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.

3 Responses to CLICO case adjourned

  1. Michael Goodman July 4, 2015 at 9:13 am

    Please note that this story, as reported, is inaccurate and gives the wrong impression to policyholders and others.

    The Judicial Manager of CLICO has withdrawn his application to liquidate CLICO and has instead come to an agreement with The Ministry of Finance, The Financial Services Commission, and BIPA on a plan to restructure CLICO under new banners and new management with almost immediate effect. This plan (a revived and revised version of original Judicial Manager’s Restructuring Proposal of December 2013) would hopefully result in all individual policyholders being made whole or nearly whole.

    The Court appears to be prepared to accept the proposals, but in accordance with the Insurance Act, Justice William Chandler must first hear objections from The ECCU, being represented by Sir Richard Cheltenham QC, and a group of four individual policyholders being represented by Ralph Thorne QC. This process started on Thursday (2nd July) and will hopefully be concluded July 13th.

  2. Tony Webster July 4, 2015 at 9:37 am

    Thank you Mr. Goodman. Tek a li’l journalistic bow!

  3. Rawle Maycock July 4, 2015 at 8:44 pm

    Thank you, mr Goodman, for your clarity on the procedure. We shall await the outcome.


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