COK Sodality Co-operative Credit Union Limited v Intertrade Finance Corporation Limited Consolidated with FSC

Case Number: 
2011 HCV 03174
Neutral Citation: 
[2012] JMSC Civ No. 57
Date of Delivery: 
08.05.2012

Company Law- Law of Trusts-Financial Services Commission Act- FSC assuming temporary management of institution carrying on both securities and cambio business-applying for stay of proceedings commenced against institution- subsequent filing of Winding Up Petition by the FSC- cambio operation-whether trust arises when moneys paid for particular purpose not fulfilled- whether funds become assets of insolvent company or whether impressed with a trust -Methods of Distribution of assets when assets insufficient to fulfil all claims-Bills of Exchange Act-dishonoured cheques-liquidated damages-entitlement to judgment for amount stated in cheque

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