National Bank of Solomon Islands Ltd v Central Cooperative Association Ltd [1990] SBHC 3; HC-CC 058 of 1989 (15 February 1990)

HIGH COURT OF SOLOMON ISLANDS

Civil Case No. 58 of 1989

NATIONAL BANK OF SOLOMON ISLANDS

-v-

CENTRAL COOPERATIVE ASSOCIATION LIMITED

High Court of Solomon Islands

Hearing: 15 February 1990
Ruling: February 1990

S. M. MURPHY for NBSI
No appearance by Liquidator

Court: Having read the affidavits of Austin Yam (Official Liquidator) and Terence Noone it becomes clear that the 1st Tender was not successful and the second brought forward better tenders. Subsequently interest has been generated and higher offers have been directed through the Official Liquidator.

At Paragraph 29 in the Affidavit of Mr Moore the debt to the NBSI could be discharged by the sale of one of the properties. The debts of the CCA are extensive, and the liquidator quite properly wrote for obtain the best possible advice. Tenders were clearly marked that the Highest Tender would not necessarily be accepted.

If the Liquidator proceeds to sell by private Trading it is clear he can obtain a better price. In the circumstances the Court must take account of this. The tender system is not always the best means of sale as has been demonstrated by these tenders. The NBSI is secured and will not be prejudiced.

The Courts original order for sale 22/6/89 envisaged a further hearing at the end of tenders. The NBSI has now done this. Whilst appreciating the sentiments experienced by Mr Noone at paragraph 30 the Liquidators concern to get the best possible price is more important.

I therefore Order;

that the Official Liquidator be granted leave to enter into negotiations to sell the two properties by private treaty and to advise the NBSI of the best offer.

that this matter be listed for ratification by the Court within one month.

(J.K.R. STANFORD-SMITH)
Commissioner of the High Court