JUSTICE Devindra Rampersad is expected to decide, on Wednesday, on the Trinidad and Tobago Football Association's (TTFA) repayment proposal filed under the Bankruptcy and Insolvency Act, according to a TTFA media release on Monday night.
On September 7, Rampersad sat virtually to consider the application to approve the repayment proposal filed by Maria Daniel, the trustee acting on behalf of the TTFA's FIFA-appointed normalisation committee. At that hearing, the Court approved a short adjournment to September 26, to consider filings made by former FIFA vice-president Jack Warner, former TT men's team coach Terry Fenwick and sports marketer Peter Miller.
On September 6, the trustee was notified of applications made by the attorneys representing Fenwick and Miller appealing against the determinations she made regarding their claims. At the September 26 hearing, attorneys Bronock Reid and Kiev Chesney, representing Fenwick and Miller respectively, agreed to the trustee's proposal of having the invalidated portions of their claims set aside and placed in trust, pending the final determination of their appeal hearings.
The funds that will be set aside will be allocated from the US$3.5 million financial instrument approved by the TTFA and unanimously by the creditors to fund the proposal under the Bankruptcy and Insolvency Act. Creditors owed up to TT$200,000.00 will be paid in full and balances above that will be pro-rated.
Attorney Nera Narine, acting on behalf of Warner, presented arguments challenging the trustee's decision to disallow the claims of Warner and his various companies. Kerwyn Garcia, instructed by Chrishaunda Baboolal, acting on behalf of the trustee, defended the position of the trustee's determinations and the ethics and compliance requirements of the proposal's debt financiers, and emphasised the national significance of the substantive matter for the future of football.
Rampersad adjourned the matter and is expected to provide his verdict on the TTFA's application for the approval of the repayment proposal on Wednesday.
The post TTFA debt repayment proposal to be decided on Wednesday appeared first on Trinidad and Tobago Newsday.
