Kunle Ogunba & Associates wednesday urged members of the public to disregard the news making the rounds that Milan Industries Limited, owners of Lagos Continental Hotel, is no longer under receivership.
The law firm in a statement reiterated the fact that the huge outstanding indebtedness of Milan Nigeria Limited remains unpaid and that the receiver/manager appointed by the court remains firmly in control of the affairs of the hotel.
It explained: “Our attention has been drawn to a news report circulating to the effect that Milan Industries Limited is no longer in receivership. “We hereby urge the discerning members of the public to ignore such statements as it is clearly untrue. While we do not want to join issues with the peddlers of such untrue statements, are reiterate the fact that the huge outstanding indebtedness of Milan Nigeria Limited remains unpaid and the receiver/manager appointed out of court remains firmly in control of the affairs of the hotel as at this moment.
“Even though the court affirmed the right of our bank to appoint a receiver/manager and also held that the debt is due for payment contrary to the contention of Milan Industries Limited, it however struck out the suit for some perceived procedural irregularities.
“Our lawyers have been on top of the situation and have since filed requisite appellate and interlocutory processes to legally rectify this anomaly.
“We state that since the debt was secured out of court and the fact that the receiver/manager was also appointed out of court, the proceedings which merely seeks protection prior to take over becomes otiose after the successful take over of the hotel in the circumstance.”
Kunle Ogunba & Associates pointed out that an entity that is a debtor is responsibly expected to own up to and pay up its debt “and not expected to play to the gallery by the empty victory which cannot under any guise obliterate its debts.
“We would be glad to countenance any evidence of the payment of the debt or any semblance of a genuine attempt to liquidate the debt for the benefit of the discerning public.
“Milan Industries Limited (Lagos Continental Hotel) remains in receivership, please.”