Providenciales, 09 jan 2015 – GOVT DOES NOT BACK BAIL OUT for embattled British Atlantic Financial and court today ruled for a liquidation of the institution.
Some 2,600 policy holders have to now wait and see what can be salvaged from years of investing in savings, life, insurance and annuity plans over three decades.
BAFSL had been the savior for many in 2008 when CLICO collapsed. Company executives claimed the Financial Services Commission was too rigid not allowing them to do more to rescue the fledgling financial company.
The Premier in a statement following comments to save BAFSL from the Opposition PDM said his government would try to bail out the company. Hon Rufus Ewing had promised to meet with the Opposition but never did.
In a full report on PTV8 on Monday hear reactions to the ruling.
Chief Justice Margaret Ramsay-Hale finalized the decision in Supreme Court this morning after there was no proposal for bailout. A final report on monies brought forth is expected from the liquidatiors s on February 28th.