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Liquidator of the troubled Touchwood Investments PLC G.K. Sudath Kumar will submit a proposal for the liquidation of the company to the Colombo Commercial High Court shortly.
This is a very complex situation and I am currently negotiating with lawyer Sudath Hettiarachchi and a team of Attorneys for a suitable mechanism which will be a win-win situation for all, Sudath Kumar told.
This is different to the normal Liquidation, so our lawyers are presently working to submit this plan via special motion and I am confident that we would be able to see that the liquidation plan goes through prior to the next Court hearing date scheduled for June 22nd. The mechanism for the settlement would be that the Arbitrator would be advertising for outside parties to tender for these lands, wait till the trees mature within the next 10-15 years where they will be able to transfer the lands to the company after the trees mature, Sudath Kumar said.
The company in turn, will sell the valuable trees to the market, pay the original owners and get the lands transferred back to the company.
The renderers will be allowed to grow vegetables, pepper and other crops from which they can earn money, while they will have to invest their own money to maintain the valuable trees, he said.
One of the conditions that the renderers will have to meet is that they will not be allowed to levy maintenance fees from the owners of the land, according to Sudath Kumar.
The Liquidator has already identified 100 acres of the 2300 plus acres of lands which belongs to the company.
It is very difficult to handle this liquidation process because identifying the lands is the major problem. Some are also in small blocks, which are limited to 20-30 perches and so it is very difficult to auction those blocks, he said.
This is a very complex situation and I am currently negotiating with lawyer Sudath Hettiarachchi and a team of Attorneys for a suitable mechanism which will be a win-win situation for all, Sudath Kumar told.
This is different to the normal Liquidation, so our lawyers are presently working to submit this plan via special motion and I am confident that we would be able to see that the liquidation plan goes through prior to the next Court hearing date scheduled for June 22nd. The mechanism for the settlement would be that the Arbitrator would be advertising for outside parties to tender for these lands, wait till the trees mature within the next 10-15 years where they will be able to transfer the lands to the company after the trees mature, Sudath Kumar said.
The company in turn, will sell the valuable trees to the market, pay the original owners and get the lands transferred back to the company.
The renderers will be allowed to grow vegetables, pepper and other crops from which they can earn money, while they will have to invest their own money to maintain the valuable trees, he said.
One of the conditions that the renderers will have to meet is that they will not be allowed to levy maintenance fees from the owners of the land, according to Sudath Kumar.
The Liquidator has already identified 100 acres of the 2300 plus acres of lands which belongs to the company.
It is very difficult to handle this liquidation process because identifying the lands is the major problem. Some are also in small blocks, which are limited to 20-30 perches and so it is very difficult to auction those blocks, he said.
