15 November, 2007

NICA Progress

Requisitioning a Meeting to Vote on Winding-up. Great progress is being made with the National Investment Company of Anguilla Ltd. More and more shareholders are joining the group of concerned shareholders calling for a meeting to vote on winding up the company. At its last meeting held at the Upper Level, English Rose, in the Valley on Tuesday, the group discussed the need to requisition a meeting of shareholders to discuss the issue of winding up. The resolution that is being circulated for signature is as follows:

WHEREAS section 121 of the Companies Act, Revised Statutes of Anguilla, Chapter C65 provides that the holders of not less than 5% of the issued shares of a company that carry the right to vote at a meeting sought to be held by them may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition:

WE THE UNDERSIGNED SHAREHOLDERS of the company hereby requisition the directors of the company to convene a meeting of the shareholders for the purpose of discussing and voting on the following resolution proposed by Mr John Rogers of Stoney Ground a shareholder in the company:

THAT the company be placed in voluntary liquidation pursuant to section 209 of the Companies Act upon the following terms:

  1. That Mr Avondale Thomas of Antigua, who in previous recent litigation carried out a forensic audit of the company and who is knowledgeable of the company’s accounts, liabilities and assets, be appointed the Liquidator of the company;
  2. That immediately after the resolution has been adopted by the shareholders the directors or the Liquidator apply to the court for the winding up to be placed under the supervision of the court pursuant to section 216;
  3. That the court fix the fees of the Liquidator to be a specific percentage of the assets of the company;
  4. That the Liquidator be given a agreed period in which to complete the liquidation;
  5. That the Liquidator shall file with the Court regular reports on the conduct of his winding up, a summary of which reports are to be published in a local newspaper so that shareholders may be kept informed of the progress of the winding up and make any appropriate representation either to the Liquidator or to the Court;
  6. That no sale or disposition of a major asset of the company be allowed to take place without full and comprehensive advertising in the local media and after such sale or disposition has been proposed in one of the said regularly filed reports;
  7. That the Liquidator will not commence any litigation on behalf of the company without first publishing information about such intention and obtaining the leave of the Court which must be satisfied that such liquidation is in the best interests of the shareholders who shall have an opportunity after notice to file any affidavit in support or in opposition to any proposed litigation.

We need your support to bring this sorry state of affairs to an end. If you are a shareholder who is ready to bring an end to the farce that has been NICA for the past eighteen sorry years, please contact Bob Rogers, Collins Richardson, or Don Mitchell, for a copy of the Requisition for signing.


  1. What about pursuing possible criminal action against anyone the liquidator reasonably believes to have stolen from or defrauded the company, or improperly used company assets entrusted to them?

  2. Good work! Who said this blog was a waste of time?


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