The company had challenged Chief Justice (ag) Ian Chang’s decision to rule in the matter and was successful when Justice Franklin Holder granted an order to stay the proceedings for a wind-up last month until the writ filed by CLICO is determined.
Since the company was placed under judicial management and proceedings were initiated in the High Court CLICO has been fighting for what it called a “fair hearing”. The company through its attorneys led by attorney-at-law Roysdale Forde has argued extensively that CLICO is still in a position to pursue some lines of insurance business based on the statutory funds.
In the ex-parte application before Justice Holder, CLICO said its constitutional rights had been breached because Justice Chang failed to grant it a fair hearing. CLICO argued that both the application for winding-up and the order placing CLICO under judicial management were made without notice to the company.
The company said also that it fears an order for winding-up will result in the likely disposal of its assets. Further, CLICO said that it has no remedy and cannot be compensated in damages against the judicial manager given that the office carries with it immunity from any action.
Previously, Judicial Manager Maria van Beek had said that it is in the best interest of policyholders that the company is wound-up, adding that she would not recommend nor “is it possible” for the company’s business to be compartmentalized and some aspects to be pursued.
This latest round of arguments in the case potentially means that hundreds of CLICO (Guyana) investors and policyholders may have to wait even longer before they can recover their monies.
It has also been reported that attorney for the Judicial Manager, Senior Counsel Ashton Chase has appealed the decision by Justice Holder to stay the winding-up proceedings triggering another round of arguments in the case.
