The Chief Justice ruled last week that the petition for winding-up by then Commissioner of Insurance, Maria van Beek was properly presented to court, and that the High Court was authorised in its subsequent action with respect to the petition.
CLICO (Guyana) through its attorney, Roysdale Forde had argued that the leave was granted on a petition not yet filed and properly presented to the court, contending that the petition was filed and that the order for leave was granted after it was filed. This, Forde said, was unlawful and in breach of the High Court rules.
Justice Chang had praised Forde for his submission, referring to them as thorough, but he ruled against them saying that the actual hearing into CLICO will continue. Substantive arguments into the case were expected to continue this week.
In February, van Beek had secured an order from the court to place CLICO (Guyana) under judicial management prior to winding up of the company.
Chief Justice Chang ordered, after reading the petition by van Beek and the affidavit in support, that leave be granted to van Beek to present a petition under section 67 (1) of the Insurance Act 1998 and that upon the filing of the petition that CLICO Life and General Insurance Company (South America) Limited be placed immediately under judicial management until further orders by the court.
