Time will tell whether or not the estimated $15 billion owed by CL Financial (CLF) to the State will be recovered. This was the word yesterday from well-placed sources in the wake of last week’s ruling in the Port of Spain High Court to liquidate the beleaguered conglomerate.
Sources told Newsday, “The purpose of a liquidation is to recover as much as possible from an insolvent (bankrupt company.”
The sources added that, “Only time will tell how much taxpayers money injected into bailing out CLF can be recovered.”
On Friday, Justice Kevin Ramcharan okayed the liquidation of CLF by granting the order sought by the Government to recover the debt owed to taxpayers as part of the 2009 bailout of several of CLF’s subsidaries.