By Simon Boxall
Copyright caymancompass
A petition has been filed in the Grand Court seeking to wind up NCB Investments Ltd on the grounds that it is unable to pay its debts.
According to the petition, which was filed on 9 September, a dispute arose between Quayside Holdings and Sandy Shoales (the petitioners), and NCB Investments Ltd in respect to three lots the petitioners purchased in September 2022 in Kailani – a boutique hotel currently under construction in partnership with the Curio Collection by Hilton in George Town, Grand Cayman.
The Winding Up Petition states that on 20 March 2025, the petitioners and NCB Investments Limited entered into a settlement and release agreement to settle the dispute and that NCB Investments Ltd agreed to make payments in instalments.
The petition claims NCB Investments Ltd failed to make the payments in full, or at all, as set out in the clauses of the Settlement Agreement, and that Quayside Holdings and Sandy Shoales are now owed more than US$1.5 million.
The petitioners are asking the court to recognise that NCB Investments Ltd is unable to pay its debts and is therefore insolvent and should be wound up in accordance with Section 92(d) of the Companies Act.
The petitioners are also asking the Grand Court to appoint John Royle and Sandipan Bhowmik of Grand Thornton Specialist Services (Cayman) Limited as the joint official liquidators of the company.
The hearing of the petition will take place at the Law Courts in George Town, on 17 October 2025 at 10am.
A spokesperson at NCB declined Compass Media’s request for a comment, saying “Unfortunately, given that it’s a matter before the courts, we are unable to make an official statement at this time.”
Kailani construction delayed
NCB Investments initially purchased the waterfront property opposite Kirk Market in George Town in December 2016 to build Kailani, described in a brochure as the “Cayman Islands’ first luxury wellness and business boutique hotel”. In June 2017, NCB announced it had submitted plans for the 60-unit hotel, which it expected would open in 2019.
Visible exterior construction work on the site halted earlier this year and developer NCB Group called the delay a “strategic decision.”
The developer, in written response to questions from the Compass submitted in late July this year, said, “While early hotel unit sales progressed, they did so more gradually than initially projected.
“Following the completion of the hotel shell and roof topping in late 2024, we made a strategic decision to pause exterior works to refine Kailani’s completion strategy.”
In July, the developer also said that a recent multi-unit sale had resulted in the hotel being 100% under contract.
“This milestone has unlocked the next phase of project financing, which is anticipated to be received in August. With this in place, we are moving confidently into the next phase of construction,” the developer said.
Matthew Wight, managing director of NCB Group, added, “Kailani remains a priority for NCB Group. Construction will resume in August, positioning us to deliver the project in time for the 2026 high season.”
