Receiver manager takes over Italian firm over alleged debt

A Federal High Court, Lagos has granted leave to a lawyer, Temilolu Adamolekun appointed by Guaranty Trust Bank (GTB) as receiver manager to take over an Italian company, Poloni and Company Limited over its alleged inability to pay a N139 million debt.

The firm is located at 58/60, Ajose Street, Mende village, Maryland Lagos.

The order of the court was sequel to an affidavit sworn to by a legal practitioner, Mr Gbenga Akinde-Peters in support of motion ex-parte filed before the court by Adamolekun’s law firm.

The deponent averred that in October, 2014 GTB granted loan in the sum of N124million to Poloni and Company Limited to augment its working capital.

He swore that the loan was secured by personal guarantee and indemnity signed by Mr. Domenico Poloni who is the alter ego of Poloni Company and a duly registered deed of legal mortgage.

Akinde-Peters averred that the company has failed to liquidate the facility which has continued to accrue interest in line with terms and conditions in agreement executed before granting the loan, adding that as at May 13, 2015, the company’s indebtedness stood at N139,061,280.27k.

He said despite several letters of demand, the company has failed to liquidate its indebtedness to the bank.

Consequently, the bank appointed. Mr. Adamolekun as Receiver/Manager over the property and Assets mortgaged and charge in favour of the bank by the company.

The company then urged the court not only to restrain the company and its directors and agents from obstructing the receiver manager in performance of his duty but to also grant the receiver manager leave to take over the company pending the hearing and final determination of the motion on notice.

The trail judge, Saliu Saidu acceded to the request of the bank and empowered him (Adamolekun) to take over the company.