Category Archives: receivership

Cash Plus real estate arm in liquidation

Cash Plus real estate arm in liquidation
by jamaicaobserver.com
Paul Henry
Monday, September 22, 2008

Cash Plus Development, a subsidiary of Carlos Hill’s failed Cash Plus group, was Friday placed into liquidation by the Supreme Court.

The liquidation order was made by Justice Marva McDonald following an application by the court-approved trustee in bankruptcy, Monty Kandekore.

It is believed that the real estate company has assets of some $2 billion.

However, Kandekore, who is also the liquidator of the Cash Plus Group and Cash Plus Limited said that only part payment was made on some of the properties purported to be that of Cash Plus Development. Kandekore said he would only be able to recoup the part payment made on properties that exceed 10 per cent of the purchase price.

As Liquidator, Kandekore is responsible for disposing of the assets of the companies in order to secure funding to pay relevant claims that may be made against the entities by investors.

Cash Plus has approximately 40,000 clients to whom it owes billions of dollars. Several multimillion lawsuits have been filed to recoup monies invested in the failed alternative investment scheme.

Kandekore was appointed liquidator in June by the court, following an application by the Premier League Clubs Association to wind up Cash Plus Group Limited, because of its failure to honour sponsorship commitments regarding the National Premier League Football competition.

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.

Cash Plus boss loses bid to take back company

Cash Plus boss loses bid to take back company
PAUL HENRY, Observer staff reporter henryp@jamaicaobserver.com
Saturday, July 26, 2008

THE bid by Cash Plus boss Carlos Hill to take back control of his company, which was placed into receivership in March, came to a crashing end in the Supreme Court yesterday.

A dapperly dressed Hill, in his court appearance yesterday, was powerless to act as his application to challenge the appointment of receiver/manager Kevin Bandoian’s appointment was taken over by the recently appointed liquidator of Cash Plus, L Monty Kanberkore, and withdrawn.

Kanberkore, who is so empowered as liquidator under the Companies Act, told the court that the action to challenge Bandoian’s appointment was not the best thing for creditors.
Kanberkore’s appointment as liquidator came last month as a result of an application in June by the Premier League Clubs Association (PLCA) for the winding up of the Cash Plus Group.

The PLCA is seeking the winding up because of Cash Plus’ failure to honour an agreement reached last October for the sponsorship of the 2007/2008 Premier League Football Competition at more than $100 million. The PLCA is hoping to recover lost fund with the liquidation of Cash Plus’ assets.

Shortly after Bandoian’s appointment on March 31, lawyers acting on behalf of Cash Plus and Carlos Hill, filed the application to challenge the appointment on the ground that the law did not provide for an employee to make applications to place a company into receivership, as was done in this case. This, they said, could only be done by the company’s director, shareholders or creditor.

Bandoian’s appointment as receiver/manager followed several failed dates set by Hill to repay his approximately 40,000 lenders.

Meanwhile, the court will on September 30 hear applications from persons who want to intervene in the matter.

Cash Plus boss suffers setback in challenge against receivership

Cash Plus boss suffers setback in challenge against receivership

Tuesday, July 22, 2008
published by Jamaica Observer

CASH Plus boss Carlos Hill will have to wait until Friday to start his legal challenge against the court’s decision in March this year to place his troubled entity into receivership.

The postponement of the hearing in the Supreme Court yesterday was made to allow the Cash Plus Group’s court-approved liquidator, L Monty Kanberkore, time to file his affidavit in the matter.

Kanberkore, whose appointment stemmed from an application in June by the Premier League Clubs Association (PLCA) for the winding up of the Cash Plus Group, only intervened in the matter at the last minute.

The PLCA is seeking the winding up of the Cash Plus Group because of the entity’s failure to honour an agreement reached last October for the sponsorship of the 2007/2008 Premier League Football Competition at more than $100 million. The PLCA is hoping to recover lost funds with the liquidation of the group.

Cash Plus’ lawyers were yesterday set to make submissions in chambers against the approved appointment of receiver/manager Kevin Bandoian, which was done on an application by an employee of Cash Plus.

The lawyers are contending that under the law an employee of a company cannot file for a company to go into receivership. This, they said, can only be done by the company’s director, shareholders or creditor.

Bandoian’s appointment as receiver/manager was approved by the court on March 31, following several failed dates set by Hill to repay his approximately 40,000 lenders.