Brady files for insolvency; judge to rule Thursday
A judge on Monday ordered disbarred attorney-at-law Harold Brady to return to the Supreme Court on Thursday, when it will be made known whether a stay will be granted in a case filed against him by the Factories Corporation of Jamaica (FCJ).
In the legal battle against Brady, the government-owned FCJ is seeking to have him pay over $110 million owed from a property transaction, or face consequences.
On MondayBrady had his legal team file for insolvency.
“The defence files to stay all proceedings to the respect of the execution of any debt claim by virtue of the Insolvency Act,” Brady’s attorney told the court on Monday.
The female attorney representing FCJ told the court that the insolvency proceedings “are not supposed to be used as a sham in an effort to defeat a judgement or to delay enforcement of proceedings “.
She said that Brady is claiming that he is insolvent without evidence, pointing out that all his previous applications for a stay in the matter were refused.
The FCJ attorney said that Brady has other entities to which he might be indebted but that FCJ ranks very high on the priority list, and therefore insisted that Brady pay up.
She said even though a payment plan of $1 million per month was made available to Brady, he still has not demonstrated willingness to pay.
“Any proposal agreed must be to the benefit of creditors,” she said, making the point that creditors could be materially prejudiced if a stay of the proceedings is granted.
In 2017 Brady was barred from practising law in Jamaica. The decision was taken by the General Legal Council after he was found guilty of professional misconduct as it was alleged he misappropriated funds belonging to his client, FCJ.
Brady was ordered to pay restitution in a sum exceeding $110 million.