By Demola Abimboye
Mr Olamide Owolegbon appointed by United Bank for Africa Plc UBA Plc as Reciever/Mananger can now take over all fixed and floating assets of BORINI PRONO and Company wherever found and whatsoever jurisdiction of the court and in Nigeria, particularly but not limited to all the assets of the company within its registered office, 11 Burma Road Apapa, Lagos.
A Federal High Court in Lagos granted leave to a receiver /manager as a result of the company’s inability to pay a debt of N768,640,124.10.
In an affidavit sworn to by the bank’s head of loan recovery, Adeyemi Wey and argued before the court by a Lagos lawyer, Barrister Temilolu Adamolekun, UBA granted several loan facilities to Borini Prono to augment its working capital. As security for the various loan facilities, the company executed the following documents;
1. A duly registered deed of all Assets dated 6th of May, 2014.
2. Domiciliation letters in respect of contract payments, some of which the bank issued Advance payment Guarantee for.
But Borini Prono has failed to liquidate the facilities which has continued to accrue interest. By May 31, 2019 the company’s indebtedness to the bank stood at N768,640,124.10.
Consequently, pursuant to Clause 9 of the Deed of all assets, the bank appointed Owolegbon as Receiver /Manager over all assets of the company charged in favour of the bank.
It argued that the company and its Directors may obstruct, hinder and interfere with the powers vested in the Receiver/Manager as contained in the Deed of all Assets Debenture. It said that unless the company and its Directors are restrained, they would strip the company’s charged assets and dispose same; thus leaving the bank without any means to recouping or realising the indebtedness of the company.
Thus, Adamolekun, urged the court to issue order granting leave to the Receiver/manager to take over the assets of the company, and an order directing the Assistant Inspector General of Police, Zone 2,Lagos State, the commissioner Police Lagos, to assigning seven policemen to protect Owolegbon and his labourers to assist the bailiffs of the court in the course of the receiver taking possession and carrying out his duties as receiver of the property of the company.
Chukwujekwu Aneke, the presiding judge, after hearing Adamolekun’s submission, granted his request.
