Financial Times

HSBC moves to seize assets of garment firm, Christy Lanka

Action was filed in the High Court of Colombo by HSBC against Christy Lanka Apparels (Pvt) Ltd and the company's Managing Director Mr. Dilshan Fernando in a case where approximately Rs 600 million is owed to the bank.

The attorney representing HSBC, Jade Gunaratne from Julius & Creasy told The Sunday Times FT that this case is unique because eight previous actions had been filed in the Commercial High Court against the same defendant.

Mr. Gunaratne explained that a judgment and decree was handed down which Mr. Fernando failed to honour and as a consequence of the defendant failing to pay in accordance with the terms entered in the said case, a writ of execution was issued to the Fiscal who seized and sealed the movable assets of the defendant.

Those assets are situated at No 78 Mukthar Plaza, Grandpass Road, Colombo 14 on the first and fourth floors. Romesh De Silva (PC) with Prasanna Jayawardena (attorney-at- Law), Instructed by Messers Julius and Creasy appeared for HSBC. Nihal Fernando (PC) with Rajindra Jayasinghe (attorney- at- Law) instructed by S. R.Narayanaswamy appeared for the defendant.

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