February 03, (THEWILL) – On Wednesday, the Receiver/Manager appointed by Guaranty Trust Bank (GTB), Temilolu Adamolekun, took possession of the assets of Stallion Nigeria Limited in Lagos and its sister firms.
The takeover followed a N13 billion judgement debt in suit FHC/L/CS/2/47/2019 of the Federal High Court in Lagos.
The court on December 2, 2019, granted the Receiver/Manager leave to take possession of the assets of Stallion and the landed properties of its sister firms in line with the Deed of All Assets Debenture and several Deeds of Legal Mortgage.
According to the court documents, this followed Stallion Nigeria’s default in meeting its repayment obligations to GTB.
However, in default to the judgement debt, the Receiver/Manager’s officials and court bailiffs took over the firm’s Victoria Island office and showroom containing several exotic automobiles.
Vehicles recovered from the premises included Porsche, Audi, Bentley, Volkswagen, Skoda, Hyundai and Hyundai, among others
Speaking on the development, Adamolekun said, “Subsequent to the Receiver taking possession of the assets, parties met, agreed to Terms of Settlement and consequently entered same as Consent Judgement on the 17th of December, 2019.
“However, Stallion has now defaulted on the Terms of Settlement by failing to make monthly payments as agreed and the Receiver/Manager has now re-entered possession by enforcing the Terms of the Consent Judgement.”
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