The Office of the Attorney General is challenging a judge's decision to approve the fees claimed by the joint liquidators of CL Financial (CLF) for their work in 2019.
When the State's appeal came up for hearing before Appellate Judges Gregory Smith and James Aboud Monday morning, Senior Counsel Deborah Peake suggested that it be heard expeditiously as the liquidators, Hugh Dickson and David Holukoff, of international accounting firm Grant Thornton, are still performing their roles.
"The principal creditor is very concerned," Peake said, as she noted that the issue dealt with accountability.
Senior Counsel Fyard Hosein, who led CLF's legal team, agreed that the procedural appeal should be dealt with urgently but said the parties had to wait until High Court Judge Kevin Ramcharan issued a written version of his decision which was delivered orally almost two months ago.
"We want to get it right," Hosein said.
Justice Smith, who led the panel, agreed with Hosein's concern about the need for Ramcharan's written ruling to prepare submissions in the appeal.
"I understand the need for expedition but if we try to rush this it could be one step forward two steps back," Justice Smith said.
Justice Smith gave the parties deadlines for filing their submissions, which were contingent on Justice Ramcharan's written ruling and promised that the Appeal Court would set a urgent hearing which is convenient for the attorneys involved in the case.
In July 2017, the Government successfully petitioned Justice Ramcharan to put the conglomerate into liquidation to clear its remaining debt from when it received a multi-billion dollar bail-out in 2009.
In their seventh report to Justice Ramcharan dated December 18 last year, the liquidators noted that their company had claimed a little over $60 million in fees and expenses for their work between 2017 and last October.
A discount was also reportedly applied to the fees claimed.
Since the liquidation, there has been litigation challenging the proposed sales of different assets by the liquidators.
The AG's Office is also being represented by Ravi Heffes-Doon and Romney Thomas, while Sasha Bridgemohansingh appeared alongside Hosein for CLF.