Days after he granted an order approving the sale of Clico (Guyana’s) immovable properties and businesses, Chief Justice (ag) Ian Chang has recalled the order in the wake of strong objections by attorneys for Clico (Guyana).
Clico’s lead counsel Roysdale Forde approached the court in an ex parte application on Wednesday and successfully objected to the order. Forde argued that the matter dealing with the sale of the properties should have been made inter partes.
He noted Clico’s disapproval at not being included in the original ex parte hearing in which the order was granted to Assistant Commissioner of Insurance, Tracey Gibson through Senior Counsel, Ashton Chase. Gibson had made the application on behalf of former Judicial Manager, Maria van Beek.
Justice Chang had granted the order on June 11 approving the sale of Clico (Guyana’s) immovable properties and allowing also for the revenue earned to be placed in the statutory fund for the benefit of policyholders. The order had also allowed for proceeds from the sales to be put away to meet current and future obligations of the insurance company.
The permission to sell off Clico’s assets had been sought by 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”.
But attorneys for Clico (Guyana) had argued against any sale of the company’s properties and have insisted that the insurance company is still in a position to operate some lines of business.
Advertisements being published on the sale of the properties are expected to cease in light of the decision of the court to recall the order.
In the affidavit filed, Gibson said, that Clico has seven immovable properties in Guyana 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 contents)
5. 200-201 Camp Street, Cummingsburg, Georgetown (as is)
6. Lot 51 Front ½ New Amsterdam, Berbice
7. Lot 5 Block ‘C’, East Half, Plantation Hydronie, Essequibo (land only)
