An appeal of Justice Kevin Ramcharan's decision to wind up CL Financial will be held tomorrow.
Dalco Capital Management Co Limited has filed the appeal on six grounds including that Ramcharan did not have jurisdiction to determine the issue of solvency since it was determined by the Court of Appeal on July 25.
The matter is to be held before the Court of Appeal.
On September 15, Ramcharan gave the go-ahead for Government to have the cash strapped conglomerate wound-up as it seeks to recover a $15 billion debt to taxpayers as part of the 2009 bailout of four of the company’s subsidiaries.
As a result of the court’s ruling, CLF’s operations will now be fully placed in the hands of the two liquidators who will be responsible for management of the company and its assets during the period of winding up.
But Dalco has appealed this decision stating that Ramcharan "erred in finding that there was 'common ground' that CL Financial Limited was insolvent in the face of clear evidence of the shareholders that insolvency of CL Financial Limited was disputed".
Ramcharan also erred in relying on management accounts used by Colin Soo Ping Chow, the court documents filed for the appeal stated.
"The learned trial judge erred in making a finding that the evidence filed on behalf of the Appellants/Shareholders was not credible in the absence of same being tested in cross examination or the use of a single joint expert to guide him in the face of conflicting expert reports on the solvency of CL Financial Limited," the court documents stated.
"The learned trial judge erred in simply looking at a snapshot of the accounts (assuming but not admitting that he was entitled to rely on same) or the summary as provided by Soo Ping Chow to determine the issue of solvency and failed to conduct proper analysis of same in order to determine the issue of solvency."