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1. A debenture was created by the applicant Halkirk Company Limited (hereafter referred to as Halkirk) on the 28th January 1982 in favour of Wardley Limited acting as the agent for a consortium of banks and financial institutions under which the Carrian Centre and all the property and assets of Halkirk were charged to Wardley Limited to secure a loan facility of US$83,000,000. Halkirk is a subsidiary of Carrian Investments Limited (hereafter referred to as C.I.L.) which in turn is a subsidiary o