Provisional liquidator appoint Fed for Cash Plus Limited

Provisional liquidator appoint Fed for Cash Plus Limited
Jamaica Observer – Kingston,Jamaica
Friday, August 01, 2008

The Supreme Court of Judicature in Jamaica has appointed Mr L Monty Kandekore, Trustee in Bankruptcy, as the Provisional Liquidator of Cash Plus Limited (CPL). This is in addition to Mr Kandekore’s appointment on June 27, 2008 as Provisional Liquidator of Cash Plus Group Limited (CPG), headed by Carlos Hill. His appointment as Provisional Liquidator of CPL became effective on July 18, this year.

As Liquidator, Kandekore will be responsible for disposing of the assets of CPG and CPL, in order to realise funding to pay towards any relevant claims that may be made against the entities.

Kandekore’s appointment by the Court arose from an application by the Premier League Clubs Association (PCLA) to wind up Cash Plus Group Limited, citing its failure to honour commitments made with regard to sponsorship of the National Premier League Football Competition. CPG holds approximately 50 per cent of the estimated (real) assets of Cash Plus, while CPL collected the bulk of lenders funds and was the major source of funding for CPG’s acquisitions and investments.

The role of the Court-Appointed Liquidator of Cash Plus Group and Cash Plus Limited, differs from that of the Court-Appointed Co-Receiver- Manager, Kevin Bandoian who was installed on March 31, 2008. Bandoian has a mandate to determine the existence and value of assets owned by Cash Plus Limited and Affiliates as well as what is owed to creditors and lenders. He still has jurisdiction over the assets of affiliates of Cash Plus Limited, with the exception of Cash Plus Group, until the Court decides otherwise.

Only the Provisional Liquidator has the authority to dispose of CPG and CPL assets, and it is expected that information regarding payments, if any, will be announced by him in due course. Further, the Receiver/Manager has been mandated by the Court to provide a final report by August 8, 2008.