Four properties in St Andrew which are owned by the Hill Group of which former Cash Plus boss Carlos Hill is the chief executive officer, are to be sold to pay back depositors and creditors of investment scheme Cash Plus Ltd.

Supreme Court Judge Roy Anderson granted the order for the sale yesterday, after hearing legal arguments from the trustee in bankruptcy, attorney-at-law Hugh Wildman, who is the provisional liquidator for Cash Plus.

The properties, with an estimated value of more than $30 million each, are a town house in East Armour Heights where Hill lives; a town house on Cherry Drive; a town house on Norbrook Drive; and an apartment at Waterworks Mews.

Wildman said that, although the properties were owned by the Hill Group, his office was able to trace the funds to show that the money that purchased those properties came from Cash Plus.

There are no mortgages on those properties and they are owned by the Hill Group.

Wildman said he was able to prove to the court that, although the properties were bought and fully paid for by the Hill Group, the equitable and beneficial interest resided in Cash Plus. He said that was based on the doctrine of resulting trust.

Attorney-at-law Yvette Sterling Fajolu, who represented the Hill Group, opposed the application.

"The ruling is a significant one for us because it represents a positive development in us realising the assets which can be sold to get back money eventually to pay back what we can to depositors and creditors," she said.

There are other applications pending in the Supreme Court for the sale of other properties.

Cash Plus has been in liquidation since early last year and has also been sued by several depositors.

barbara.gayle@gleanerjm.com