The real estate company Cash Plus Development Ltd. which is owned by the five-year investment scheme Cash Plus Ltd. was yesterday placed into liquidation.

This means that assets held by the company could be sold to help to repay investors who lost money when the investment club collapsed.

Trustee in bankruptcy, Monty Kandekore who has been appointed provisional liquidator for Cash Plus made the application in chambers at the Supreme Court for the real estate entity to be wound up.

Senior Puisne Judge Marva McIntosh granted the application.

Kandekore told The Gleaner yesterday that the real estate company was worth about $2 billion.

He said in some instances money was deposited on properties, but the transactions were not completed.

Back deposits

He said under the law he would be able to get back deposits amounting to more than 10 per cent of the purchase price.

Cash Plus Ltd and the Cash Plus Group are also in liquidation.

It was reported in December last year that Cash Plus had a total of 40,000 investors with loans totalling $4 billion.

Cash Plus has been sued by several investors for millions of dollars. The suits are pending in the Supreme Court.

The liquidator has the power to wind up the company and dispose of the assets so that creditors and investors can be paid if funds are available.

Cash Plus boss Carlos Hill and his brother Bertram Hill and Cash Plus executive Peter Wilson are facing fraud charges in the Corporate Area Resident Magistrate's Court.

Yesterday, Cash Plus lenders crowded the New Kingston premises of the court-appointed trustee, to sign debt claims in anticipation of a pay-out.

Realising the claims were simply required by the prosecution to strengthen the case against Carlos Hill, many of the persons were incensed.