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By Leonard GildarieThe news for account holders of the embattled Globe Trust and Investments Company Limited (GTICL) does not look good, its Liquidator, Nizam Ali, said yesterday.As a matter of fact,Cheap Basketball Jerseys, account holders in all likelihood will only be getting back a small part of their monies that they had been saving.And time is fast running out to get debtors to repay outstanding loans.According to Ali,Cheap NBA Jerseys China, Globe Trust is preparing to begin filing final proceedings in September. Immediately after orders would have likely been made, creditors will start receiving whatever monies are remaining of the entity’s accounts and assets.Yesterday,NFL Jerseys China, the Liquidator in an advertisement in the Kaieteur News urged for persons who would have invested in Globe Trust’s Education Trust Fund to contact Chartered Accountant, Nizam Ali at the Camp Street offices.Ali disclosed that Chief Justice (ag) Ian Chang recently granted permission that will pave the way for several trust fund account holders to receive their monies.Over 1200 persons had invested in the Education Trust Fund which held $40M, the Liquidator revealed.Already, according to Ali, the phone lines are ringing off the hooks as account holders attempt to find out more.Payment cheques could be expected to be distributed in as little as two weeks, the accountant said.“What we are doing now is trying to locate those 1200-plus persons.”Globe Trust, at the time it was seized by the Bank of Guyana in 2001, had been offering several trust accounts. These will be receiving their monies, Ali said.Under the liquidation process, creditors are prioritised according to regulations that govern such proceedings.Commenting on actual account holders, Ali yesterday disclosed that the news does not look good. This would have meant that attempts to collect outstanding, delinquent loans would have not been successful.In February, Ali had announced that the future was bleak for account holders.Court proceedings against several debtors were still in process with some matters dating back to 2001 against directors of the institution. Two of the directors who were accused of bringing Globe Trust to its knees have died.As at February,Wholesale Jerseys China, of the almost $800M in loans, an estimated 20 per cent was collected.To recover some of the loans, there were several foreclosures against delinquent debtors.Last October, Chief Justice Chang, had ordered compulsory liquidation of the entity after an application by the Bank of Guyana.Of the 5,000 depositors, some 3,000 have deposited $100,Cheap Jerseys Free Shipping,000 or less. This would mean that if there is a commitment to pay some of the depositors, it is unlikely that anyone would receive more than $100,Cheap NFL Jerseys China,000.It was the second such application—the first was filed in 2002 when numerous depositors had attempted to intervene in the case.Globe Trust began operating in April 1991 and was licensed in 1999 to conduct depository financial business with authority to engage in Trust business. However, in 2000 and again in 2001 a series of inspections by the BOG found the institution to be in breach of the Financial Institutions Act,Soccer Jerseys From China, and the BOG, with the intention to liquidate, seized the institution in September 2001.Several attempts thereafter to attract an investor failed.