Liquidator for investment scheme Cash Plus Ltd, Monty Kandekore, yesterday withdrew the application which Cash Plus boss Carlos Hill had brought challenging the receivership of the company.

Hill was claiming that the former manager who placed the company into receivership had no authority under the Companies Act to do so.

Kandekore withdrew the application on the basis that it was in the best interest of the creditors.

Following the withdrawal of the application, Kevin Bandoian will continue as receiver/manager for Cash Plus.

Suits put off

Yesterday, all the civil suits against Cash Plus were put off to September 30 in the Supreme Court. The adjournment was granted yesterday when the parties appeared before Senior Puisne Judge Marva McIntosh. Newly-appointed liquidator for Cash Plus, Kandekore has taken over the affairs of Cash Plus.

Kandekore, who is the trustee in bankruptcy, had asked for an adjournment on Monday until today. He said on Monday that he needed time to study the reports and affidavits filed in the case against Cash Plus.

Power to wind up

Liquidator Kandekore is now the defendant in all the suits filed against Cash Plus. He also has the power to wind up Cash Plus.

A former manager of Cash Plus Ltd, who placed the company in receivership in March this year, had applied last week for Kandekore to be appointed provisional liquidator.

The former manager, who is contending that she is being threatened because she placed Cash Plus into receivership, is seeking funds from Cash Plus to live in a safe and secure community.