A settlement has now been arrived at in the lawsuit brought by Kenneth Tomlinson, liquidator for UGI Finance and Investment Limited, against former liquidator Dalma James for failing to hand over the company's documents.

Tomlinson will pay James' lawyers J$14 million in exchange for the release of UGI Finance's files.

"We will get the documents and now go on with the liquidation process in terms of disposal of assets and redistribution of the proceeds," said Tomlinson.

Tomlinson sued James last year for failing to hand over documents which he said have stalled efforts to wind up the company.

After 13 years in operation, UGI Finance opted for voluntary liquidation, saying it was running short of cash. The company was owned by Neville Blythe.

UGI Finance was placed in receivership in January 2010, at which time James, a chartered accountant, was appointed the liquidator. He was removed in August 2011 for unsatisfactory performance, according to court documents.

Tomlinson, his replacement, has since been caught up in a legal fight with James over fees James says are owed to him, and so he, too, has made no headway on the wind-up.

In his claim, James was demanding J$31.5 million plus interest owed to him in liquidation fees, but settled for J$14 million. He has up to February 28 to furnish the Registrar of Companies and Tomlinson with an account of his receipts and payments.

The court case will be discontinued at that date subject to adherence to the settlement terms.

"A settlement cannot be satisfactory, but we have to compromise on all fronts," said James, when asked for comment.

UGI Finance and Investment has been a securities dealer since 1995. Its book assets were valued at J$900 million at the time it was placed in liquidation.

sabrina.gordon@gleanerjm.com