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|CCJ dismisses GFML appeal against increased remuneration for receiver|
|Monday, 06 August 2012 21:26|
THE Caribbean Court of Justice (CCJ), sitting in its appellate jurisdiction on July 27, unanimously dismissed an appeal by Guyana Furniture Manufacturing Limited (GFML) against a decision of the Court of Appeal of Guyana in the matter of Guyana Furniture Manufacturing Limited versus Robert Ramcharran and National Bank of Industry and Commerce Limited (now Republic Bank Guyana Limited.
Comprising Sir Dennis Byron (President) and Justices Adrian Saunders, Desiree Bernard, Winston Anderson and Jacob Wit, the CCJ, in dismissing the appeal, decided that the increase by the National Bank of Industry and Commerce Limited (now Republic Bank Guyana Limited) of Mr. Ramcharran’s remuneration as receiver of Guyana Furniture Manufacturing Limited, from 1% of gross receipts to 3% of gross receipts, was a permissible variation of the contract between the bank and Mr. Ramcharran as receiver; and that the company was not required to be consulted thereon, nor was its agreement thereto required.
As such, the CCJ ruled that Mr. Robert Ramcharran, as receiver, was entitled to full payment of his commission.
The judgment referred to the evidence of Mohabir Singh, the Managing Director of the applicant, in which he admitted that he was not required to be consulted by the bank before the receiver’s commission was varied; and that the rate of commission was a matter for the bank to decide, provided that the commission was within the parameters stated in the Debenture Deed.
The CCJ further held that the payment by Mr. Ramcharran of commissions to himself and to Mr. Maurice Solomon, who had subsequently been appointed receiver by the Inter-American Investment Corporation under a prior debenture granted to that institution by Guyana Furniture Manufacturing Limited, was lawfully made from all the monies collected by Mr. Ramcharran.
The CCJ agreed that receivers were entitled to be paid their respective commissions at the agreed rates out of all monies received by Mr. Ramcharran as National Bank of Industry and Commerce Limited’s receiver.
The appellant, Guyana Furniture Manufacturing Limited, was represented at the CCJ hearing by Sir Fenton Ramsahoye, S.C., along with Messrs R. Satram and C.V.Satram, Attorneys-at-law.
Mr. Robert Ramcharran was represented by Mr. Edward Luckhoo, S.C., and Mr. Robin Stoby S.C.; and the National Bank of Industry and Commerce (NBIC) was represented by Mr. Rafiq Turhan Khan, Attorney-at-Law.
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