Construction company ordered to settle debts

Bolin Construction Limited was ordered to pay HSBC Ltd the sum of over €700,000 in interest and outstanding balances over the company’s bank accounts.

On 13 March this year, Legal Procurator Catherine Fenech, on behalf of HSBC Ltd Malta, exhibited statements of accounts dating back to March 1998. Fenech also testified that the construction company had made no deposits in order to regularise its position. Bolin Construction Limited owed the bank a balance of €483,982.78 and €223,293.19 in interest until March 2013.

The court, presided over by Madame Justice Jacqueline Padovani Grima, considered that the construction company had wasted its opportunity to give reasons for failing to attempt to regularise its financial position. Moreover, Bolin Construction Limited did not file any reply to the bank’s claims even when given a 10-day window of opportunity by the court.

Judge Padovani Grima ordered Bolin Construction Limited to pay HSBC Ltd Malta the sum of €707,275 together with interest from March 2013 to the date of payment.