In re Abamakoro Trading Ltd [2013] KIHC 8; High Court Civil Case 147 of 2011 (28 March 2013)

IN THE HIGH COURT OF KIRIBATI
HIGH COURT CIVIL CASE 147 OF 2011
CIVIL JURISDICTION
HELD AT BETIO
REPUBLIC OF KIRIBATI

IN THE MATTER OF AN EX PARTE APPLICATION BY MR TIONATAN, THE CHAIRMAN OF THE ABAMAKORO TRADING COMPANY LTD,

AND

IN THE MATTER OF AN EX PARTE APPLICATION PURSUANT TO SECTION 129(1) OF THE COMPANIES ORDIANANCE (CAP 10A) FOR THE OFFICIAL WINDING OF THE ABAMAKORO TRADING COMPANY LTD,

AND

IN THE MATTER OF AN APPLICATION TO HAVE THE REMAINING ASSESTS OF ABAMAKORO TRADING COMPANY LTD DISTRIBUTED.

FOR APPLICANT: BIRIMAKA TEKANENE
Date of Hearing: 21 November 2011 and 22 February 2012

ORDER

Further to my previous judgment given on the 9th of March 2012, the Court has now received the account and report of the winding up of the Abamakoro Trading Ltd which was prepared by the official receiver, pursuant to section 129(8) of the Companies Ordinance, Cap 10A.

Before this Court signifies its approval of such report and account, it is important to note the Court's concern on the nature of the above report. The delay between the time that the Abamakoro Trading Ltd ceased operation (October 2004) and the time the winding up process took place (2012), resulted in the loss of some of the important records of the company. On this basis, it is the Court's view that in future winding up processes must be done as soon as the company ceases operation to avoid loss of information.

As also mentioned in my previous judgment, the company has a remaining cash of $26,194.60. It is noted from the report that there are outstanding contributions payable by the Company to the Kiribati Provident Fund, these debts are considered preferential debts pursuant to section 129(6)(b) of the Companies Ordinance, Cap 10A, therefore they shall be paid out first. The balance of the money, if there are any, will be left to the Registrar of Companies for distribution.

Pursuant to section 129(8) of the Companies Ordinance, Cap 10A this Court now signifies its approval and declares that the Abamakoro Trading Ltd is now officially dissolved.

Dated 28th March 2013

...........................................
TETIRO M SEMILOTA
COMMISSIONER OF THE HIGH COURT