Creditors either in support or against a petition for the winding up of financial-crippled gas-to-liquids company NiQuan Energy have been advised to send notice of their intention by April 19.
Notice is to be sent to attorney Natasha Bisram of the law firm Freedom Law Chambers, led by former attorney general Anand Ramlogan, SC.
The winding-up petition was advertised in the TT Gazette on April 3.
Freedom Law represents NiQuan’s former vice president for global services, David Small. On February 1, Small filed the petition so he could recover the $21 million court-ordered payout owed to him for breach of a written separation agreement.
The petition will be heard on May 3, by Justice Westmin James.
Already, a commercial bank which holds a short-term note instrument from NiQuan to 20 note-holders from various countries, Republic Bank Ltd, has warned any order to liquidate the company “could potentially jeopardise” an attempt to “rehabilitate NiQuan” – which could take between eight and 12 months – to the detriment of creditors.
Also in response, attorneys for seven entities, all financial institutions, as well as a major contractor, have written to the court to tell the judge their clients were also creditors to NiQuan "for substantial sums."
"In light of our clients’ interests and the nature of these proceedings, in order to ensure an equitable and orderly processing of creditors’ claims against NiQuan, we write to give notice of our clients’ interests as legitimate creditors and our instructions are to take steps to secure the preservation of their respective rights and interests that may be affected in the course of these proceedings," the court was told.
Small’s action comes after James ordered NiQuan on September 29, 2023, to compensate him for a breach of his exit agreement.
The winding-up petition said after entry of the judgment, Small made a demand for payment on October 30, 2023.
It also said on January 15, the Court of Appeal dismissed NiQuan’s application for a stay.
“Therefore, that debt is due and outstanding.”
Small notified several banks and financial institutions – eight in all – of the judgment debt.
“The petitioner has, on more than one occasion, requested that the company pay its debt, but the company has failed and/or neglected and/or refused to pay the same or any part thereof.
“The company is unable to pay its debts. In the circumstances, it is just and equitable that the company should be wound up.”
However, on March 5, NiQuan’s founder, chief visionary officer and director Ainsley Gill applied to dismiss the winding-up petition. In his affidavit in opposition, Gill said the petition was an abuse of process, oppressive and unfair.
“There are other more appropriate remedies available to Mr Small to recover any indebtedness owed to him,” Gill said.
He also added, “While NiQuan is experiencing cash flow difficulties, on a balance sheet analysis, its total assets exceed the value of the debt claimed by Mr Small and the aggregate value of all of its debts owed to i
