Court nominates liquidator after shareholders’ disagreement

The First Hall of the Civil Court has appointed lawyer Louis Cassar Pullicino as liquidator of Greenstar Ltd, after the company’s shareholders failed to appoint a liquidator when the company had declared itself bankrupt.

Mr Justice Joseph Zammit McKean heard how in November 2013, British nationals William and Helen Bodenham, as directors of Greenstar Limited, placed their company in a creditor’s voluntary winding-up state. The two declared that Greenstar Ltd was not in a position to honour its debts.

A month later, Dr Joselle Galea from Bank of Valletta proposed Brian Tonna of Nexia BT be appointed as liquidator, with the proposal seconded by Pierre Farrugia of Nibe Marketing Limited. no other proposals were made. A vote by show of hands was made and was carried unanimously. However in March 2014, Tonna refused the appointment.

A meeting of the company’s creditors was held to nominate a person to the office of liquidator. During the meeting those present were asked if they were interested in taking up the office of liquidator. Owen Sweetman, an alternate director of Greenstar Ltd asked if any creditors present for the meeting wanted to put forward the name of a liquidator, but no one forwarded any suggestions.

The Bodenhams, who currently reside in Spain asked the First Hall of the Civil Court to intervene and appoint a liquidator. The court was also asked to fix the remuneration package the liquidator would be paid.

Mr Justice Joseph Zammit McKeon appointed lawyer Louis Cassar Pullicino as liquidator of the company and ruled that the remuneration package would be decided at a later stage.