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) MAY 18, 1999
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APPLEWOODS, INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 0-27850 13-3859709
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(STATE OR OTHER (COMMISSION (IRS EMPLOYER
JURISDICTION OF FILE NUMBER) IDENTIFICATION NO.)
FORMATION)
15 WEST 26TH STREET, NEW YORK, NEW YORK 10010
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (212) 679-8515
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(FORMER NAME OR FORMER ADDRESS, IF CHANGES SINCE LAST REPORT)
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ITEM 5. OTHER EVENTS.
Applewoods, Inc., a Delaware corporation (the "Registrant"), is the
holding company of its wholly owned subsidiary Applewoods International Limited
("AIL"), an English corporation. Applewoods, Inc. has no other operating
subsidiaries, nor any other significant assets.
On May 6, 1999, Mr. Ian E. Walker and Mr. Keith R. Morgan, both of
Pannell Kerr Forster, Chartered Accountants, were appointed as the joint
administrative receivers of the assets, property, and undertaking of AIL, in
accordance with Section 46(1)(b) of the Insolvency Act 1986 written under
English law. The appointment was made under the powers contained in a debenture
in favor of Mr. Roger M. Buoy, Chairman and Chief Executive of the Registrant
and AIL.
It is the duty and prime purpose of the receivers to dispose of the
property of AIL and to pay the proceeds therefrom to the debenture holder in
discharge of the secured debt, subject to certain classes of "preferential"
claims. While the receivers examine the financial position and prospects of the
business, AIL continues to trade under their supervision.
It is anticipated that, following the disposition of the business of
AIL, the Registrant will have minimal assets, if any, and will not hold any
interest in an operating entity.
(a) Exhibits.
Appointment letter dated May 6, 1999, of joint administrative
receivers by Roger M. Buoy.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly authorized and caused the undersigned to sign this
Report on the Registrant's behalf.
APPLEWOODS, INC.
/s/ DAVID H. KNIGHT
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David H. Knight
Company Secretary
Dated: May 28, 1998
