Cash Plus real estate arm in liquidation
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.