MATTER OF AXONA INTERN. CREDIT & COMMERCE LTD.

Bankruptcy No. 83 B 10195.

88 B.R. 597 (1988)

In the Matter of AXONA INTERNATIONAL CREDIT & COMMERCE LIMITED (formerly Bancom International Limited), Debtor.

United States Bankruptcy Court, S.D. New York.

As Amended August 11, 1988.


Attorney(s) appearing for the Case

Stroock & Stroock & Lavan, New York City (Daniel Golden and Melvin A. Brosterman, of counsel), for trustee.

Zalkin, Rodin & Goodman, New York City (Henry Goodman and Harold N. Schwinger, of counsel), for Chemical Bank.

Cleary, Gottlieb, Steen & Hamilton, New York City (Mark P. Friedman, of counsel), for Hong Kong Liquidators of Axona Intern. Credit & Commerce, Ltd.

Weil, Gotshal & Manges, New York City by Bruce R. Zirinsky, Irwin H. Warren, Richard B. Friedman, and Nicholas Gatto, for American Exp. Bank, Ltd., Mfrs. Hanover Trust Co. and State Street Bank Intern.


DECISION AND ORDER — ON APPLICATION TO SUSPEND THE CHAPTER 7 CASE AND DIRECT THE TURNOVER OF ASSETS, AND ON CROSS-APPLICATION TO DISMISS THE CASE AND VACATE AB INITIO ALL PROCEEDINGS AND SETTLEMENTS THEREIN

BURTON R. LIFLAND, Chief Judge.

I. INTRODUCTION

The chapter 7 case before this Court is the progeny of a Hong Kong winding-up proceeding concerning this debtor, Axona International Credit & Commerce Limited (hereafter "Axona" or "Debtor...

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