Buccament Bay Resort in danger of being struck off register

Buccament Bay Resort Ltd is in “default of its obligations to the Companies Act” and “is liable to be struck off the Register,” a January 17, 2013 Certificate of Status says.{{more}}

The company, which was incorporated in St Vincent and the Grenadines on December 16, 2005, has failed to file any financial statements or annual returns between 2005 and 2012, as required by law.

“In view of the aforementioned default, the Company is liable to be struck off the Register, pursuant to [section] 511 of the Act,” Deputy Registrar of Companies, Theona R. Elizee-Stapleton, said on the Certificate of Status.

“As far as this office is aware, the company is not in liquidation and no receiver of the Company’s property has been appointed,” the Certificate of Status further said.

And, Harlequin, the parent company for Buccament Bay Resort and several other resorts across the Caribbean, told SEARCHLIGHT on Wednesday that the delinquency resulted from “historic problems”.

“There have been delays in filing accounts for Buccament Bay and this is largely due to historic problems with the former UK auditors, Wilkins Kennedy, who are now the subject of legal proceedings by Harlequin for professional negligence in relation to aspects of the work they did for Harlequin,” a spokesperson for Harlequin said by email.

“Harlequin has been working tirelessly with its new auditors and accountants to rectify these matters. Draft accounts have now been completed up to March 2011 and we expect to file these shortly,” the email further said.

Section 511 of the Company Act of St Vincent and the Grenadines says the Registrar may strike a company from the Register if the company “fails to send any return, notice, document or prescribed fee to the Registrar as required” pursuant to the Act.

A company may be also removed from the Register if it is dissolved or is amalgamated with one or more other company, or if the registration is revoked pursuant to the Act.

Additionally, a company may be struck off the Register if it does not carry out an undertaking given under subparagraph (1) of paragraph (a) of section 515.

Section 515 reads: “The name of a company (a) shall not be the same as or similar to the name or business name of any other person or of any association, partnership or firm, if the use of that name would be likely to confuse or mislead, unless the person, association, partnership or firm consent in writing to the use of that name in whole or in par, and (i) if required by the Registrar in the case of any person, undertakes to dissolve or change his or its name to a dissimilar name within 6 months after the filing of the articles.”

Separately, the Financial Services Authority (FSA) in the United Kingdom this week warned financial advisers about investing clients’ money in Caribbean property through Harlequin Property, owners of the resort.

The FSA warns advisers to ensure they give “careful consideration” to the particular features of an investment through Harlequin.

“Harlequin fully endorses the alert notice and worked with the FSA in the drafting of it. Much of its contents match the guidance already posted on Harlequin’s website,” UK media quoted Harlequin as saying.

“However the alert issued by the FSA is simply that – an alert to reinforce guidance for regulated IFAs as to the due diligence they should undertake prior to investing in a Harlequin Property,” the quote reported in the media further said. (kentonchance@searchlight.vc)