Kond declared insolvent by court

National, Normal


A HIGHLANDS businessman, political administrator and “carbon trader” consultant, James Kond, has been declared insolvent or bankrupt by the National Court.
This effectively means that Mr Kond, who is also the chairman of the PNG Land Transport Board and vice president of the Highlands region’s National Alliance party, and recently been a recipient of the Logohu Award for “contribution to business,” cannot hold any leadership roles.
At the same time all his business assets are automatically vested with the public curator, pursuant to the Insolvency Act 1951.
The National Court in Waigani last week adjudged Mr Kond insolvent and ordered that a general meeting be held tomorrow for creditors of James Kond for the purpose of election of a trustee.
The National Court also ordered Mr Kond to report to the office of the registrar of the National Court in Waigani next Feb 9, and deliver to the trustee a full and accurate statement
of his debts and other
liabilities, names and
residences of his creditors, and the cause for inability to meet his engagements.
The insolvency proceedings were taken out by the National Development Bank (formerly Rural Development Bank) after Mr Kond and his business entity Koo Management Services failed to repay a loan of K485,000 taken on September 15, 2003.
Mr Kond and his company defaulted on the loan repayment agreement, prompting NDB to take legal action against him and his business entity.
It is understood that Mr Kond is seeking legal advice to set aside the judgment.