WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR TA GLOBAL BERHAD ("TAG" OR "THE COMPANY") - APPOINTMENT OF TRUSTEE

TA GLOBAL BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
TA GLOBAL BERHAD ("TAG" OR "THE COMPANY") - APPOINTMENT OF TRUSTEE

The Board of Directors of TAG (“the Board”) wishes to announce Grant Thornton Limited has been appointed to act as a Trustee pursuant to an Assignment in Bankruptcy made under Section 49(4) of the Bankruptcy and Insolvency Act (“BIA”) of Canada for TA Hotel Management Limited Partnership (“TAHMLP”) and its general partner TA Hotel GP Ltd. (“TAHGPL”) (hereinafter refer as “Assignment”).

 

1.   INFORMATION ON TAHMLP AND TAHGPL

TAHMLP is a limited partnership formed in the Province of British Columbia, Canada under the Partnership Act of British Columbia by certain limited partnership agreement between TAHGPL, as the general partner, and TA Management Ltd., a corporation incorporated under the laws of the Province of British Columbia (“TAML”) on 30 October 1995, as the limited partner. TAHMLP is formed to undertake the business of leasing certain hotel premises located in Vancouver, British Columbia and operating a hotel business at such premises. The principal place of business of TAHMLP is at 1161 West Georgia Street, Vancouver, BC V6E OC6, Canada.

 

TAHGPL (Incorporation No. BC1013525 / Business No. 837576594BC0001) is a corporation incorporated in the Province of British Columbia, Canada under the Business Corporations Act of British Columbia on 15 September 2014. Its registered office is at 800-885, West Georgia Street, Vancouver BC V6C 3H1, Canada. TAHGPL, as the general partner of TAHMLP, is to oversee and run the business of TAHMLP with unlimited liability in accordance with the Partnership Act, and to execute and file such certificates, declarations, instruments and documents for TAHMLP as may be required under the laws of the Province of British Columbia or the laws of Canada as applicable.

 

2.   INFORMATION ON ADMINISTRATORS

The appointed Trustee is Mr. Mark Wentzell, the Senior Vice-President of Grant Thornton Limited, a business advisory firm in Canada located at Suite 1600, Grant Thornton Place, 333 Seymour Street, Vancouver, BC V6B QA4.

 

3.   DATE OF APPOINTMENT OF TRUSTEE

The Trustee was appointed on 27 August 2020.

 

4.   DETAILS OF THE EVENTS LEADINGS TO THE APPOINTMENT OF TRUSTEE

The temporary closure of TAHMLP business due to COVID-19 since March 2020 has impacted the business and financial position of TAHMLP. Its ongoing expenses since the outbreak of COVID-19 and lack of revenue has placed TAHMLP into a position of insolvency, therefore it is in the interest of TAHMLP to appoint a Trustee to administer the Assignment for the benefit and interest of all stakeholders.

 

5.   TERMS OF REFERENCE OF THE TRUSTEE

Trustee will be acting in accordance with the roles of a Trustee defined in the BIA and carry out all duties required as a Trustee for an Assignment under the BIA.

 

6.   FINANCIAL AND OPERATIONAL IMPACT OF THE TRUSTEE APPOINTMENT ON THE GROUP

No financial and operational impact on the Trustee appointment on TAG Group.

 

7.   EFFECT OF THE TRUSTEE APPOINTMENT ON THE BUSINESS OPERATIONS OF TAG

Appointment of the Trustee is not expected to have any financial and operational effect on the remaining businesses of TAG Group.

 

8.   STEPS TAKEN OR PROPOSED TO BE TAKEN BY TAG IN RESPECT OF THE TRUSTEE APPOINTMENT

The Board will take appropriate action to address the business at the premises located in Vancouver, British Columbia and evaluate the best way forward for the aforesaid premises.

 

9.   ROLE OF THE BOARD OF DIRECTORS IN LIGHT OF THE APPOINTMENT OF THE TRUSTEE

The Board through the Officers of TAHGPL & TAHMLP will facilitate the Trustee to ensure the smooth administration of the Assignment and assist in the preparation of the Statement of Affairs.

 

This announcement is dated 28 August 2020.

 






Announcement Info

Company Name TA GLOBAL BERHAD
Stock Name TAGB
Date Announced 28 Aug 2020
Category General Announcement for PLC
Reference Number GA1-26082020-00057