The hearing of a winding up petition against Skyfame Realty (HKG:0059) has been further adjourned to Thursday, Feb. 6, by the Supreme Court of Bermuda due to "administrative reasons," a Monday bourse filing said.

The company, on Jan. 24, passed a resolution stating it does not object to the joint provisional liquidators not choosing to seek a further adjournment for the hearing and will not oppose a potential winding-up order from the Bermuda Court.

The decision follows the firm's inability to raise enough funding for a debt restructuring scheme or generate enough sale proceeds to fulfill its payments under the scheme and offer a better return to its creditors.

A creditor had filed the petition against the property developer in 2022 over alleged unpaid debt.