to the Grand Court of the Cayman Islands.
At this time, the outcome and timeline of the joint official
liquidation of the Company, will be subject to the actions of, and
the realisation of assets by the Receivers of Greka Gas China
Should you have any queries, please do not hesitate to contact
my colleague, Rebecca Rohan, via email at
Joint Official Liquidator
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(END) Dow Jones Newswires
January 07, 2021 02:00 ET (07:00 GMT)