QUOIN (INT) LIMITED
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The company is a Papua New Guinea-based company engaged in the operation and management of hotel. It provides hotel accommodation in Papua New Guinea and the Solomon Islands. It also provides ancillary services in Port Moresby, including bars, food and gaming services. The company’s registered business office is based in Papua New Guinea.
The company operates under the supervision and management of Moishe Gordon, who is the company’s chairman of the board. It is affiliated with DFK Hill Mayberry, which serve as the company’s auditor. It is also affiliated with the Link Market Services, Limited, which serves as the company’s registrar.
The Company involves in the provision of affordable accommodation in the three star hotel industry in Papua New Guinea and the Solomon Islands. The Company also provides a number of ancillary services in Port Moresby, including bars, food and gaming.
Description and history
QUOIN (INT) LIMITED (the Company) involves in the provision of affordable accommodation in the three star hotel industry in Papua New Guinea and the Solomon Islands. The Company also provides a number of ancillary services in Port Moresby, including bars, food and gaming.
The Company’s shares was listed on the Australian Stock Exchange on 4 May 1994.
The Company continued its exit from hotel operations in the politically and economically sensitive regions of Papua New Guinea and Soloman Islands. The sale of the Granville Hotel was settled in October 2001, the proceeds of which were used to reduce the debt owing to the Bank of South Pacific. Furthermore, a Contract of Sale was enter into for both King Soloman and Gizo Hotels which was settled in early 2002. The proceeds from the sale of these hotels were used to settle secured and unsecured debts in the Soloman Islands.
The strategic move into the information technology industry with the acquisition of Quoin Technology Pty Ltd has failed to meet the business projections and expectations of the subsidiary’s management. As a result, the move has failed to provide the fall back strategy to the underperforming hotel operations and has further exacerbated the group’s financial position.
The Receiver/ Manager appointed to the Company by the Bank of South Pacific continued to act in that capacity during the year till 2005.
The Receiver/ Manager appointed to IHL Australia Pty Ltd was removed in June 2003, having satisfied the debt owing to Bankwest. The liquidator appointed to the Company was replaced by a deed administrator in August 2003, following action to have the liquadation set aside by the directors of the parent company.
No further activities were undertaken by Quoin (Int) Limited or its subsidaries during the year.
In respect of a controlled entity, IHL Australia Pty Ltd, a deed of company arrangement was terminated in October 2004 upon which the deed administrator paid a first and final dividend to unsecured creditors. The final three Broadbeach units held by the company were sold to satisfy debt owing to secured creditor Westpac.
The receivership of Quoin (Int) Limited was completed on 23rd November 2005. All litigation pursued by the receiver to recover debts owed to the company were settled . Funds available at cessation of the receivership were used to reduce debt owing to the Bank Of South Pacific. There were no funds available for unsecured creditors.
The Parent Entity entered into Deed of Company Compromise in August 2007 with creditors pursuant to Section 242, under Part XV of the Companies Act 1997 of the Independent State of Papua New Guinea. The proposal provides that a dividend of AU$ 675,000 shall be paid to creditors as full and final settlement of outstanding liabilities.
The board of directors continue to actively pursue and negotiate investment options and potential merger arrangements to satisfy the capital raising requirements of the company and to ensure the re-instatement on the Australian Stock Exchange.
On August 25,2009 the Company was suspended from ASX because the failure in paying annual listing fees.
Engaged in the operation and management of hotel
DFK HILLL MAYBERRY
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City province or state postal code
Country address: PAPUA NEW GUINEA