Receiver manager takes over Italian company for GTB

Thursday, October 22, 2015 11:23 am

Akin Kuponiyi

A Federal high court sitting in Lagos south west Nigeria,has granted leave to a Lagos lawyer, Barrister Temilolu Adamolekun appointed by Guaranty Trust Bank plc as receiver manager to take over an Italian company,Poloni and Company Limited situated at 58/60,Ajose street Mende village Maryland Lagos state,south west Nigeria over the inability of the company to pay a debt of N139million.

The order of the court was sequel to an affidavit by a legal practitioner, Mr Gbenga Akinde-Peters in support of motion exparte filed before the court by the law firm of Temilolu Adamolekun.

The deponent averred that in October,2014 Guaranty Trust Bank plc granted loan in the sum of N124million to Poloni and Company Limited to augment its working capital.

The loan was secured by personal guarantee and indemnity signed by Mr Domenico Poloni who is the alter ego of Poloni company,and a duly registered deed of legal mortgage, wherein it charged all that piece of land situated at Mende village,off Ikorodu road of Lagos state cover by a deed of transferred between Michael Adebanjo Akinola and Poloni company limited.

The company has failed to liquidate the facility which has continued to accrue interest in line with terms and conditions in agreement executed before granting the loan and as at the 13th of May,2015 the company indebtedness stood at N139,061,280.27. Despite several letters of demand, the company has failed to liquidate its indebtedness to the bank

Consequently,the bank appointed. Mr Temilolu Adamolekun as Receiver/Manager over the property and Assets mortgaged and charge in favour of the bank by the company.

The company then urged the court not only to restrain the company and its directors and agents from obstructing the receiver manager in performance of his duty but to also grant the receiver manager leave to take over the company pending the hearing and final determination of the motion on notice.

The presiding judge,Saliu Saidu acceded to the request of the bank. The company has since been taken over by the Receiver/Manager.