The judicial manager for British American Insurance Company (Barbados) Limited has asked Government for money to help settle the insolvent company’s debt to policyholders and investors in full.
But it says if it doesn’t get a commitment of financial support by the end of this month, it will seek the court’s approval for a restructuring plan that will see the 14 774 policyholders and investors losing out on a portion of their investments.
The update is contained in the September 11, 2013 judicial report submitted to the court by judicial manager KPMG Transactions and Restructuring Limited, acting through Lisa Taylor and Michael Edghill. It did not indicate how much money the judicial manager is seeking but it is understood there is a $60 million shortfall in assets.
The latest report, obtained by the WEEKEND NATION, was provided to the court just under a year after an update was filed by previous judicial manager David Holukoff.
