Chief Justice (ag) Ian Chang has granted an order approving the sale of seven of CLICO (Guyana’s) immovable properties and businesses, and allowing also for the monies earned to be placed in the statutory fund for the benefit of policyholders.
The order, which was granted in an ex parte application by Senior Counsel Ashton Chase on Thursday, also allows for proceeds from the sales to be put away to meet current and future obligations of the cash-strapped insurance company.
The permission to sell off CLICO’s assets had been long sought by then Judicial Manager, Maria van Beek, who recently advised in a report to the court that the company is now in a state where it is to be wound up, adding that “liquidation of the company may be regarded as the option most advantageous to the general interests of the policy holders”.
Assistant Commissioner of Insurance, Tracey Gibson made the ex parte application on van Beek’s behalf saying that the Judicial Manager is absent from Guyana as a result of the repercussions and effects being suffered by her following the attack she survived on April 16 this year.
Van Beek’s functions have since been taken over by the Bank of Guyana
.
In the affidavit filed, Gibson said, that CLICO has seven immovable properties in Guyana – including a huge, recently completed head office – that have commercial value and “are at the risk of losing value due to vandalism and non-occupation”.
Court documents identified the properties at:
1. Lot 191 Camp Street, South
Cummingsburg, Georgetown
2. 161 Lamaha Street, Georgetown
3. Lot 129 Irving and Laluni Streets,
Georgetown
4. 52 Area ‘J’ Lamaha Gardens,
Georgetown (residential house and con
tents)
5. 200-201 Camp Street, Cummingsburg,
Georgetown (as is)
6. Lot 51 Front ½ New Amsterdam,
Berbice
7. Lot 5 Block ‘1C’, East Half, Plantation
Hydronie, Essequibo (land only)
Gibson said that the administration of the statutory fund and the business of the company are attracting future expenses and obligations which may not be met if the realizable values of the properties mentioned and “the insurance businesses diminish before the conclusion” of the case.
The Assistant Commissioner of Insurance said further that van Beek proposed approaching the court by way of an application for its no-objection with respect to finalizing the transactions being contemplated and recommended.
