Nigel Hamilton-Smith and Peter Wastell, Client Partners at Vantis Business Recovery Services, a division of Vantis, the UK accounting, tax and business advisory group, were appointed as joint liquidators for Stanford International Bank Limited (SIB) on 15 April 2009 by an Order of the High Court of Antigua and Barbuda. Stanford Trust Company Limited remains in receivership and the receiver’s continue with their investigations.
The liquidation proceedings have been commenced following the receivership of SIB, during which time the receivers concluded that it had become clear that the Bank’s assets were significantly less than its liabilities. Commenting, Nigel Hamilton-Smith said:
“It quickly became apparent that there were a large number of investors seeking to withdraw funds and the bank’s cash reserves were wholly inadequate. It is also now apparent, that the assets of SIB are insufficient to meet the level of liabilities.”
At this time the liquidators are unable to forecast the extent of the deficiency, but it is likely to be substantial. The liquidator’s role is to continue to identify and realise the assets of SIB, agree the claims of the creditors and investors and, in due course, effect a distribution of realised assets.
Hamilton-Smith continues: “We appreciate this is a difficult time for SIB investors. Unfortunately, to ensure the fair distribution of assets, it is crucial all SIB accounts remain frozen while we continue in our efforts to locate and realise the assets of SIB, which are held in numerous jurisdictions worldwide. This is an extremely complex task and we regret that it is very unlikely that any distribution of SIB assets will be made in the determinable future.”
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