Antigua, October 21, 2013 – SDC was placed in liquidation on October 14, 2013 resulting in the regretful termination of its staff. Notwithstanding the necessity of this action, the Liquidators are encouraged to learn that several of SDC’s former employees are already meeting with prospective employers. The Liquidators could not retain the SDC staff as it was not fiscally sustainable.
With an understanding of the liquidation process’s duration and hardship, the Liquidators advanced funds from the SIB estate to make a payment of all severance due from the period that the company was restructured in 2009. All outstanding wages were paid. The remaining amounts (severance prior to 2009 restructuring, vacation, etc.) will form a claim in the liquidation process.
Additionally, the Liquidators committed to paying local creditors in full provided realizations allow for this and that claims will be paid as soon as assets are sold and the funds become available. The Liquidators are immediately moving to complete an expeditious sale of all assets and already have considerable interest in a number of the properties.
For further information related to SDC, please see the SDC tab at www.sibliquidation.com for information posted by the Liquidators.
Provisional Liquidators to Stanford Development Company (“SDC”) Explain Provisional Liquidation Process
Antigua, May 15, 2013 –
Marcus Wide of Grant Thornton (British Virgin Islands) Limited and Hordley Forbes of Forbes and Associates (Antigua) were appointed as Provisional Liquidators of SDC. Within that role, they have taken over the company and are duty-bound to preserve its assets. Further, until further notice, SDC’s former directors’ powers are withdrawn and there is a stay of proceedings in place as to any actions that may be commenced against SDC without a court order.
The next step is likely the resolution of an application to wind up SDC. Though the result is not known, in most instances, the company will transition from provisional liquidation to liquidation at which point a liquidator(s) will be appointed. The role of the liquidators will be to wind up the company and settle all debts.
In the interim, the Provisional Liquidators continue to confer with creditors, the Antiguan government and other interested parties to bring a speedy resolution to SDC’s provisional liquidation by, among other things, paying creditors and getting SDC’s books and records in order. Notably, since a provisional liquidation does not involve a claims process, there is no need to submit a claim at this time.
For further information related to SDC, please see the SDC tab at www.sibliquidation.com for information posted by the Provisional Liquidators.
Provisional Liquidators Vow to Make Immediate Payment of Past Due Wages to Stanford Development Company (“SDC”) Employees
Antigua, April 19, 2013 – Marcus Wide of Grant Thornton (British Virgin Islands) Limited and Hordley Forbes of Forbes and Associates (Antigua) began to gain control of the assets of SDC on April 17, 2013. Today they have been able to access the payroll records so they can arrange payments for arrears of wages to employees. Also they have been able to present the Provisional Liquidation Order to SDC’s bank, and on getting access to the account found there were insufficient funds to make the Court mandated protective payments, including wage arrears. As a result of a loan advance from the Liquidators of Stanford International Bank this deficiency is being covered and they expect employees will be paid this afternoon.
While industrial action has been continued by some employees after being assured by the Joint Provisional Liquidators that wage arrears would be paid as soon as funding had been completed and access to the payroll records had enabled them to verify the amount owing, it is hoped this action will now end.
The Joint Provisional Liquidators have been working closely with government including Attorney General Justin Simon, who has been a strong advocate of the Provisional Liquidation process as the only viable means of getting employees paid and Minister Maginley.
SDC is in Provisional Liquidation pending the hearing of the petition to wind up the company to pay its creditors. The date for this hearing is not yet set.