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Company declares bankruptcy

By Len Garae PORT VILA, Vanuatu (Vanuatu Daily Post, , 2010) – In Vanuatu, the new supermarket where Centre Point used to be may become a new six-storey building or something else in the near future now that the present company has gone into voluntary liquidation only one year after it opened for business.

Liquidator Martin Saint Hilaire said the owner could not pay for the electricity bill, Vanuatu Brewery bill and rent anymore and went into liquidation.

The liquidator said the company owed Unelco approximately 10 million-vatu [US$105, 000], Vanuatu Brewery 10 million-vatu [US$105,000] and the landlord 16 million-vatu [US$168,400].

Meanwhile the supermarket was the pride of the Capital for those European residents who were used to shopping in their own supermarkets back home because its layout and goods were similar to any small supermarket in any country in the European Union.

The liquidator does not know who the new buyer is but said more than one buyer is interested in the building and they have their individual vision as to what they want to do on the site.

He said it is possible that the potential buyers are not only interested in the building but the entire bloc including the parking lot.

"The idea is probably to pull the building down and put up a six-storey building or a new super market or a bank or a building with apartments at the top," he said.

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