A petition filed in the Grand Court seeking to wind up NCB Investments Ltd. and place it into liquidation was withdrawn at the leave of the court on Friday, 17 Oct. 2025.
After the brief hearing which was scheduled for 10am, attorney Shaun Tracey of the law firm Campbells said, “Two days ago, the debt was satisfied in full, and as a result, the petition was withdrawn.”
Campbells law firm was acting on behalf of the petitioners, Quayside Holdings and Sandy Shoales.
The original petition filed on 9 Sept., indicated a dispute had arisen between the petitioners, and NCB Investments Ltd. in respect to three properties the petitioners purchased in September 2022 at Kailani – a boutique hotel under construction on North Church Street, on the waterfront in George Town.
Quayside Holdings and Sandy Shoales claimed the parties agreed to settle the dispute back in March 2025, and at that time, they entered into a settlement and release agreement with NCB Investments Ltd., but the petitioners claimed NCB Investments Ltd. failed to make the payments according to the terms set out in their agreement. As a result, the petitioners were asking the court to recognise that they were owed more than US$1.5 million.
Following the withdrawal of the winding up petition, Compass Media reached out to Tania Knapik, senior manager, sales and marketing at NCB Group to determine if the settlement of the dispute had resulted in any changes in the ownership structure of NCB Investments Ltd. and what the resolution of the dispute could mean for the progress of the Kailani development, as well as the current timeline for completion.
Knapik said, “We are pleased that this matter has been resolved, just as we indicated it would be.”
She said she was unable to answer the other questions because Matthew Wight, managing director of NCB Group, was currently travelling.
Back in July, the developer said, “a recent multi-unit sale had resulted in the Kailani hotel being 100% under contract.” They added, “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.”
Matthew Wight said at the time, “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.”
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”.
Visible exterior construction work on the site halted earlier this year, and the developer, in a written response to questions from the Compass explained that “While early hotel unit sales progressed, they did so more gradually than initially projected.”
They said, “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.”
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