Another delay in Brady, FCJ $110-m court battle
The Supreme Court matter that involves the Factories Corporation of Jamaica (FCJ) against Harold Brady was pushed to September 18, when the case continued on Thursday, much to the annoyance of FCJ attorney-at-law, Amanda Montague.
In the battle against Brady, the Government-owned FCJ is seeking to have him pay over $110 million owed from a property transaction. In 2017, Brady, who was an attorney-at-law, was barred from practising law in Jamaica after he was found guilty of professional misconduct, as it was alleged that he misappropriated funds belonging to his client, the FCJ.
On July 24, Brady had his legal team apply for insolvency.
A ruling in the matter was to be handed down on Thursday, but the judge explained that a ruling could not be given until a later date.
Montague, who has always insisted that Brady has been given a number of repayment options but has refused to repay, fought hard to convince the judge not to put off the matter, as a ruling should have already been handed down on July 24.
Jerome Spencer is the attorney representing Brady.
On Thursday, the deputy supervisor in the Office of the Supervisor of Insolvency confirmed in court that insolvency proceedings had started, which has triggered an automatic stay in the matter.
“A notice of intention was filed with the Office of the Supervisor on the 24th of July. Pursuant to the Act, section 4, an automatic stay comes into play. My instructions are that once that stay is in effect and a creditor intends to rely on section 7, the matter becomes an insolvency proceedings. Insolvency proceedings are initiated under the insolvency act,” she said.
“In relation to oral applications, once reliance is being place on the Insolvency Act, it becomes an insolvency proceeding. We are not saying that oral applications can’t be made. Once they are invoking the provisions of the insolvency legislation it ought to be heard in the insolvency division of this Court,” she added.
The deputy supervisor explained to the court that the purpose of her office is to protect the integrity of the Insolvency Act.
On September 18, when the matter resumes, the court will hear arguments from Delroy Beckford, the attorney representing a trustee that is being relied on in the insolvency case.
