Waiting on finalization before moving on with development? any thoughts?
From last 10Q 08-2013
3Power Services (formerly known as Seawind Service) Liquidation
On October 8, 2012, the High Court of Justice in the United Kingdom issued a winding-up order for the liquidation and winding up of the affairs of 3Power Services (formerly known as Seawind Service), a wholly owned subsidiary of the Company’s Subsidiary, 3Power Energy (formerly known as Seawind Energy).
By the letter of The Insolvency Service dated October 12, 2012, the Company was required to provide information relating to 3Power Project Services Limited to the Official Receiver’s Office (a government body of Plymouth, the United Kingdom) and attend an interview with staff of the Official Receiver’s Office to review the prospect of recovering the assets of 3Power Project Services Limited for the benefit of creditors.
The company was also required to deliver to the Official Receiver’s Office certain assets (cash or cheques) and accounting records that are still in its possession or control. The Company has attended the interview and delivered all the available accounting records to the Officer Receiver’s Office. No order confirming a plan of reorganization, arrangement or liquidation has been entered as of this report.
3Power Energy (formerly known as Seawind Energy) Dissolution
On January 17, 2013, the Company filed a Strike off application with the Registrar of Companies in the United Kingdom to dissolve 3Power Energy (formerly known as Seawind Energy), a wholly owned subsidiary of the Company. Such Strike off application has yet to be approved as of this report.
