By Rick Archer (May 24, 2019, 8:31 PM EDT) -- A British Virgin Islands-based resort owner on Friday asked a New York bankruptcy court to give Chapter 15 protection to its U.S. assets while it investigates what it called "misconduct" by members of its management team.
Limora Investments Ltd. asked the court for Chapter 15 recognition of the insolvency proceedings it says it began in the British Virgin Islands in February after discovering "unusual" cash flow problems with the subsidiaries that manage its flagship Spanish properties.
According to court papers, Limora has more than 100 subsidiaries with interests in resorts, timeshares, hotels and other businesses in the United Arab Emirates, Spain,...
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