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The High Court held that TPCC remained the lawful owner of Plots 1, 4 and 7 at Wazo Hill, and that the 2008 transfer to TBA was invalid.
The requirements of the Bankruptcy Act and its rules regarding proof of debt by affidavit do not apply to specified public corporations that are not undergoing liquidation but are being restructured or privatized. The Companies (Winding up) Rules, 1929 are only applicable during liquidation. The preliminary objections raised by the 2nd defendant lack merit and are dismissed.
Source excerpt
The requirements of the Bankruptcy Act and its rules regarding proof of debts by affidavit do not apply to specified public corporations that are not undergoing liquidation but are being restructured or privatized. The Companies Act and its winding up rules only apply when the corporation is in liquidation, not during privatization. Therefore, the preliminary objections raised by the 2nd defendant lack merit.
Source excerpt
The High Court lifted a garnishee order against bank accounts linked to State Travel Services Ltd, holding the accounts were protected under PSRC receivership.
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