Carmax Limited placed in receivership
Carmax Limited, the car dealership company which allegedly owes customers more than $100 million has been placed into receivership following a Supreme Court order.
The assets of its directors Darren Blake and Ian Lyn are also in receivership.
The application for receivership was made by auto broker and performance car tuner, Roderick Byles, who claimed he delivered a car to the company to be sold.
Byles says the vehicle was sold but the money was not paid over.
Attorney-at-law Conrad George, who is representing Byles, says following the order made today, insolvency practitioner, Ken Tomlinson, was appointed receiver.
Supreme Court Judge Bertram Morrison who granted the receivership order also granted orders for injunctions against the company and the two directors after hearing submissions from George and attorney-at-law Adam Jones in an ex parte application.
Blake is now facing fraud charges in the Corporate Area Resident Magistrate's Court arising from the alleged non payment of over $100 million to customers for the sale of motor vehicles.
This week, the police issued a report that Lyn is wanted in relation to the alleged fraud.
Blake has been remanded in custody and is facing 88 counts of fraud amounting to over $161 million.
He is to return to court on May 1.
Carmax and its directors will have seven days to disclose their assets once they have been served with the court order.