Claims Process Frequently Asked Questions (FAQ’s)
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1. I have submitted a question to or and have not received a response. Why are the Joint Liquidators not responding to my request?

With over 20,000 creditors/victims, the number of questions being submitted is significant. We are currently working through the requests as quickly as we can and will respond to your request as soon as possible. Please be assured we are reviewing all questions received. Some of your questions may be addressed in the list of frequently asked questions below.

2.Is there a time limit to filing my claim?

At this time, no deadline has been set. We will provide ample notice of any deadline to allow you to submit your proof of debt claim in advance of any distribution.

3. How does the Antiguan Liquidation and the US Receivership impact the creditor/victims? Do I need to file claims in both estates?

All creditors/victims of SIB must complete and submit their claim in the Antiguan liquidation if they wish to receive any distributions that may be made in the future from the Antiguan liquidation. Following approval of the settlement agreement, claims submitted and admitted in the US Receivership are included in the Antiguan Liquidation. Creditors will receive a separate letter of determination from the JLs. Please see the US Receiver’s website at for more information on the US claims process.

All creditor/victims will be treated the same within the Antiguan Liquidation regardless of the country where they reside and/or their country of citizenship.

4. Why do I have to calculate my claim on the basis of net cash deposited? Why do I not get credit for interest earned?

In a liquidation where there are elements of a “Ponzi” scheme involved, it has become a general rule (as endorsed in the Madoff matter by the US Court of Appeals in New York), to look to the net cash deposited by each claimant at the date of the start of liquidation. This is because little, if any, of the declared income used to pay distributions or interest has actually been earned and redemptions and payments on account of distributions or interest will have been funded by other depositors’ money. Therefore to arrive at the most equitable position as between claimants, distributions of interest prior to the liquidation are treated as a return of principal.

5. What about those people that received more money back than what they deposited into the Bank?

In cases where a depositor received money which exceeds the cash deposited, this surplus may be “clawed back”, as it was funded by other depositors’ money and such a windfall at other depositors’ expense is inequitable.

6. Does filing a claim with the Antiguan Joint Liquidators impact a claim under SIPC?

We cannot speak for SIPC. However, the two issues are not related and it should not impact your decision to file a claim with the Antiguan Joint Liquidators.

7. I do not know what my primary express account number is, how do I locate it?

The Primary Express Account number may be found in the Account Details section of any statement you previously received from SIB. If you cannot locate your PEA please leave it blank and we will obtain this information based on your personal details from the bank records.

8. What type of support am I required to submit with my claim?

You should submit all support that you have relied on in completing your claim.

9. I do not have my final statement from Feb 22, 2009.

Please note, the balance of your account at February 22, 2009 is not your claim amount. Your claim amount, as described in the instructions included with the proof of debt claim form, is the amount(s) deposited with SIB less the amounts of any kind you received.

10. What does the first line on the personal claims form refer to?

The first line of the personal proof of debt claim form requires you to indicate your full name and your current location of residence (for example ‘John Doe of Toronto, Ontario, Canada’).

11. I had a credit card with Stanford International Bank Limited. How do I treat the charges and payments on my credit card when completing my proof of debt claim form?

The individual transactions that flowed through your credit card account do not impact your claim in the estate unless you used CD funds to pay off the balance. The only amount that should be reflected on your proof of debt claim form is any balance you had owing on your credit card at the time SIB went into liquidation. This amount should be reflected on the line in the claims form that indicates to include any other amounts that were received directly or indirectly from SIB. This amount will be treated as a payment when calculating your net cash deposited.

12. There are five forms posted on the SIB Liquidation website. Which one(s) must I use?

The two forms entitled Personal – PDF form and Corporate/Trust – PDF form are the base documents to be used when filing out your claim. If you made deposits in your own name you should use the “Personal” form. If you made deposits through a Company or a Trust you should use the “Corporate/Trust” form. The other forms are worksheets you can use to assist in getting all the information together to support your claim.

13. If there are multiple account holders on an account, does each account holder need to submit a separate proof of debt claim form?

No, all account holders represented on a single account can complete a single proof of debt claim form. The person completing the form should include their details at the top of the form and all account holders should sign the form.

14. What is the ‘Company Number’ being asked for on the Corporate/Trust proof of debt claim form?

In some jurisdictions, a company or trust will be issued a unique number associated with the company or trust. This number should be located on the paperwork with respect to your company incorporation or trust formation and should be included on the claim form. If you do not have a company number you should write “not applicable” in the space provided for a company number.