Supreme Court dumps attorney's Cash Plus petition
March 16, 2009
Justice Roy Anderson last Thursday threw out a petition brought by attorney-at-law David Rowe, who was seeking permission from the Supreme Court to make traces to identify any overseas assets that investment scheme Cash Plus Ltd might have had.
Trustee in bankruptcy, Hugh Wildman, objected to the petition filed, arguing several preliminary points which were upheld by the judge.
Rowe, who practises at the Florida Bar, said in court documents that he represented himself and 21 creditors from overseas who had invested $1.1 billion in Cash Plus Ltd.
When Rowe filed the petition in November 2008, Andrew Gyles was the acting trustee in bankruptcy. Rowe wanted Gyles removed as trustee for Cash Plus Ltd because he claimed that the trustee did not have the resources or capacity to go abroad and find assets belonging to Cash Plus Ltd.
Strong belief
Rowe said he believed assets existed abroad. In Paragraph Six of his petition, Rowe said the basis on which the petition was made was that Gyles was "unable to access diligently, pursue and take action to recover the millions of dollars of creditors' investments in the company that can be traced around the world". He said he "strongly believe that the monies loaned to Cash Plus Ltd were transferred to its subsidiaries and affiliates outside the jurisdiction, for whatever reason, and were also used to purchase assets in foreign countries.
"In this regard, to adequately wind up the company and pay creditors, it is imperative that the monies and assets of Cash Plus Ltd outside the jurisdiction be traced and gathered for liquidation," the document stated.
Rowe said that for the assets to be traced, it required special expertise and resources which were not available or readily available to the trustee in bankruptcy/provisional liquidator....
Author: Barbara Gayle
Source: Jamaica Gleaner
