Court orders Paki to file operations report
By PETER MIVA
THE National Court in Lae has directed Rex Paki, liquidator of the Voco Point Trading Ltd, to provide a written report to the court on his operations before May 21.
Justice Sao Gabi on Friday granted leave to sole shareholder and director Nathaniel Poya who sought the order, among others.
The court order relates to the liquidator’s dealings with the company properties which are section 43, allotment 5 at Fourth Street, section 2, allotments 6 and 25 at Voco Point and all other properties and chattels in Lae he sold since his appointment on March 5, 2004.
Mr Poya filed an originating summons on May 25 last year seeking the orders as pursuant to section 332 of the Companies Act 1997.
Court documents showed that the company went into voluntary liquidation after a special resolution by its shareholders who met on March 5, 2004.
Mr Paki was appointed to continue to trade and realise assets in an orderly manner and consult the shareholders and creditors on the activities.
He was also appointed as liquidator to provide an interim report to the shareholders on any sale of assets on a monthly basis for a monthly fee of K5,000.
Mr Paki consented to act as liquidator on March 5, 2004.
Justice Gabi told the court that since the start of the liquidation process, only two reports had been compiled.
He said he noted the liquidation was to have been concluded on July 31, 2005.
“I also note that Mr Paki refuses to report directly to Mr Poya; that no meeting of creditors has been called and that there are no reports on rentals and sale of the fleet of vehicles,” Justice Gabi said.
He said the court, under section 332 of the Companies Act 1997, may give directions in relation to any matter arising in connection with the liquidation and confirm, reverse or modify an act or decision of the liquidator.
Justice Gabi also said the court may order an audit of the accounts of the liquidation and order the liquidator to produce the accounts and records of the liquidation for auditing.
Mr Poya has also sought the termination of Mr Paki as liquidator.
The court will resume on May 23 for further deliberations.
Nation Stories