Cash Plus has issued another update. In this update they explain the role of the provsional liquidator. It points out the date of appointments of the provisional liquidator for particular entities.
- June 27, 2008, the provisional liquidator appointed for Cash Plus Group(CPG)
- July 18, 2008, the provisional liquidator appointed for Cash Plus Limited(CPL)
This update also explains that CPG holds roughly 50% of the real assets while CPL gathered the bulk of funds from lenders and was the main source of funding for CPG’s buying spree.
Following is important information & Frequently Asked Questions about the Receivership/Management status at Cash Plus
Provisional Liquidator Appointed for Cash Plus Limited
Effective July 18, 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. This is in addition to Mr Kandekore’ appointment on June 27, 2008 as Provisional Liquidator of Cash Plus Group Limited (CPG)
As Provisional Liquidator of the two entities, Mr Kandekore will be responsible for liquidating their assets. CPG holds approximately 50% of the estimated (real) assets. While CPL collected the bulk of lenders funds and was the major source of funding CPG’s acquisitions and investments.
Q. What is the difference between the Court-Appointed Liquidator of Cash plus Group and Cash Plus Limited and the Court-Appointed Co-receiver/Manager?
The Supreme Court appointed the Provisional Liquidator arising from application made by a creditor of CPG and a lender of CPL to wind-up the entities. As Liquidator Mr.Kandekore will be responsible for disposing of assets of CPG and CPL in order to realize funding to pay towards any relevant claims that might be made against the entities.
By Contrast, the Court- appointed Co-receiver/Manager Kevin Bandoian installed on March 31, 2008 has a mandate to determine the existence and value of assets owned née Cash Plus Limited and affiliates as well as what is owed to creditors and lenders. He still has jurisdiction of the assets of the affiliates of Cash Plus Limited with the exception of Cash Plus Group, until the Court decides otherwise
Q. Will the recevicer/Manager announce how and when payments will be made creditors and lenders in light of these new developments
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 provided a final report by August 8, 2008
Cash Plus Lenders can request information on their individual accounts by writing to:
Cash Plus lenders can request information on their individual accounts by writing to: Cash Plus Limited (in liquidation), PO Box 606, General Post Office, Kingston or by sending an e-mail to cpreceiver@cashplusltd.com
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