SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: (Date of earliest event reported): September 2, 1998
IWI Holding Limited
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(Exact name of Registrant as specified in its charter)
0-25108
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(Commission file number)
B.V.I. None
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(State or other jurisdiction of incorporation) (I.R.S. Employer
Identification Number)
1010 Executive Court, Suite 300, Westmont, IL 60559
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(Address of principal executive offices) (Zip code)
(630) 887-8288
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(Registrant's telephone number, including area code)
ITEM 1. CHANGES IN CONTROL OF REGISTRANT
In June 1998, Chan Mau Hing, a New York a resident loaned certain sums to
Rhine Investment Holding Company Limited ("Rhine") pursuant to a 60 day
promissory note. The collateral for this loan was 918,750 shares of common stock
of the Registrant and 3,644,880 shares of preferred stock of the Registrant.
Each share of common stock has one vote per share while each share of preferred
stock has one-half vote per share. Upon default of the loan by Rhine, the
collateral was foreclosed and sold to Bamberg Company Ltd., a British Virgin
Islands corporation. As a result of this purchase, Bamberg Company Ltd. now
controls approximately 62.6% of the voting power of the Registrant.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On September 2, 1998 an Official Receiver was appointed as the Provisional
Liquidator for the ultimate
parent of the Registrant, Rhine Holdings Limited.
On September 3, 1998, Kennic Lai Hang Lui and Lauren Wu Lau, both of Kennic
L.H. Lui & Company, 5th Floor, Ho Lee Commercial Building, 38-44 D'Aguilar
Street, Central, Hong Kong, were appointed Joint and Several Agents of the
Official Receiver and the Provisional Liquidator of the Company.
On September 11, 1998, Kennic Lai Hang Lui and Lauren Wu Lau, both of
Kennic L.H. Lui & Company, 5th Floor, Ho Lee Commercial Building, 38-44
D'Aguilar Street, Central, Hong Kong, were appointed Joint and Several Special
Managers of the Company under an order of the Court issued on the same day.
ITEM 7. FINANCIAL STATEMENTS & EXHIBITS
(c) Exhibits
1. Report of the Joint and Several Managers at the First Meeting of
Creditors and Contributors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
IWI HOLDING LIMITED
Date: October 19, 1998 By:/s/ Joseph K. Lau
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Joseph K. Lau, President