Imperial Pacific International (IPI) is looming in liquidation stages as it has already announced that it is not financially stable to repay the debts.
In the absence of the Imperial’s capacity to repay its debts that it owes to various government and private entities, the fear of liquidation is writ large.
Not only it owes millions of dollars to govt. and private entities, but it also owes huge sums to its former and current employees.
Looking at the situation and Imperial’s inability to take control of the situation, a receiver has now been nominated. This is proactive step if the situation comes if Imperial has to sell some of its assets in order to comply with court orders.
As per CalvinAyre.com’s report, Charles Song, an attorney for the DOL, explains, “Ms. Tang’s hourly rate is $350 plus applicable business gross revenue tax. The [USDOL] secretary believes the receivership should be limited to purging contempt by liquidating sufficient assets to pay the consent judgment payment of $1,182,793.00 and deposit $800,000 into an account acceptable to secure future payrolls.”