Ingrid Campbell and Alfred Chung, proprietors of AIC Battery and Automotive Services Company Limited (AIC), have lost their rights over a building located at Vlissengen Road and Da Silva Street, Newtown, following a court order issued by the Caribbean Court of Justice (CCJ). The decision was passed down on April 16, 2013.
The company had borrowed sums of money from the then National Bank of Industry and Commerce Limited (NBIC) ?now Republic Bank (Guyana) Ltd. The loans were secured by Debentures over the company?s property, and failure by both Campbell and Chung to issue payments, resulted in the bank appointing a Receiver in the year 2002.
The appointed Receiver, in an effort to liquidate the debt owed to Republic Bank, entered into an agreement of sale with a purchaser over the aforementioned Vlissengen Road property. However, Chung and Campbell who resided in the top flat of the building refused to vacate, leaving the sale stalled.
The Receiver then moved to the High Court to have them evicted. Judgment was granted in favour of the Receiver in 2003 by the Honourable Justice B.S. Roy who struck out the shareholders? Affidavit of Defence.
Dissatisfied with this decision, Chung and Campbell moved to the Court of Appeal, but, their appeal was dismissed.
Still not satisfied, the two appealed to the Caribbean Court of Justice (CCJ). Their appeal was heard on April 8, 2013.
The CCJ also granted in favour of the Receiver who was represented by Mr. Andrew M.F. Pollard, of Messrs. Hughes, Fields & Stoby, and the shareholders by Mr. Saphier Husain.
In addition, the CCJ ruled that the established practice in Guyana of appealing summary judgments to the Court of Appeal was improper.
Source: http://www.kaieteurnewsonline.com/2013/04/24/automotive-co-shareholders-lose-right-over-building/
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