NOTICE TO CREDITORS Re NET WINS AND PREFERENCES
The Joint Liquidators determined after taking appropriate legal advice that certain payments made by Stanford International Bank Limited (whilst it was still operating) were made in a way that they should be “clawed back” into the Liquidation estate, and re-distributed amongst all the of the creditors/victims. In effect, the Joint Liquidators say that these payments were made from money that should have been available to all victims, not just the few. The Joint Liquidators have provided, or will provide, written notice to all those who received such payments, also described as “Net Winners” or Preferences Recipients”, of this position. If all such amounts were recovered and re-distributed, this would result in an additional 24% of their approved claims to the 80%+ of creditors/victims who did not benefit from these payments.
This was clearly a controversial decision and for clarity we made an application to the Court to create a process wherein the Court could make a definitive ruling with respect to our position on an expedited basis.
The resulting Order and a Notice to those creditors subject to our “claw back” claims in a form approved by the Court and which the Court directed be posted on the Joint Liquidators’ website are available through the link below, or may be accessed from the site’s main page.
IF YOU DID NOT RECEIVE A NOTICE FROM THE JOINT LIQUIDATORS SEEKING TO CLAW BACK A NET WIN, OR A PREFERENCE PAYMENT, YOU DO NOT NEED TO TAKE ACTION.
IF YOU RECEIVED A DEMAND FOR REPAYMENT OF A NET WIN OR PREFERENCE PAYMENT, IT IS IMPORTANT THAT YOU READ THE ORDER AND ANNEX APPROVED BY THE COURT.
THE DECISION TO APPOINT OR NOT TO APPOINT YOUR OWN LEGAL REPRESENTATION AT YOUR OWN EXPENSE IS ENTIRELY YOURS TO MAKE. THE JOINT LIQUIDATORS CANNOT PROVIDE ANY ADVICE IN THIS REGARD. HOWEVER, THE NOTICE DOES PROVIDE A MECHANISM FOR YOU TO PARTICIPATE IN THIS PROCESS SHOULD YOU CHOSE TO DO SO.