There is a glimmer of hope for clients of Cash Plus
Limited which has reportedly encountered financial problems.
The Financial Services Commission (FSC) said it has received the information it requested from the unregulated investment scheme.
Cash Plus was among other things asked to provide information on the total number of investors and the balances due to them.
It was also required to state the source of funds for payments.
Acting Executive Director of the FSC, George Roper, told RJR News that the information was received on Friday and this could result in a variation of the cease and desist order placed on Cash Plus.
He said the information should also prove useful to the receiver manager who was Monday appointed to take control of Cash Plus' operations.
"The purpose of the varied cease and desist order is to allow for investors to receive so the indebtedness of the company to these debtors could be settled," said Mr. Roper.
"Once it is there it will help the receiver manager since a receiver manager has been appointed to look about repaying the investors and the receiver manager would need to have the cease and desist order varied so he can go about doing that,"
In the meantime, several meetings will be held involving the FSC and the receiver-manager for Cash Plus.
The court Monday appointed Kevin Bandoian of PricewaterhouseCoopers in the US to oversee Cash Plus and its affiliates.
"We will have several meetings with him in the course of time that he is appointed receiver manager," he said.
The main task of the receiver-manager is to determine the assets held by Cash Plus.
A report will then be made to the Court on a distribution to creditors.
Monday's court order prohibits Cash Plus and its affiliates from selling or transferring any of their assets.
The Financial Services Commission (FSC) said it has received the information it requested from the unregulated investment scheme.
Cash Plus was among other things asked to provide information on the total number of investors and the balances due to them.
It was also required to state the source of funds for payments.
Acting Executive Director of the FSC, George Roper, told RJR News that the information was received on Friday and this could result in a variation of the cease and desist order placed on Cash Plus.
He said the information should also prove useful to the receiver manager who was Monday appointed to take control of Cash Plus' operations.
"The purpose of the varied cease and desist order is to allow for investors to receive so the indebtedness of the company to these debtors could be settled," said Mr. Roper.
"Once it is there it will help the receiver manager since a receiver manager has been appointed to look about repaying the investors and the receiver manager would need to have the cease and desist order varied so he can go about doing that,"
In the meantime, several meetings will be held involving the FSC and the receiver-manager for Cash Plus.
The court Monday appointed Kevin Bandoian of PricewaterhouseCoopers in the US to oversee Cash Plus and its affiliates.
"We will have several meetings with him in the course of time that he is appointed receiver manager," he said.
The main task of the receiver-manager is to determine the assets held by Cash Plus.
A report will then be made to the Court on a distribution to creditors.
Monday's court order prohibits Cash Plus and its affiliates from selling or transferring any of their assets.
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