MINERALS COMMISSION vs. BLACKSHIELD CAPITAL MANAGEMENT (FORMERLY GOLD COAST FUND MANAGEMENT LTD)

The Plaintiff (Minerals Commission) filed a suit against the Defendant (Blackshield Capital Management, formerly Gold Coast Fund Management Ltd) for recovery of monies invested, interest, general damages, and costs. The Defendant filed a conditional appearance and statement of defence. Subsequently, the Defendant's license was revoked by the Securities and Exchange Commission (SEC), and a winding-up petition was filed by the Registrar of Companies. SEC took control of the Defendant's assets and premises, appointing Price Waterhouse Coopers as agent to secure assets and manage claims. The Defendant applied to stay proceedings pending determination of the winding-up petition under the Corporate Insolvency and Restructuring Act, 2020 (Act 1015). The Plaintiff opposed the stay, alleging the Defendant was stalling to avoid paying debts.

On 28th March, 2022, the Defendant/Applicant (hereinafter called the Applicant) filed a motion before this Court. The motion is praying this Court for an order to stay of proceedings in this matter pursuant to Section 87 of the Corporate Insolvency and Restructuring Act, 2020 (Act 1015) and under the inherent jurisdiction of the Court as upon the grounds stated in the accompanying affidavit. The motion is supported by affidavit and exhibits. The relevant paragraphs of the affidavit in support are as follows: 1. That I am the deponent herein and a part of the team of lawyers who represent the Defendant/Applicant. 2. That the facts which I depose to have come to my knowledge as a result of my work as part of the lawyers representing the Defendant/Applicant. 4. That the Plaintiff/Respondent through his lawyer, issued a Writ of Summons and a Statement of Claim against the Defendant/Applicant on 7th June, 2019 for monies invested with the Applicant, interest thereon, general damages ...