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Cash Plus gets injunction blocking closure of accounts
Friday, November 30, 2007
CASH Plus Limited has obtained an interim injunction in the Supreme Court, blocking the National Commercial Bank's (NCB) from closing the 16 accounts held with the bank.
The nine-day injunction, granted by Justice Marva McIntosh on Wednesday, has effectively prevented NCB from closing Cash Plus' accounts at its Duke Street and Barry Street branches in Kingston by December 4.
Cash Plus was forced to apply for the injunction, according to attorney Harold Brady, following a letter from NCB outlining it's intention to close the accounts.
Both parties are again scheduled to appear in court on December 7.
Cash Plus is seeking a declaration from the court that, among other things, the closure of the accounts would be in breach of NCB's "fiduciary duty" to Cash Plus; "a breach by the [NCB] of the Fair Competition Act and a malicious, unreasonable and anti-competitive action".
Some of Cash Plus' account with the commercial bank are its remittance account, foreign currency account, Cash Mart Ltd, Cash Plus Foods Ltd, Atlantic Gas Distributors Ltd, ExMil Security Company Ltd operating and general accounts and both the Drax Hall Ltd development local and foreign currency accounts.
Friday, November 30, 2007
CASH Plus Limited has obtained an interim injunction in the Supreme Court, blocking the National Commercial Bank's (NCB) from closing the 16 accounts held with the bank.
The nine-day injunction, granted by Justice Marva McIntosh on Wednesday, has effectively prevented NCB from closing Cash Plus' accounts at its Duke Street and Barry Street branches in Kingston by December 4.
Cash Plus was forced to apply for the injunction, according to attorney Harold Brady, following a letter from NCB outlining it's intention to close the accounts.
Both parties are again scheduled to appear in court on December 7.
Cash Plus is seeking a declaration from the court that, among other things, the closure of the accounts would be in breach of NCB's "fiduciary duty" to Cash Plus; "a breach by the [NCB] of the Fair Competition Act and a malicious, unreasonable and anti-competitive action".
Some of Cash Plus' account with the commercial bank are its remittance account, foreign currency account, Cash Mart Ltd, Cash Plus Foods Ltd, Atlantic Gas Distributors Ltd, ExMil Security Company Ltd operating and general accounts and both the Drax Hall Ltd development local and foreign currency accounts.
