TRIMART SUPERMARKETS, which were closed by bailiffs last Friday, can now reopen their doors.
Yesterday, the company, through its lawyer, attorney-at-law Anthony Audain, filed with the Supervisor of Insolvency a notice of intention to make a proposal to creditors NSR Limited (in receivership).
Section 41 of the Bankruptcy and Insolvency Act provides an automatic stay of proceedings against Trimart Limited once such action is taken.
PricewaterhouseCoopers, partner and joint receiver of NSR Limited, Christopher Sambrano, said last week the action taken to close Trimart’s Haggatt Hall and Bridge Street supermarkets was as a result of debts totalling over $1.2 million.
But in correspondence yesterday, Trimart’s lawyers reminded the receivers that as a result of their (Trimart’s) latest action, no creditor had any remedy against the supermarket.
“In accordance with Section 41 of the Bankruptcy and Insolvency Act, all proceedings against Trimart Incorporated are stayed and no creditor has any remedy against the insolvent person or the insolvent person’s property, or shall commence or continue any action, execution or other proceedings,” Audain stated.
Trimart’s counsel also warned if the receivers did not respond by midday tomorrow, the matter would be taken to the High Court to obtainan order restraining the proposed enforcement.
Following last week’s action, the receivers had also served notice on Trimart to terminate the tenancies at both Haggatt Hall and Bridge Street locations.
Over 300 people were reportedly placed on the breadline following last week’s closure of the supermarket chain. (TS)
