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Liquidation now seems only option

SANKA PRICE, [email protected]

Liquidation now seems only option

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GOVERNMENT’S INITIAL DELAY in handling the CLICO crisis, and later, its failure to act in a timely and decisive manner on the options put before it by the judicial manager (JM), has led to the recommendation for the company’s liquidation.

An examination of the actions and subsequent correspondence between Government and the JM, Deloitte Consulting Limited acting through Patrick Toppin, suggests this.

This is also seems to be the view of the Barbados Investors and Policyholders Alliance Inc. (BIPA) which says Government seems to be looking for a way out of its promises.

The June 2013 report, termed the final recommendations, presented full details of the proposal by the Government for the restructuring of CIL as the result of extensive discussions between the JM, the Ministry of Finance and the Central Bank of Barbados. (SP)

Please read the full story in today’s Sunday Sun, or in the eNATION edition.