Closing down CLICO ‘best option’
GET WHAT YOU can now, as there may be nothing left if this situation drags on.
That essentially, is the advice to policyholders of CLICO International Life Insurance Limited (CIL) from two financial experts.
Asked which was the better option – liquidation as recommended by the judicial manager (JM) Deloitte Consulting Limited acting through Patrick Toppin, or creation of a new company to take over CIL’s assets – both professionals concluded liquidation was the way to go.
Chartered accountant and driving force behind the Barbados Association of Corporate Shareholders, Douglas Skeete, said the public would have little confidence in the new company as “Barbadians would say no to anything with a whiff of CLICO.
The alternative then would be liquidation because you cannot continue to run the company.” (SP)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.