Cash Plus lawyers contesting receivership
LAWYERS for the embattled investment scheme Cash Plus Limited are now contesting the Supreme Court’s approval in March to put the troubled entity into receivership.
Cash Plus’ legal team, during the outlining in chambers of the financial status of the scheme by court-approved receiver/manager Kevin Bandoian Friday, raised the objection.
The lawyers are contending that under the law a employee of a company cannot file for a company to go into receivership as was done by a manager in this case.
The onus to do so lies with the company’s director, shareholders or creditor, the lawyers argued in chambers.
Cash Plus lawyers were given until June 12 to file an affidavit explaining their objections, when the matter comes up again for hearing.
Bandoian’s appointment as receiver/manager was approved by the court on March 31, following several failed dates set by Carlos Hill to repay his approximately 40 lenders.
