Court turns down request to put More Supermarket (Hamrun) into administration, says there is no recovery plan

The Civil Court has turned down an application to put More Supermarket (Hamrun) under administration, saying there was no viable plan for the company's recovery. The troubled supermarket in Hamrun was forced to close down earlier this month when its electricity supply was cut off because of pending bills. It also owes €250,000 in unpaid rent An application for the company to be put under administration as filed on October 17. The court was asked to appoint a controller to administer the business in terms of a company recovery procedure. In its considerations, the court noted that the application was filed by the company and not its directors or creditors. The application lacked any extraordinary resolution by the company's general meeting. Such a document was considered vital in such proceedings in terms of the law. One of the legal advisers to director Kurt Camilleri had declared in court that the company was already in a state of insolvency in the sense that it was not in a position to settle its debts. The court said that in such proceedings, the company needed to satisfy the court that there were prospects for its recovery. Although it had been said in court that a...