The Supreme Court of Bermuda has granted winding-up orders in respect of island-based Genting Hong Kong Limited and its indirect, non-wholly owned subsidiary Dream Cruises Holding Limited.

The orders were made in accordance with Section 161 of the Companies Act 1981.

The joint provisional liquidators of both companies, appointed by the Supreme Court this year, have been ordered to continue, and their powers shall not be limited.

In the case of both companies, the JPLs are Bermudian-based Alex Whittaker, of R&H Services Limited in Hamilton, and Edward Middleton and Tiffany Wong, of Alvarez and Marsal in Hong Kong.

A statement made for and on behalf of Genting Hong Kong Limited (in liquidation) by its JPLs — and filed with the Hong Kong Stock Exchange — provided details of the winding up, adding: “Further announcements will be made by the company if there is any material development with respect of the winding-up of the company and Dream Cruises as and when appropriate.

“Application was made to the Stock Exchange for the suspension of trading in the shares of the company with effect from 9am on 18 January, 2022 and will remain suspended until further notice.

“Shareholders, investors and potential investors of the company are advised to exercise caution when dealing in the securities of the company.”

Genting filed a petition to wind up the company in January and Dream Cruises followed suit in February.

Lawyer Lilla Zuill, representing Genting in January, said by way of background that in early 2020, the group had steady revenue and expansion plans but since then had been “severely impacted by the Covid-19 pandemic”.

She explained in January that the impact of a recent insolvency filing in Germany was the “trigger for the application made this week” as it resulted in the company’s “inability to access some funds it previously expected to draw down and has created a cash crunch for the company”.

Genting was incorporated in the Isle of Man in 1993 and continued in Bermuda in 2000.

In February, Ms Zuill was before the court representing DCHL, which was incorporated in Bermuda in 2015.

She told the court that Genting was the “primary source of operational funding” for DCHL.