be dissolved, using a new provision for what is believed to be the first time aimed at avoiding the delay and expense of a formal liquidation.

The Burnaby Hill restaurant closed after a relatively short lease on life, and the company, Shutters Ltd., was expected to be wound up in the Supreme Court under the Companies Act.

The Registrar of Companies, Mr. Malcolm Butterfield, who is the official receiver and liquidator for Shutters Ltd., has given notice of his intended application for the early dissolution of the company.

The application is being made under a 1992 amendment to the Act that was introduced after Government officials were burdened with conducting liquidations for companies in which there were no assets to pay the cost of the liquidation.

Until now, Government has had to provide lengthy and costly liquidation services after those in private practice by-passed liquidation jobs for companies that were being wound up with no assets. The official receiver would get the job by default.

Officials contacted in Government could not recall the new provision being used in Bermuda previously, and said it was only available to the official receiver. Private liquidators have no such option.

The official receiver and liquidator of Shutters Ltd. satisfied himself of two criteria, as is required and outlined under the Act.

In a published legal notice, Mr. Butterfield is said to be of the opinion that "the realisable assets of the company are insufficient to cover the expenses of the winding up; and the affairs of the company do not require any further investigation''.

Mr. Butterfield gave notice through the law firm, Cox & Wilkinson, that creditors and contributories to the company had 28 days as of the date of the legal notice, before he intends "to apply for the early dissolution of the company pursuant to section 199 (A) of the Companies Act, 1981.

"Any creditor or contributory of the company wishing to postpone or prevent the dissolution of the company may apply to the Minister of Finance pursuant to section 199 (B) of the Companies Act, 1981 for such direction.''