Creditors of the former owner of the Pink Beach Club in Tucker’s Town are moving closer to the final dispensation of remaining assets.

They will learn a week today, the latest news on the club’s one time parent company, Pink Beach Ltd, which is in the hands of the provisional liquidators.

Creditors have until Tuesday to submit their particulars of claim, or be excluded from the benefit of any distribution made before the debts are proved. It may not matter.

Provisional liquidator Mark WR Smith has confirmed that there are limited assets in the company.

The Deloitte partner told The Royal Gazette: “The bank appointed receivers and the property has been sold. The company that used to own the property is insolvent and the liquidation is a tidy-up of their affairs.

“There are some pre-receivership debts due to organisations that provided pre-receivership services and unpaid taxes due to Government.

“The estate has assets of about $250,000 including a small lot of land adjacent to Mangrove Lake, which we will be auctioning shortly.

“The Government generally has priority for unpaid taxes so from what we can see, all the money will go to the Government.”

The only scheduled meeting of creditors is slated for Friday July 11 at the Deloitte Ltd offices at Corner House, 20 Parliament Street, Hamilton.

The Supreme Court order for winding up Pink Beach Ltd in the commercial court was dated May 2. Notice was given last month under the Companies Act 1981 for creditors to file proof of their debts or claims to the provisional liquidators on or before July 8 at the offices of Deloitte Ltd. Notice was also given that the first meeting of creditors was scheduled for next week Friday, July 11 at 2.30pm.

Resolutions placed before the meeting will include a decision on whether the Supreme Court should be asked to appoint a permanent liquidator, and, a committee of inspection to act with the liquidator.

Situated magnificently on South Shore beaches, Pink Beach Club was an exclusive ocean-front enclave first opened in 1947 and beloved by many repeat visitors, but which fell on hard times in recent years.

It finally closed its doors for the last time on August 31, displacing the remaining 42 staff to redundancy, having been sold for a mere $12.5 million.

According to a March 2014 article in The Royal Gazette, Bermuda’s planners reviewed proposals to raze the Pink Beach Club and erect a new boutique hotel and condominiums in a $51.5 million development, including a 34-room hotel with two restaurants, six guest condominiums, two guest suites gym and spa facilities, a new beach club, two swimming pools and a residential building.

The new owners, Canada-based Sardis Development Ltd, are committed to redevelop the site into a world class tourism destination.