BusinessBusiness RecoveryGME falls prey to winding up order

GME falls prey to winding up order

The company that attempted to have the liquidation of the New Millennium Experience Company nullified has itself been issued with a winding-up order.

Link: GME seeks second court hearing for Dome chiefs

The court granted the order on Wednesday last week against Greenwich Millennium Exhibition (GME) after an application from one of its creditors SK Sports and Entertainment. GME had attempted to nullify the liquidation of the Dome company in the High Court based on a claim that neither Lord Falconer nor Peter Mandelson were properly registered as the government’s sole shareholder.

This case was thrown out of court two weeks ago, but an insider for GME said it would go on with its claim, despite being subject to its own winding up order.’The winding up petition has no impact on the litigation. There will be continued instructions against the High Court ruling 14 days ago. We will appeal over procedural irregularities,’ said the spokesman.

Attempts by GME to apply for a private prosecution against five NMEC directors, including well-known company doctor David James, have also stalled after a judge at Bow Street Magistrates Court had the application for summonses adjourned.

Steve Treharne, KPMG partner and joint liquidator of the NMEC, said: ‘GME’s arguments relating to alleged omissions in NMEC’s declaration of solvency were comprehensively rejected. The judgement described GME’s actions as ‘obsessive’ and indemnity costs were ordered to be paid by GME.’

The official receivers are currently in the process of assessing the value of GME’s assets.

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