Local aquaculture company voluntarily liquidates

Weeks after the Agriculture Ministry announced that it was working with the United Nations to encourage aquaculture farmers to rear an alternative species of fish, it is now being revealed that a stakeholder has opted to leave the industry.
It was disclosed by way of public notice dated December 9, 2017 that Eden Aquaculture Inc removed its name from being a registered company in Guyana. The removal was in keeping with Section 404 of the Companies Act 1991 under the Removal from Register heading, whereby the company “voluntarily wound up” operations by Special Resolution. While the reasoning behind such action was not explicitly stated, the notice highlighted that the resolution to wind up (or to liquidate) was dated November 24, 2017.
Normally, when companies “wind up” operations, it suggests that operations were brought to an end and that finances were being redistributed. While opting to end a company’s existence may be a result of diminishing prospects or returns, liquidation can either be voluntary or mandatory. Eden Aquaculture’s departure follows reports earlier this year that the Ministry was working with the UN’s Food and Agriculture Organisation (FAO) on promoting Tambaqui, a South American freshwater fish.
Tambaqui, which is quite a meaty fish, is principally found in the Amazon Rainforest and is said to be highly sought after. Guyana Times was told in late October that the fisheries department was working with aquaculture farmers to rear species beyond tilapia, which is popular among many Guyanese. The aquaculture station in Mon Repos was working to breed Tambaqui to sell the fingerlings, or juvenile fish, to farmers at a subsidised cost.
The Ministry’s aquaculture unit offers extension services to farmers such as water quality testing on farms, technical advice for digging and constructing ponds.
Agriculture is one of the most significant economic sectors in Guyana, contributing some 20 per cent of the nation’s Gross Domestic Product (GDP). However, as the State is looking beyond the traditional sectors such as sugar and rice, aquaculture, which is the farming of fish and other marine life, was cited as one of the fastest growing industries within the sector.
Moreover, the Agriculture Ministry is mandated to promote the sustainable development of the nation’s fishery resources.