Wide powers to liquidators

CL Financial has been ordered by the Court to submit to Dickson and Wide within 21 days, an accounting suported by affidavit, of all assets, debts and liabilities along with the names, addresses and occupations of creditors and the securities they hold as well as the dates on which the securities were acquired by them.

The order was issued on Monday as the Appeal Court overturned a ruling by Justice Kevin Ramcharan and granted Government’s application for the appointment of the liquidators from the international accounting firm Grant Thornton. In addition to the affidavit, the Appeal Court ordered that the statement of the condition of CL Financial be verified by one or more directors of the company and by the company secretary.

The duties of the joint provisional liquidators have been stated as to protect and conserve the assets of C.L. Financial and curtail wasteful spending and liabilities pending the determination of the winding up petition filed by the Government.

The provisional liquidators have been given the authority to carry out an investigation into the affairs of CL Financial and take possesion of whatever assets CL Financial may be entitled to, including books and records; protect those assets and do whatever is necessary to protect the assets wherever they may be located.

They also have the power to bring, continue or defend any action or other legal proceeding on behalf of CL Financial including the power to take action to recover documents or assets of the company and hire professional advisers to help them in the performance of their duties.

They may also appoint agents to do any business which they are unable to do themselves or which it is more convenient to have done by an agent; hold and operate the company’s existing bank accounts or open and operate new accounts to pay expenses incurred on behalf of CL Financial in the carrying out of their duties.