Regulatory Alerts2018-09-14
Quantum Securities Limited Court Order for Creditors Meeting
The Federal High Court of Lagos has ordered Quantum Securities Limited to publish a public notice in The Nation Newspaper to summon clients and creditors who invested in Financial Assets Deposit (FAD) and Case Deposit Accounts (CDA) to a meeting. Attendees are required to present relevant documentation to authenticate their claims at the company's head office located at 9 Hughes Avenue, Yaba, Lagos. The court stipulated that any decision reached by a two-thirds majority of the participating creditors shall be legally binding upon all clients and creditors.
IN THE FEDERAL HIGH COURT HOLDEN AT LAGOS SUIT NO: FHC/L/CS/773/18
BETWEEN: QUANTUM SECURITIES LTD ................. APPLICANT AND DR FRANKLIN OLANIYI AJANAKU ................. RESPONDENT
ORDER UPON THIS CIVIL SUIT coming before this Honourable court for hearing and praying for the following orders.
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AN ORDER FOR A PUBLICATION/ADVERTISEMENT in a National Newspaper namely The Nation Newspaper requesting ALL CLIENTS/CREDITORS OF QUANTUM SECURITIES LTD, who invested in Financial Assets Deposit (FAD) and Case Deposit Account (CDA) of Quantum Securities, Yaba, Lagos for a meeting after 21 days of publication. ON THE SCHEME OF PAYMENT OF ALL OUTSTANDING LIABILITIES AT THE HEAD OFFICE OF THE COMPANY NO. 9 HUGHES AVENUE, YABA LAGOS.
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AN ORDER that all clients/Creditors are to come along with relevant documents authenticating their claims.
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AN ORDER that whatever decision(s) taken by the 2/3 majority of the Clients/Creditors shall be binding on all Clients/Creditors.
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AND FOR SUCH ORDER OR FURTHER ORDERS as this Honourable Court may deem fit make in the circumstances.
UPON READING the affidavit in support sworn to by Mr. Odusanya Phillip Oladele, Male, Christian, Nigerian Citizen, of No. 9, Hughes Avenue Yaba, Lagos. And the exhibits attached thereto marked exhibit A1 to A2
AND AFTER HEARING Adeolu Olowu Esq. Counsel for the Applicant move in terms of the motion paper and adopt the written address filed in support of the motion paper.
AND THE COURT, having carefully considered the application:
IT IS HEREBY ORDERED AS FOLLOWS:
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That an order is granted for a publication/advertisement in a National Newspaper namely The Nation Newspaper requesting ALL CLIENTS/CREDITORS OF QUANTUM SECURITIES LTD, who invested in Financial Assets Deposit (FAD) and Case Deposit Account (CDA) of Quantum Securities, Yaba, Lagos for a meeting after 21 days of publication. ON THE SCHEME OF PAYMENT OF ALL OUTSTANDING LIABILITIES AT THE HEAD OFFICE OF THE COMPANY NO. 9 HUGHES AVENUE, YABA LAGOS.
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That an order is further granted that all clients/Creditors are to come along with relevant documents authenticating their claims.
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That an order is granted that whatever decision(s) taken by the 2/3 majority of the Clients/Creditors shall be binding on all Clients/Creditors.
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That this suit stand adjourned to the 26th day of June, 2018 for Report of service.
ISSUED AT LAGOS under the seal of the Court and by the Hand of the Presiding Judge this 6th day of June, 2018.