The removal was effected by Acting Chief Justice Mr. Ian Chang, S.C., on Wednesday, but the judge pointed out that any sale will have to be approved in the form of an application to the court before the sale could take place.

Further hearing will take place on July 9, 2009 when the winding up petition by Maria van Beek resumes before the Chief Justice on that day.

On that occasion, van Beek is expected to release more documents, which were earlier referred to by counsel for CLICO.

Justice Chang had granted the order on June 11 approving the sale of CLICO (Guyana) immovable properties and allowing also for the revenue earned to be placed in the statutory fund for the benefit of policyholders.

The order had also allowed for proceeds from the sales to be put away to meet current and future obligations of the insurance company.

The permission to sell off CLICO’s assets had been sought by van Beek, who recently advised in a report to the court that the company is now in a state where it is to be wound up, adding that, “liquidation of the company may be regarded as the option most advantageous to the general interests of the policyholders”: