RITZ ATTORNEYS AT LAW ADVISED LIBERTY GENERAL INSURANCE COMPANY LIMITED ON CREDIT GUARANTEE OF MK 500 MILLION
Ritz advised and litigated for Liberty General Insurance Company Limited [LGIC] – a leading insurer in Malawi – on its right to recover under a Credit Guarantee [CG] it issued to Alliance Capital Limited [ACL] to securitize a loan of MK 500 million [the Loan] that ACL extended to Ellna General Dealers [EGD]. ACL required CG for the Loan. EGD requested LGIC for the CG. LGIC made the CG available to EGD on the basis of which ACL extended the Loan to EGD.
EGD fell in arrears on servicing the Loan. ACL moved to recover from LGIC on the CG. LGIC turned to EGD. Our Ms. Doreen Manjandimo assisted LGIC to recover from EGD so that they were able to honour their obligations to ACL under the CG.