Two dormant entities under the Paradise Found umbrella, namely ‘Paradise Found Palmetto Limited’ and ‘Paradise Found Barbuda Limited’, are set to undergo liquidation.
This decision follows a period of dormancy since their formation, with the companies opting for voluntary winding-up procedures.
The announcement comes in the wake of earlier rumours suggesting the liquidation of the active entity, a matter that the group clarified, stating that the entities in question had remained inactive since their inception.
According to a gazetted notice dated February 29, 2024, the companies will undergo voluntary winding-up by their members, adhering to the provisions outlined in the state’s Companies Act of 1995.
The final meeting, scheduled for Wednesday, March 27th, at 10am, will mark the culmination of this process.
During this meeting, the companies are expected to present their Final Audited Account, inclusive of financial statements and other relevant documentation pertaining to the winding-up proceedings.
Meanwhile, the Paradise Found project continues to be mired in controversy, with ongoing legal battles concerning its legitimacy.
The project has faced scrutiny, particularly from Barbudans, who have contested the legislation facilitating the development.
This legal challenge centres on the alleged circumvention of the Barbuda Land Act, 2007, to accommodate the development plans of billionaire investor James Packer and Hollywood actor Robert DeNiro for a $250 million resort.
The Barbuda People’s Movement (BPM) has raised constitutional concerns, arguing that the Paradise Found (Project) Act contravenes Barbuda’s communal land ownership laws as outlined in the 2007 Land Act.
Despite attempts to address these concerns through legislative amendments, constitutional hurdles remain, with any changes to land ownership requiring approval from the Barbuda Council, which has yet to grant such consent.
It remains uncertain whether this development will impact the ongoing legal challenges or alter the trajectory of the Paradise Found project.