Dominic Chappell at Island Harbour marina.
A WINDING-up petition has been lodged against Island Harbour Ltd, which operates the Island Harbour marina and The Bistro restaurant.
The company, which has debts of more than half a million pounds, had put forward proposals for a Company Voluntary Arrangement (CVA), through Langley Group, to repay creditors, including a number of Island companies.
However, the company withdrew the proposal following a meeting of creditors at the Holiday Inn, Portsmouth, last Friday.
In a letter to creditors, Alan Bradstock, of Langley Group, said: “The company confirms such proposal as had been previously circulated is now formally withdrawn and the winding-up petition, which is currently adjourned to November 26, will now proceed unopposed.
“Creditors should now await the outcome of the petition hearing, subsequent to which, assuming a winding-up order is made, the official receiver, as appointed by the court, will circulate creditors.”
However, Dominic Chappell, a director of Island Harbour Ltd, which is purely an operating company, said they were actively looking at all options and still wanted to see if an agreement could be reached with creditors. He said they were re-examining the proposal and may or may not come back with another.
“We are doing our utmost to ensure creditors are paid,” he said.
The latest paperwork shows claims totalling £885,007 with Biffa Waste Services Ltd (owed £3,887), Chapel Nurseries (£7,221), Crossprint (£12,727), Isle of Wight Council (£29,102) and Hamiltons Fine Foods (£11, 022) among 95 lodged creditors.
Mr Chappell said they had lodged counter claims against three of the creditors.
Mr Chappell has personally been bankrupt in the past but is now fully discharged. He said it came about after he was unable to pay legal costs in a private civil matter and was completely unconnected to his involvement with any company.
Reporter: martinn@iwcpmail.co.uk