William Tacon, who has been appointed Receiver of Dellis Cay, is expressing optimism about the development, saying that there is still demand for this type of project.
Tacon, of Zolfo Cooper in the British Virgin Islands, was appointed Receiver to Turks Development LP and Turks Ltd on October 15, 2009, following a request made by the partners/directors to the Debenture Holder.
In a Press release, Mr. Tacon, said:  “It is unfortunate that this important project has been placed in receivership but there is still demand for this type of project, even in the current adverse economic climate. Purchasers of properties have already expressed their support to me and I shall be exploring how the project can be resurrected.”
He added: “This process will take time, in view of the complexity of the development itself and the need to consider carefully the options available.”
Turks Ltd is the developer of the Dellis Bay project of innovative villas, condominiums and a hotel. Turks Development LP is a non-trading holding company.  Mr. Tacon’s appointment does not extend to Dellis Construction Limited, an associate of Turks, Ltd, which acted as main contractor on the project. All work at Dellis Bay stopped by 10 October 2009. The construction site has been secured with full time security guards in place.
The release said that creditors will be contacted by the Receiver and invited to send details of their claims.
In a separate advertisement, Tacon stated: “Any person who considers they have a claim against the companies should submit details to me and will be contacted in the near future.”
Zolfo Cooper is a leading provider of insolvency and restructuring services in the Caribbean from its offices in the British Virgin Islands and Cayman Islands.
Tacon is Managing Partner of Zolfo Cooper BVI. He is a Fellow of the Institute of Chartered Accountants in England and Wales and licensed to act as an Insolvency Practitioner by the ICAEW and also the BVI Financial Services Commission.