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.
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