Wildman bails out

Barbara Gayle, Justice Coordinator

Cash Plus liquidator leaving post

Wildman has, however, assured that he has put plans in place for his successor to follow through.

Although thousands of depositors have not received any payments since Cash Plus was placed into receivership in 2008, Wildman said yesterday he had successfully completed some Cash Plus matters.

"I should have left office in February but sought an extension because I am working on a plan which if successful will solve the Cash Plus problem," he said.

Wildman, who was appointed trustee in bankruptcy and liquidator in 2009, said he had accomplished a lot.

"I was able to go to court and get assets declared to be those of Cash Plus and some of them, including properties, have been sold," he noted.

He said the funds from those sales were now being held in Cash Plus accounts.

Wildman has challenged the 2008 ex parte appointments of receiver managers for Cash Plus and is waiting for the Court of Appeal to hand down its decision.

He said the Companies Act was breached when Cash Plus was placed into receivership because it was not notified about the application.

It has been outlined in court documents that the receiver managers were claiming fees in excess of $200 million.

Wildman claims the fees were illegal because they flowed from an appointment he says was a nullity.

Wildman is seeking to get an order from the court for the receiver managers to repay what they have already received in fees and to bar them from getting any further payment.

Funds held in accounts

The funds from the sales of Cash Plus properties are being held in Cash Plus accounts and Wildman said if he was successful in the judgment from the Court of Appeal, then the fees paid to the receiver managers would go to the depositors. He did not disclose how much money was in the accounts.

"Whoever succeeds me will just have to follow through on what we have achieved," he added. He said he did not know who was succeeding him.

Wildman told The Gleaner yesterday that based on claims he received, more than 45,000 Cash Plus depositors are awaiting payment of almost $10 billion.

barbara.gayle@gleanerjm.com