Suspended traded life settlements fund EEA Life Settlements has told shareholders to approve a restructure of the troubled vehicle or else face liquidation.
In a circular to shareholders sent out last night, EEA - which has been suspended since November 2011 - told shareholders that it needs their approval for its restructuring proposals to take to the Guernsey Financial Services Commission. EEA said if it did not get the approvals, it would consider appointing a liquidator. It said: "In the event such approval [from shareholders] is not obtained the Company will not be able to proceed with the restructuring proposal and the directors will have to reconsider the future of the company, and the likely conclusion is that the directors will t...
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