to seize the development over an unpaid debt.

Bermuda resident Mr. Arthur White announced his intentions last night after winning a battle to bankrupt what is thought to be the project's ultimate parent company.

Mr. White learned yesterday that a Swiss court had removed all objections to the winding up of York Hannover Holding AG.

The Swiss-based property company is expected to be formally wound up within a few days.

Mr. White is owed 750,000 Canadian dollars which he lent the York Hannover group to help build the units more than a decade ago.

Now he plans to take legal moves to recover what he is owed by trying to seize part or all of the St. George's Club.

He claims York Hannover promised investors several years ago that 100 percent of the shares of the St. George's Club would be held for them in a trust.

In another twist yesterday, it appears Mr. White is not the only creditor with designs on the St. George's Club.

The Central Guaranty Trust Company, of Canada, which lent the St. George's Club $9 million in 1990 and made a further $2.5 million available this year, may also have a claim.

CGT is meeting with Bermuda's Government today in a bid to give assurances that the Club will be kept going under any circumstances.

It has secured its loans against several companies belonging to the York Hannover group, which has interests all over the world.

It has even gone to the extent of securing its money against the head of York Hannover personally, German-Canadian businessman Mr. Karsten von Wersebe.

But Mr. White, a Canadian, has vowed to fight all the way for his money.

"I lent this money in good faith to help get this project started and I want what I am owed,'' he said.

But even he admits it is unclear if he has any legal claim to the St. George's Club because of the complex structure of the York Hannover group.

Two years ago, the ownership of the St. George's Club was transferred from York Hannover Holding AG to a little-known company called York Hannover Curacao NV, in the Netherlands Antilles.

The transfer was made only two months after York Hannover Holding AG had issued Mr. White promissory note securing his loan.

It is not known who owns the Curacao company. Some officers in the York Hannover group believe it may be owned in Switzerland, which would mean Mr.

White could reasonably hope to get his money back.

But Mr. White, who has tried in vain to establish who the ownership of York Hannover Curacao NV, is doubtful.

Mr. White said he suspects that the assets of the Swiss company may have been deliberately stripped.

He is worried there will be nothing left to pay creditors like himself.

"I am looking to bankrupt York Hannover Holding AG and get hold of the shares of the St. George's Club,'' said Mr. White. "I also want to get the lease, which is a major asset in Bermuda, and any other assets like trust funds.'' And he warned directors of all York Hannover companies that he will stop at nothing to recover his money.

"If shares have been transferred, causing the depletion of my securities, I will look to the respective directors of the different companies for restitution,'' he said. "I may even take it further.'' The York Hannover group is in serious financial and legal trouble worldwide.

Its Canadian operations are being wound up and its European operations are embroiled in a banking scandal involving the Rothschild Bank of Zurich.

Bermuda Police are currently investigating an allegation of fraud by the York Hannover group in connection with the building of the St. George's Club.

York Hannover is closely tied in with a Canadian company called Castor Holdings, which was also set up by Mr. von Wersebe and which collapsed this year with massive debts.

Castor was principally a mortgage company whose principal lenders included the York Hannover group, to whom it lent hundreds of millions of dollars.

The combined debts of the York Hannover group and Castor are believed to be in the region of $1 billion.