CLICO case adjourned
Hearings have finally started into the application for liquidation of the beleaguered CLICO International Life (CIL). However, the case, which came up in the High Court yesterday, has been adjourned until a later date.
The Barbados Government, the Barbados Investors and Policyholders Alliance (BIPA) and the East Caribbean Currency Authority are all objecting to the proposed liquidation.
The Judicial Manager for CLICO –– Deloitte Consulting –– is recommending that the court approves its application to have the insurance company wound up because long-promised funding from the Barbados Government has not been forthcoming.
However, Minister of Finance Chris Sinckler has countered saying, any liquidation would be premature, unnecessary and unwarranted.
Sinckler has sought to point out that the Judicial Manager is aware of the Government’s plans to set up a separate company to replace the collapsed CIL and that a board of directors has already been appointed.