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Sri Lanka Equity Forum » Stock Market Talk » MTD Walkers (KAPI) face liquidation as Hayleys Group firm files winding up petition

MTD Walkers (KAPI) face liquidation as Hayleys Group firm files winding up petition

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Amidst the latest legal disputes faced by MTD Walker PLC, one of its subsidiaries, Walker Sons and Company Engineers Ltd. is now faced with liquidation proceedings in the Commercial High Court of Colombo.

The Petition to wind up Walker Sons and Company Engineers was filed by a Maldivian company, Total Transport Solutions Ltd., whose ultimate parent company is Hayleys PLC. The Petitioner alleges that Walker Sons owes the Petitioner over Rs. 17 million for the crane-hiring services provided by the Petitioner to Walker Sons, for the construction of a Tank Farm in K. Funadhoo Island in the Maldives.

Counsel Avindra Rodrigo with Rozali Fernando appearing for the Petitioner supported the winding-up Petition on 6 December, and Court, having heard the submissions made by Counsel and taking into consideration the contents of the Petition, fixed the matter for inquiry on 4 April.

 The notice of the winding-up Petition has been published in newspapers and Government gazettes. All parties who wish to intervene in the winding-up proceedings may give notice to the Petitioner’s Attorneys-at-Law, F.J. & G. de Saram, of their intention to intervene.

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