29th July, 2010
A Federal High Court sitting in Lagos, while granting leave to a Lagos-based lawyer, Barrister Akin Adesomoju, appointed by Intercontinental Capital Market Limited as receiver manager of Frezone Plant Fabrication International Limited, has restrained the directors of the company and their agents from obstructing the receiver manager in performance of his duties.
The order of the court was sequel to an application filed before Justice B.I Molokwu by Barrister Adesomoju, seeking the order of the court to take over and preserve the assets of the Frezone Plant Fabrication International company.
In an affidavit sworn to by one of the officials of Intercontinental Capital Market Limited, Mr. Segun Taiwo, the respondent averred that sometime in March, 2005, his company granted N170,000,000 term loan to Frezone Plant Fabrication Company to open LC’s for various equipment namely CNC cutting machine, blasting and painting carbin, diesel.
The company was also granted other loan facilities between November, 2005 and May, 2006, all the loan was consolidated in the sum of N360 million.
The company executed a deed of fixed and floating debenture on 21 November, 2005 in favour of Intercontinental Capitals market.
When the company failed to pay its debts, Intercontinental Capital Market wrote several letters of demand but did not get positive response. The plaintiff also went into several meetings with the defendant, still the company was unable to pay its debt.
Consequently, the plaintiff, in its bid to recover its money from the company which stood at N664.403 million, has no option than to exercise its right as contained in clause 7.01 of the deed of fixed and floating debenture, which crystallised into appointing a receiver manager in the name of Akin Adesomoju.