Providenciales, 22 Dec 2014 – Provisional Liquidators now have legal management of all of the affairs of British Atlantic Financial Services Ltd or BAFSL since late October. The Supreme Court and Chief Justice, Margaret Ramsey-Hale ordered that there will be a hearing on January 9th to arrive at a firm decision on whether or not the insurance company should be liquidated but in the meantime, provisional liquidators have been appointed and given the green light to begin work.
Joseph Connolly of PriceWaterhouseCoopers, TCI and David Walker PriceWaterhouseCoopers, Cayman have been given the job to locate, protect, secure, take possession of and get all property of BAFSL. The aim is basically to find and collect and keep the company’s assets and it is Gazetted that they legally also have the right to speak to anyone, represent the company anywhere in the world, pay its bills, collect monies owed, keep or close the current office and even hire or fire employees. The Order came down since late October and is detailed in a recent Gazette. BAFSL is said to be over six million dollars in the red; government says they believe in a bail out for the company but no details on whether or not that will actually happen has been offered in recent weeks.